1st Source reports record Q3 earnings
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
South Bend-based 1st Source Corp. (Nasdaq: SRCE) is reporting record third quarter net income of $32.7 million, up from $29.3 million during the same period a year ago. Year-to-date net income comes in at $89.4 million compared to $90.8 million in 2021.
1st Source Chairman and Chief Executive Officer Chris Murphy says numerous Federal Reserve rate increase over the last nine months have played a factor in the bank’s results.
“As the Federal Reserve continues its attempt to cool down runaway inflation without triggering a recession, continued rate changes are a distinct possibility and deposit rate competition will likely have an impact on the margin expansion we have seen over the last two quarters,” said Murphy. “We are very proud to have achieved record net income and impressive loan growth during the quarter but must be focused on organic, core deposit growth as we move into the next quarter and beyond.
Click here to view the full report.
Editor’s Note: A previous version of this story mistakenly reported the bank’s second quarter results.