South Bend-based 1st Source Corp. (Nasdaq: SRCE) is reporting record first quarter net income of $16.2 million, up from $13.8 million during the same period the previous year. Christopher Murphy, chairman of the 1st Source Board of Directors, says the results were positively impacted by favorable credit trends and the sale of securities the bank has held for “quite some time.”
Murphy says the bank had a "solid" first quarter with stable credit quality and an increased net interest margin. He adds the bank’s moves related to its branch locations contributed to the success, such as the opening of its new banking center in Sarasota, Florida.
"During the quarter, we razed our outdated facility on North Calumet Avenue in Valparaiso and broke ground on a new banking center at the same location," said Murphy. "We look forward to completing construction and continuing to grow in this market for many years. We also announced the closing of three other facilities in markets well served by other nearby 1st Source banking centers."