1st Source Reports Dip in Full-Year Profit

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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 full-year net income of $81.4 million in 2020, down from $92 million the previous year. The parent of 1st Source Bank says the annual tally was adversely impacted by the pandemic.
Fourth-quarter net income was $26.46 million, compared to $21.94 during the same period the previous year.
“We helped our communities and clients by providing over 3,500 Paycheck Protection Program (PPP) loans for over $597 million, keeping businesses going and people employed,” said Chris Murphy, 1st Source president and chief executive officer. “At the end of the year, $236 million of these loans had been forgiven. Over half of our PPP loans were for less than $50,000, so we are truly serving the small businesses in our communities.”
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