1st Source Reports Record Third Quarter

(photo courtesy of 1st Source Bank)

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South Bend-based 1st Source Corp. (Nasdaq: SRCE) is reporting record third quarter net income of $32 million, compared to $20 million during the same period a year ago. For the first nine months, net income came in at $91 million, compared to $55 million during the same period in 2020.

1^st Source Chair and Chief Executive Officer Chris Murphy says this marks the third straight quarter of record net income.

He says credit quality improvements continued during the third quarter which resulted in a reduction to the company’s allowance for loan and lease losses.

“Liquidity remains elevated, and we are focused on its deployment through growing our loan and lease portfolio by deepening existing client relationships as well as developing new ones,” said Murphy.

Click here to view the full earnings report.