1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, reported a record high net income of $17.18 million for the third quarter of 2017, an increase of 20.46% compared to $14.26 million reported in the third quarter a year ago, bringing the 2017 year-to-date net income to $50.06 million compared to $42.56 million in 2016, an increase of 17.61%.
Diluted net income per common share for the third quarter of 2017 was a record high at $0.66, versus $0.55 in the third quarter of 2016. Diluted net income per common share for the first nine months of 2017 was also a record at $1.92 compared to the $1.63 a year earlier.
At its October 2017 meeting, the Board of Directors approved a cash dividend increase to $0.20 per common share from $0.19. Bringing year-to-date dividends in 2017 to $0.76 per common share, an increase of 5.56% compared to $0.72 per common share at the same time last year.
1st Source Corporation had a strong third quarter and according to Christopher J. Murphy III, Chairman “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% of average loans and leases. Average loans and leases were up a solid 4.74% for the quarter compared to the same period last year. Average deposits grew 4.02% from the third quarter of 2016. Net interest income has increased 10.62% from the third quarter 2016, along with noninterest income increasing 12.91%. Noninterest expenses increased 8.06% from the same quarter of 2016.”