Friday, February 28th, 2020

First quarter earnings steady at 1st Source

Posted: Friday, April 24, 2015

1st Source Corporation (NASDAQ:SRCE), parent company of 1st Source Bank, today announced net income of $13.51 million for the first quarter of 2015 compared to $13.63 million reported in the first quarter a year ago. Diluted net income per common share for the first quarter of 2015 was $0.56, up 1.82% over the $0.55 in the first quarter of 2014.

At its April 2015 meeting, the board of directors approved a cash dividend of $0.18 per common share. The cash dividend is payable on May 15, 2015 to shareholders of record on May 5, 2015.

Christopher J. Murphy, III, chairman and chief executive officer, commented, “We saw solid growth in our deposits this quarter as we continue to add new client relationships throughout the bank. Credit quality remains strong as does our loan pipeline and we look forward to a steadily improving economy in the coming months. Capital ratios are also strong and exceed the new minimum Well Capitalized requirements on a fully phased-in basis.”

“During the quarter we held a ground breaking in Portage, Michigan, to celebrate our second banking center in the greater Kalamazoo area. We look forward to growing in this market and providing greater convenience for our clients there. As always, we remain committed to our mission of helping our clients achieve security, build wealth and realize their dreams.”

The net interest margin held close to last year’s level at 3.58% for the first quarter of 2015 versus 3.59% for the same period in 2014. Tax-equivalent net interest income was $39.85 million for the first quarter of 2015, compared to the $39.09 million from 2014’s first quarter.