1st Source Corporation Second Quarter Income Up, Dividend Reported
1st Source Corporation (Nasdaq:SRCE), parent company of 1st Source Bank, today reported net income of $7.80 million for the second quarter of 2010, an increase of 24.20% over the $6.28 million reported in the second quarter of 2009. For the first six months of 2010, net income for 1st Source Corporation was $17.47 million, up 39.43% compared to $12.53 million reported for the same period in 2009. Diluted net income per common share for the second quarter amounted to $0.25 compared with $0.19, an increase of 31.58% over the second quarter of 2009. Diluted net income per common share for the first half of 2010 was $0.57, up 46.15% over the $0.39 earned a year earlier.
At its July meeting, the Board of Directors approved a cash dividend of $0.15 per common share, payable on August 16, 2010 to shareholders of record on August 6, 2010.
Christopher J. Murphy III, Chairman and Chief Executive Officer, commented, “I am pleased with our performance in the second quarter. We’ve seen a small decrease in our non-performing assets over each of the last two quarters, and our net charge-offs of loans and leases are down over the same period from a year ago. Also, our net interest margin has been slowly increasing each quarter for the past year. Our capital ratios both with and without TARP are quite strong and exceed the regulatory 'well capitalized' minimums. As positive as this is, we still see instability in the economy and will continue to keep close tabs on our loan portfolios and on our expenses. Similarly, we are retaining the TARP investment until we are more convinced that there will not be a second and more severe dip in the economy.
“Unfortunately, it seems that the stimulus package initiatives instigated by Washington have increased the cost of government while underperforming in their intent. Additionally, Washington continues to increase the regulatory burden on financial institutions without differentiating between smaller community-based banks versus the 'big box' mega regional, national and investment banks that caused many of the country’s financial problems. Both of these challenges will have immediate and long range impacts on the cost of doing business for 1st Source as they will for everyone else in our industry. With these thoughts in mind, we will continue to take a very cautious view of the economy, keeping our clients best interests in mind for the long run, while remaining strong, stable, local and personal for our community,” Mr. Murphy concluded.
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