1st Source Bank reports record earnings

2014-01-29T15:00:00Z 2014-01-29T16:15:21Z 1st Source Bank reports record earningsJoseph S. Pete joseph.pete@nwi.com, (219) 933-3316 nwitimes.com

1st Source Corp., the parent company of 1st Source Bank, attained the highest profit in company history last year.

The South Bend-based bank, which has multiple branches in Porter and LaPorte counties, earned $54.9 million in 2013, a 10.7 percent increase over its $49.63 million profit in 2012. The bank's fourth quarter profit rose 11.1 percent to $13.7 million.

Another company record was diluted net income per common share of $2.23, an increase of 10.4 percent over the previous year. The bank is issuing a cash dividend of 17 cents per common share, which will be paid on Feb. 14.

"I'm pleased to report a strong fourth quarter and a strong year for 1st Source Corp.," said chairman Christopher J. Murphy. "This was another record year in earnings, and continues our streak of 26 years of consecutive dividend growth. The yearly results were helped considerably by our credit performance. Our credit quality continues to be strong as net charge-offs for the year were remarkably low at about two-tenths of 1 percent of average loans and leases."

Last year, 1st Source opened a new bank – its second – in the Lafayette market, and celebrated its 150th anniversary. The bank donated $150,000 in increments of $1,000 to different nonprofit groups in the communities it serves.

1st Source has more than 75 banking centers in northern Indiana and southwestern Michigan. Locally, the bank has branches in Chesterton, Hebron, La Porte, Michigan City, Portage, Valparaiso and Westville.

"At 1st Source, we continue to focus on the basics of delivering exceptional client service, practicing rigorous cost control, and maintaining pristine credit quality," Murphy said. "We look forward optimistically and with enthusiasm to continue building a company that all of us and our long term shareholder partners can be proud of."

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