Record Q2 Earnings for 1st Source Bank

(Image courtesy of 1st Source Bank)

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1st Source Corp. (Nasdaq: SRCE) is reporting results for the second quarter of 2019. The South Bend-based company is reporting record-high net income of $23.4 million, compared to $21.9 million reported in the same period a year ago. The bank attributes the positive numbers due to higher loan rates and higher average loan and lease balances.

“We are pleased with our record net income in the second quarter as 1st Source Corporation continues to experience organic growth in loans and leases and deposits. Seasonal trends within our specialty finance group portfolios contributed to an increase in average loans and leases during the quarter of 4.84%. Credit quality was also a bright spot for the quarter – the ratio of nonperforming assets to loans and leases of 0.41% was the lowest it has been in over ten years,” said Chris Murphy, chairman, and chief executive officer.

1st Source Corp. is the parent company of 1st Source Bank. To view the full earnings report, click here.