1st Source reports record year

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South Bend-based 1st Source Corp. (Nasdaq: SRCE) is reporting record, full-year net income of $120.5 million, compared to $118.5 million the previous year. The parent of 1^st Source Bank is also reporting fourth quarter net income of $31 million, compared to $27.7 million during the same period a year ago.

1^st Source says it is also feeling the impact of the housing market.

“Demand for mortgages has continued to decline with steep increases in interest rates that drove a precipitous decline in market activity,” reported the company.  

1^st Source says mortgage banking origination volumes are down, resulting in lower income from loans sold in the secondary market.

Click here to view the full earnings report.