Wednesday, August 16th, 2017

1st Source announces third quarter net income

Posted: Friday, October 24, 2014

1st Source Corporation (NASDAQ:SRCE), parent company of 1st Source Bank, today announced third quarter net income of $14.95 million, up slightly compared to $14.90 million in the third quarter of 2013. The third quarter 2013 included $2.07 million of interest recoveries and expense reimbursements compared to $0.39 million in interest recoveries in 2014.

However, for the first three quarters of the year, net income was $43.07 million versus $41.24 million a year earlier, a 4.44% increase. Diluted net income per common share for the third quarter of 2014 was $0.62 versus $0.60, up 3.33% over the same period in 2013. Diluted net income per common share for the first three quarters was $1.77 in 2014 compared to $1.67, up 5.99% over the previous year.

At its October meeting, the Board of Directors approved a cash dividend of $0.18 per common share. The dividend is payable to shareholders of record on November 5, 2014 and will be paid on November 14, 2014.

According to Christopher J. Murphy, III, Chairman, “1st Source Corporation had a productive third quarter. We completed extensive renovations of six banking centers in Fort Wayne, which introduced our new design of side by side banking. This defines everything 1st Source does with our clients - working in partnership with them; sharing information; providing straight talk and sound advice; and helping them achieve security, build wealth and realize their dreams. We will also be opening two new banking centers there before year end. A simultaneous grand reopening was held in early October at all six banking centers to celebrate our increased commitment to the Fort Wayne market.”