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Business briefcase: May 2, 2014

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MainSource Bank

has big first quarter

MainSource Bank Monday announced unaudited first quarter earnings of $6.2 million, up from $4 million over the same period in 2013.

CEO Archie Brown Jr., said he was pleased with the bank’s first results, noting a 23 percent increase from 2013.

“I am also pleased with our improving trends in net interest income, driven by a 9% increase in loan balances from one year ago,” he said. “I am also encouraged that our fee income was down only 3% from one year ago despite the fact that mortgage income declined by 35%. During the quarter, we increased our mortgage loan origination staff by over 20% as we work to increase mortgage originations from the realtor community.”

MainSource has one location in Shelbyville, 1732 Midland Trail.

 

Churchill Downs gets mobile network upgrades

Verizon and Mobilitie have both made upgrades to antenna systems that will more than double the venue’s wireless network.

Mobilitie announced significant upgrades to the multi-carrier Distributed Antenna System (DAS) at Churchill Downs. The neutral-host infrastructure will support the wireless demands of more than the collective 260,000 expected visitors to the 140th running of the Kentucky Oaks and Kentucky Derby. New enhancements made by Mobilitie more than double coverage capabilities from last year.

Verizon Wireless has installed the same equipment at Churchill Downs for the Kentucky Derby that it put in place for Super Bowl 46 at Lucas Oil Stadium (a Distributed Antenna System) to boost its network; and that Verizon will launch a second band of high-speed network spectrum across Louisville in time for Derby to increase network capacity.

Both system upgrades will remain in place after the Derby.

 

Kentucky’s top places to work

Community Bank Shares, First Corbin Long Term Care and River Road Asset Management were ranked the 2014 Best Places to Work in Kentucky by the Kentucky Society for Human Resource Management (KYSHRM) and the Kentucky Chamber of Commerce.

During the Tenth Annual Best Places to Work in Kentucky awards ceremony, presented by Kentucky Career Center and UI SIDES, over 1200 attendees joined in celebrating the 90 Kentucky companies who were recognized for their commitment to focus, measure and move their workplace environments toward excellence.

Winners were selected from three categories – small companies of 15-149 employees, medium companies of 150-499 employees and large companies consisting of more than 500 employees (categories based on number of U.S. employees, only Kentucky employees surveyed).The selection process is based on an assessment of the company’s employee policies and procedures and the results of an internal employee survey, administrated by Best Companies Group.

Shelby County companies on the list were Farm Credit Mid America, No. 6 in the large company category, and PBI Bank, No. 32 in the medium company category.

 

UofL wins Alltech business plan contest

Trifecta Cooking Equipment, a team of University of Louisville graduate entrepreneurship students, won the 2014 Alltech Innovation Competition April 26 in Lexington, claiming a $10,000 prize.

Eight Kentucky universities competed at the event.

Trifecta will use its prize money to further develop FuturFry, a patented deep fryer designed to save restaurants 40 percent of their annual cooking costs. The team’s initial target market, about 27 percent of the overall restaurant industry, spends more than $5 billion on cooking oil each year, the team’s executive summary said.

 

Bulletin board

  • The Shelby County Chamber of Commerce will have its next Business After Hours event from 4:30 to 6:30 p.m. on Tuesday at Martinrea Heavy Stamping, 1000 Old Brunerstown Road, Shelbyville. The event is free to chamber members and employees.
  • The 15th annual Women’s Business & Leadership Conference is May 8 at the Griffin Gate Marriot in Lexington. The conference will recognize Martha Layne Collins Leadership Award winners and feature keynote speakers Jean Cochran and Kim Hodous. For more information or to register, call 859-242-5551.
  • Hosparus needs volunteers in Henry, Jefferson, Oldham, Shelby, Spencer and Trimble counties to provide patient support, administrative duties, hair care and massage therapy. The non-profit hospice organization will offer a free training, 9 a.m. – 5 p.m. on Friday, May 16 at its main Louisville campus, 3532 Ephraim McDowell Dr. To pre-register, contact Laura Harbolt at 502-719-8920 or lharbolt@hosparus.orgby Tuesday, May 12.

 

Bits & bytes:

  • Beginning May 15 Kroger’s senior customers can take advantage of a 5 percent discount for purchases every Thursday. The new weekly discounts will replace the one 10 percent discount that has been offered to seniors on the first Wednesday of each month, which will end Wednesday.
  • Bob Evans Restaurant has launched a new multimedia marketing campaign inviting guests to Get in on Something Good! by dining with the chain. Bob Evans is currently building a new location in Simpsonville on Buck Creek Road south of I-64. Focused on personal connection, seasonal foods and today's modern family, the campaign offers a fresh take on a familiar brand.
  • Average retail gasoline prices in Louisville have risen 1.3 cents per gallon in the past week, averaging $3.77 per gallon as of Sunday, according to GasBuddy's daily survey of 644 gas outlets in Louisville. This compares with the national average that has increased 2.5 cents per gallon in the past week and stands at $3.65. Including the change in gas prices in Louisville during the past week, prices yesterday were 7 cents per gallon higher than the same day one year ago and are 17.8 cents per gallon higher than a month ago. The national average has increased 12.9 cents per gallon during the last month and stands 16.5 cents per gallon higher than this day one year ago.

 

Briefcase is compiled from press releases and other information submitted to The Sentinel-News. The Kentucky Press News Service contributed to this report. Information and photos may be E-mailed to sharonw@SentinelNews.com. The deadline is noon Wednesday.