Business briefs


Cummings


Cummings joins Unity has mug

PIQUA — Unity National Bank has announced the addition of Brad Cummings as a vice president/commercial lender.

Cummings graduated from Ohio University with a bachelor’s degree in business finance and has more than 23 years of experience primarily working in the commercial real estate area. He has been employed with Huntington National Bank as a Commercial Banking vice president, Fifth Third Bank as a commercial real estate banking vice president, and most recently at First Financial Bank as a commercial real estate banking first vice president.

He enjoys the outdoors with friends and family. In the past, he has served on many local boards, including his parish, Ronald McDonald House, and MVIO.

Cummings resides in Centerville and enjoys watching his four daughters in their various activities.

MainSource announces earnings

GREENSBURG, Ind. — Archie M. Brown, Jr., president and chief executive officer of MainSource Financial Group, Inc. (NASDAQ: MSFG), announced the unaudited financial results for the third quarter of 2017. For the three months ended September 30, 2017, the Company recorded net income of $11.1 million, or $0.43 per common share, compared to net income of $11.7 million, or $0.48 per common share, in the third quarter of 2016. During the third quarter of 2017 the Company recorded $3.0 million of expenses related to the FCB Bancorp, Inc. (“FCB”) acquisition and the upcoming merger with First Financial Bancorp (“First Financial”).

\In addition, the Company also recorded a charge of $1.2 million related to the closing of seven branches. These items reduced earnings per share by $0.11 (see reconciliation of Actual to Operating Earnings on page 5 of this release). During the third quarter of 2016, the Company recorded $0.6 million of expenses related to the Cheviot Financial Corp acquisition which reduced earnings per share by $0.02.

Brown commented on the company’s third quarter performance, “I am very pleased with our operating results for the third quarter of 2017. Our operating earnings per share of $0.54 were the highest in the history of the company and represented an 8 percent increase on an operating basis over the prior year. The primary driver for the increase in earnings was the acquisition of FCB in the second quarter of this year. We have fully completed the integration of FCB and it is performing to our expectations. Also contributing to our strong quarter was our excellent credit quality. Non-performing assets remain at a very low level and the overall level of problem loans declined significantly from the previous quarter.”

Cummings
http://www.dailycall.com/wp-content/uploads/sites/30/2017/10/web1_Brad-Cumming.jpgCummings