1st Source Profit Ticks Up
![1st Source Profit Ticks Up](https://www.insideindianabusiness.com/wp-content/uploads/2021/09/9081208_G.jpg)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowSouth Bend-based 1st Source Corp. (Nasdaq: SRCE) is reporting third quarter net income of $14.3 million, up from $13.9 million during the same period last year. Chairman Christopher Murphy says the results reflect healthy growth as the company continues to add new clients.
The parent of 1st Source Bank says average loans and leases, along with average deposits, increased 7 and 9 percent, respectively. Murphy says the company had a steady overall performance, but challenges may lie ahead.
"While we are pleased with this growth, recent consolidation of clients in some of the industries we serve is likely to lead to payoffs and reduced opportunities in these industries," said Murphy. "Also, continued low interest rates are a challenge to holding our net interest margin stable."
The company is also reporting year-to-date net income of nearly $42.6 million, down from $43 million during the same period the previous year.