South Bend-based 1st Source Corp. reported a second quarter profit of $7.8 million.
The parent company of 1st Source Bank posted a $7.8 million profit, or 25 cents per share, in the three months that ended June 30. The earnings are up from the $6.2 million profit, or 19 cents per share, made in the second quarter of 2009.
Pleased with the bank's performance, 1st Source CEO Christopher Murphy III said the bank has seen a small drop in nonperforming assets in the last two quarters and has had to write off debts on fewer loans and leases from the same period a year ago.
The company, as of June 30, had $4.5 billion in assets and $3.6 billion in deposits.
1st Source has 76 banking locations, 23 specialty finance locations, seven trust and wealth management locations and seven 1st Source Insurance offices. 1st Source acquired many branches in Northwest Indiana when it completed the acquistion of Valparaiso-based First National Bank in June 2008.
Shares of 1st Source traded up 34 cents, or 1.9 percent, at $18.61 Thursday on the Nasdaq Global Select Market.
