1st Source Profit Ticks Down

1st Source says

1st Source Corp. (Nasdaq: SRCE), the parent company of South Bend-based 1st Source Bank, is reporting third quarter net income of $13.9 million, compared to $14.9 million during the same period the previous year. Chairman Christopher Murphy says earnings are under pressure from ongoing low interest rates and increases in health care costs.

In a release from 1st Source, Murphy said, "Despite these challenges, at the close of the quarter we had strong loan growth and we have continued to add new clients and grow deposits. We remain focused on the long-term by investing in our banking centers, information technology and our people, while delivering on our mission of helping our clients achieve security, build wealth and realize their dreams."

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