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1st Source Bank reports record profit

1st Source Bank headquarters is shown in downtown South Bend.

1st Source Bank reported a record profit of $17.18 million in the third quarter, a 20.46 percent year-over-year increase.

The South Bend-based bank, which has an extensive footprint in Porter and LaPorte counties, has made $50.06 million so far this year, a 17.61 percent increase compared to the first nine months of 2016. The bank made a record $0.66 per share in the third quarter and has earned $1.92 a share so far this year, also a record.

1st Source is boosting its cash dividend from $0.19 a share to $0.20 a share. 

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"1st Source Corporation had a strong third quarter," Chairman and CEO Christopher J. Murphy III said. "We continue to achieve record net income and see healthy growth in loans, leases, and deposits. Credit quality remains favorable with year-to-date net charge-offs of only $529,000 or 0.02 percent of average loans and leases. Average loans and leases were up a solid 4.74 percent for the quarter compared to the same period last year. Average deposits grew 4.02 percent from the third quarter of 2016."

Deposits grew by $175 million, or 4.02 percent, to $4.52 billion in the third quarter. Loans grew by $198.41 million, or 4.74 percent, to $4.39 billion over the three-month period.

“We believe Hurricanes Harvey and Irma will have little to no impact on our financial results. We are however, working proactively to help our banking and specialty finance clients that live and operate businesses in the affected areas of Texas, Florida, and St. Thomas in the U.S. Virgin Islands," Murphy said. "In order to provide relief and aid in recovery, we have offered interest only or deferred payments on loans based on the customer's preference and level of damage."

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.