Chesterton Tribune



1st Source reports solid first quarter

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1st Source Corporation, parent company of 1st Source Bank, is reporting net income for the first quarter of 2016 of $13.82 million, compared to $13.51 million in the year-ago period, up 2.27 percent.

Diluted net income per common share was $0.53, compared to $0.51 in the year-ago, up 3.92 percent.

The March 31, 2015, share and per-share information has been adjusted for a 10-percent stock dividend declared on July 22, 2015, and issued on August 14, 2015.

At its April 2016 meeting, the Board of Directors approved a cash dividend of $0.18 per common share payable on Mary 13 to shareholders of record on May 3.

“In spite of the challenging low interest rate environment, we saw an increase in net income over the prior year and turned in a steady performance in the first quarter,” Chair Christopher J. Murphy III said. “Credit quality remains strong and we have seen little increase in delinquencies or problem credits, even as issues with the energy sector affect a small portion of our construction machinery clients. While credit quality remains good we know that we are at the far reaches of a sustained weak economic period and continue to work hard to position ourselves properly for any downturn in the domestic economy.”

Year-over-year Highlights

* Average loans and leases of $4.01 billion grew $334.35 million or by 9.10 percent.

* Average deposits of $4.15 billion grew $336.32 million or by 8.81 percent.

* Net interest income on a tax-equivalent basis of $41.75 million increased $1.90 million or 4.76 percent.

* Noninterest income of $21.63 million increased $1.88 million or 9.50 percent (6.01 percent excluding equipment rental income).

1st Source common stock is traded on the NASDAQ Global Select Market under “SRCE” and appears in the National Market System tables in many daily newspapers under “1st Src.”

1st Source includes 80 community banking centers in 17 counties, eight trust and wealth management locations, 10 1st Source Insurance offices, as well as 22 specialty finance locations nationwide.


Posted 4/22/2016




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