SOUTH BEND – 1st Source Corp., parent company of 1st Source Bank, has announced net income of $12.40 million for the first quarter of 2013, up 5.88 percent compared to the $11.72 million reported in the first quarter a year ago.

Christopher J. Murphy III, chairman and CEO said, “1st Source completed another solid quarter. Our loan and lease portfolio grew at 7.19 percent while deposits increased 4.99 percent over a year earlier. Net charge-offs of loans and leases are down substantially, and the ratio of

Non-performing assets to net loans and leases continues to drop from a year ago.”

Return on average common shareholders’ equity for 1st Source was 8.90 percent compared to 8.84 percent for the first quarter of 2012, and return on average total assets was 1.11 percent compared to 1.08 percent a year ago.

At the end of March, total assets were $4.56 billion, up 3.95 percent from the $4.38 billion a year ago.

The company has 76 community banking centers in 17 counties, nine trust and wealth management locations, nine 1st Source Insurance offices, as well as 22 specialty finance locations nationwide.