South Bend-based 1st Source Corp. (Nasdaq: SRCE) is reporting record first quarter net income of $28.1 million, up 71% from $16.4 million during the same period last year. The parent of 1st Source Bank attributes the increase to Paycheck Protection Program loans and strong mortgage volumes.
Chief Executive Officer Christopher Murphy says improvement from the pandemic has allowed the bank get somewhat back to normal.
“As vaccines have rolled out in recent months, and as we closely monitor local infection rates and information from local health officials, we have made the strategic decision to quietly and measuredly relax our by-appointment-only model for visits to our banking center lobbies,” said Christopher Murphy, chairman and chief executive officer. “Doors are unlocked, and clients are now able to visit with their bankers – masked and socially distanced of course – more spontaneously than has been the case in the last year.”
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