1st Source Sees Record Quarterly Profit
(IIB Photo/Wes Mills)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowSouth Bend-based 1st Source Corp. (Nasdaq: SRCE) is reporting record second quarter net income of $30.2 million, up 63.3% from $18.5 million during the same period last year. Chief Executive Officer Christopher Murphy attributes the increase to economic momentum as communities and businesses continue vaccination adoption.
Murphy says credit uncertainty continues to see substantial improvement. He adds the bank’s clients continued to receive Paycheck Protection Program loans during the second quarter and throughout this year, more than $290 million in PPP loans have been forgiven.
“Vaccination rates among our colleagues has grown steadily, and as an organization, we have reached a high level of inoculation,” continued Murphy. “As mentioned last quarter, our lobbies are open, and once again our bankers are able to more freely meet with business and consumer clients (following CDC guidelines with masking and social distancing recommendations) than was the case in the last year. We’re confident we are doing our best to ensure the safety and well-being of all those we serve and employ while also getting back to a sense of ‘business as usual’ for all our clients.”
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