Friday, September 24th, 2021

1st Source Bank report second-quarter earnings

Posted: Friday, July 30, 2021

1st Source Corp. reported second-quarter earnings of $30.2 million, or $1.19 per diluted common share, a 63% increase from the $18.5 million, or 72 cents a share, posted for last year’s second-quarter.

The South Bend-based parent of 1st Source Bank on Thursday reported a recovery of $3 million during the quarter and no money set aside for defaulted loans. Last year, the bank set aside $10.4 million to cover unpaid loans, a $13.4 million difference. Christopher Murphy III, chairman and CEO, noted the company reported record net income for two consecutive quarters.

“Credit uncertainty continues to improve substantially, which resulted in a reduction to our provision for credit losses,” he said in a statement.