SOUTH BEND – 1st Source Corp., the parent company of 1st Source Bank, announced net income of $14.87 million for the second quarter of 2011, an increase of 90.7 percent from one year ago.
For the first six months of the year, net income was $25.47 million, up 45.78 percent from 2010.
“I am quite pleased with our performance this quarter,” said Christopher J. Murphy III, chairman and CEO. “Our colleagues’ focus on working to ensure the success of our clients and providing distinctive convenience in our market has led to our strong performance. We are also benefiting from a focus on attracting new clients to the bank by understanding their needs, offering sound advice during these unsettling times, ensuring our products and services are up to date and competitive, and always keeping our clients’ best interests I mind.”
Murphy said credit has shown improvement over the past three months. “Our non-performing assets decreased $11.22 million or 12.79 percent from the same period a year ago. We charged off $1.22 million during the quarter which is down from the second quarter last year.
“Even with these good results, we still see choppy times ahead from the global economy and little to no growth in the national economy overall,” said Murphy. “As a result, we continue to keep a close watch on our loan portfolios and on our expenses.