1st Source Bank Hits Record Profit

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1st Source says, year to date, net income is $43 million, stable compared to the first nine months of last year. 1st Source says, year to date, net income is $43 million, stable compared to the first nine months of last year.
SOUTH BEND -

South Bend-based 1st Source Corp. (Nasdaq SRCE) is reporting record second quarter net income of $22 million, up from $16.7 million during the same period last year. Chairman Christopher Murphy says the results are due to continued healthy growth in loans, leases and deposits.

Murphy says the parent of 1st Source Bank has seen a busy summer in the South Bend region with lots of renovations. He says that work will continue.

"In May, we celebrated the completion of our Granger Martin’s banking center remodel, leading the way to bring side-by-side banking to the S.R. 23 corridor, in the Mishawaka-Granger area," said Murphy. "In August, we will complete the remodels for our BankMart and Granger banking centers. Also coming in August, we will open a banking center on the campus of Indiana University South Bend - subject to final regulatory approval. This expansion will help build upon our already strong relationship with the University and underscores our commitment to relationship banking, distinctive convenience, and community partnerships."

1st Source also continues to celebrate its ranking in Forbes in the publication's inaugural of the best banks and credit unions in every state. Ohio-based Huntington Bancshares Inc. (Nasdaq: HBAN) topped the list in Indiana, however 1st Source was the top-rated bank headquartered in Indiana. 

You can connect to the bank's full second quarter earnings report by clicking here.

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