1st Source Corporation (Nasdaq: SRCE), parent company of 1st Source Bank, today reported net income of $11.72 million for the first quarter of 2012, up 10.44% compared to the $10.61 million reported in the first quarter a year ago. Diluted net income per common share for the first quarter of 2012 amounted to $0.48, up 11.63% over the $0.43 for the first quarter of 2011.
At its April 2012 meeting, the Board of Directors approved a first quarter cash dividend of $0.16 per common share. The cash dividend will be payable on May 15, 2012, to shareholders of record as of May 7, 2012.
Christopher J. Murphy III, Chairman and Chief Executive Officer, commented on the first quarter by saying, "It was a good quarter for 1st Source. Our performance was built on the basics - income was up, expenses were down, and loan loss provisions remained about the same. We are starting to see our markets strengthen a bit as our loan portfolios grew 3.12%. Additionally, our net interest margin increased from last quarter and from a year ago. Credit remains a focus as we work through the challenges of the last several years.”
Mr. Murphy continued, “It was also a quarter where we saw several large projects reach fruition – a new business loan system is coming online that streamlines our processes making us more convenient and efficient for the commercial customer, and we have enhanced our online offerings at 1stsource.com so that we can chat – real time – with those who are visiting our website and respond to their needs.”“Our steady performance is being noticed by others. During the quarter, we were recognized as one of the top 45 banks in the country when we were named to the KBW Honor Roll of Superior Performers over the last decade. We will remain diligent in providing outstanding client service, maintaining pristine credit quality, and exercising rigorous cost control which not only leads to inclusion in these types of acknowledgments, but more importantly, leads to long-term solid financial performance.”