1st Source earnings up nearly 3 percent

SOUTH BEND – 1st Source Corp., parent company of 1st Source Bank, has announced record net income of $49.63 million for 2012, an increase of 2.98 percent over the $48.20 million in 2011. The annual net income is the highest in company history.

Fourth quarter net income was $12.35 million, up 10.41 percent compared to $11.18 million in the fourth quarter of 2011, due to higher mortgage banking income along with reduced loan and lease collection and repossession expenses.
At the January meeting, the board of directors approved a cash dividend of 17 cents per common share. The cash dividend is payable Feb. 15 to shareholders of record on Feb. 4.

Christopher J. Murphy, III, chairman of 1st Source, commented, “In spite of the rocky economy, 2012 was a good year for 1st Source Corporation. We set a record for annual net income. We continue our record of 25 years of consecutive dividend growth which puts us in a very select group nationally.

“We also had a busy fourth quarter. New banking centers were opened in Nappanee and Columbia City; mobile banking and purchase rewards for our checking account clients were rolled out; and 1st Source Mortgage Express was introduced – a quick and easy online mortgage application that is especially handy for our clients wishing to refinance.”

 

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