MainSource Financial Group, Inc. (MSFG) has reported 37.73 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $12.07 million, or $0.49 a share in the quarter, compared with $8.77 million, or $0.40 a share for the same period last year.

Revenue during the quarter grew 20.88 percent to $45.28 million from $37.46 million in the previous year period. Net interest income for the quarter rose 22.43 percent over the prior year period to $32.29 million. Non-interest income for the quarter rose 12.14 percent over the last year period to $13 million.

Net interest margin improved 10 basis points to 3.76 percent in the quarter from 3.66 percent in the last year period. Efficiency ratio for the quarter improved to 62.32 percent from 65.73 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Archie M. Brown, Jr., president and chief executive officer of MainSource Financial Group, Inc., said "I am very pleased with our operating results for the first quarter. Earnings per common share increased by 23% from a year ago as we continued to benefit from the Cheviot acquisition that closed in May 2016 and the organic loan growth from 2016. Strength in our net interest margin and non-interest income were also contributors to our strong earnings performance."

Return on average assets moved up 17 basis points to 1.21 percent in the quarter from 1.04 percent in the last year period. At the same time, return on average equity increased 173 basis points to 10.79 percent in the quarter from 9.06 percent in the last year period.

Nonperforming assets moved up 65.88 percent or $8.72 million to $21.96 million on Mar. 31, 2017 from $13.24 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.54 percent in the quarter, up from 0.39 percent in the last year period.