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1st Source rakes in record profit

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

South Bend-based 1st Source Bank, which has an extensive presence in Porter and LaPorte counties, made a record $19.12 million in the first quarter, up 17.96 percent as compared to the first quarter of last year.

The bank made a record $0.73 per share in the first quarter, up from $0.62 per share during the first quarter in 2017. 1st Source surpassed $6 billion in assets after growing deposits by $409.48 million in the first quarter.

“1st Source Corporation had a strong first quarter and crested $6 billion in asset size," Chairman Christopher J. Murphy III said. "We continue to achieve steady net income and see healthy growth in loans, leases and deposits. Credit quality remains favorable with year-to-date net charge-offs of only $338,000 or 0.03 percent of average loans and leases. Average deposits were also up a solid 9.52 percent from this time last year. Net interest income has increased 15.56 percent from the first quarter 2017, along with non-interest income increasing 2.15 percent. Non-interest expenses increased 10.79 percent from the same quarter of 2017.

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1st Source grew loans and leases by $401.55 million in the first quarter, a 9.59 percent year over year increase.

“We have started out 2018 with strong loan growth. As we move deeper into the year, we will continue our focus on organic, core deposit growth to support further loan growth,” Murphy said. “As always, our mission each day is to help our clients achieve security, build wealth and realize their dreams. We are looking forward to carrying out this mission for the rest of 2018."

The 155-year-old bank has 79 branches in Indiana and Michigan. Its stock is publicly traded on the NASDAQ Global Select Market under "SRCE."

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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.