South Bend-based 1st Source Corp. (Nasdaq: SRCE) is reporting second quarter net income of $14.5 million, down from $15.6 million during the same period last year. Chairman Christopher Murphy says despite the dip, the company saw solid growth in several areas, including the continued addition of new clients.
The parent of 1st Source Bank says average loans and leases, along with average deposits, increased more than 8 and 9 percent, respectively. He says the company had a steady overall performance, despite a challenging low interest rate environment.
"We continue to reinvest in our facilities and this quarter completed renovations of our banking centers in Bluffton and Huntington, Indiana, making the Fort Wayne region our first to be fully renovated," said Murphy. "We also started construction of a new larger office in the heart of downtown Warsaw."
The company is also reporting year-to-date net income of $28.3 million, down from $29.1 million during the same period the previous year.