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1st Source Corporation (Nasdaq:SRCE), parent company of 1st Source Bank, today announced third quarter net income of $11.54 million, an increase of 3.01% over the $11.20 million in the third quarter 2010. For the first three quarters of the year, net income was $37.01 million versus $28.68 million a year earlier, a 29.07% increase. Diluted net income per common share for the third quarter of 2011 was $0.47 versus $0.39, up 20.51% over the same period in 2010. Diluted net income per common share for the first three quarters was $1.51, an increase of 57.29% compared to $0.96 in 2010.
At the October meeting, the Board of Directors approved a cash dividend of $0.16 per common share, payable on November 14, 2011 to shareholders of record on November 4, 2011.
Christopher J. Murphy III, Chairman of 1st Source, commented, “This was a solid quarter for 1st Source - no fireworks, just a sound performance as we continue to see the economy and our clients in a holding pattern. Our loan and lease loss provision for the third quarter was $1.26 million, up compared to $67,000 last quarter, and down from $5.58 million a year ago. Our nonperforming loans and leases were up slightly, and our third quarter net interest margin dropped a bit from last quarter to 3.66% from 3.72%.”
Mr. Murphy continued, “With the uproar over Wall Street and the investment banks, 1st Source remains a community bank and has stayed true to our clients by always keeping their best interests in mind. Our conservative approach to managing the balance sheet and our business has resulted in our strong earnings. As an example, we never participated in low or no doc mortgages, sub-prime or Alt-A credit that have hurt so many banks across the country and led to the mortgage meltdown. Our goal has always been to provide value to our clients. We strive to be the most convenient place to bank, whether it is in person, online, over the phone, text banking, whatever the client prefers. We provide financial guidance to help our clients get ahead, and keep their best interests in mind with long-term thinking, the right products and services, and no surprises. Very personal, very straightforward, and very convenient. During this long down turn in the economy, we have concentrated on taking care of our clients, and helping them and our communities work through these tough times.”