South Bend-based 1st Source Corp. (Nasdaq: SRCE), the parent company of 1st Source Bank, is reporting record net income of nearly $92 million for 2019, compared to $82 million the year before. Chief Executive Officer Chris Murphy says the results were driven in part by sustained organic growh in average loans and leases, and deposits.
The bank also registered a net income of nearly $21.94 million during the fourth quarter, compared to $21.45 million during the same period in 2018.
“Early in the year, we benefited from higher net interest margins,” said Murphy. “However, due to several Federal Reserve reductions in interest rates during 2019, these margins decreased in the latter part of the year due to lower loan rates and continued competitive rate pressure on deposits.”
The 1st Source board of directors recently approved a cash dividend of $0.29 per common share, up from $0.27/share a year ago. Murphy says it’s the 32nd consecutive year of dividend growth.
Click here to view the full report.