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1st Source Corporation (Nasdaq:SRCE), parent company of 1st Source Bank, today announced record net income of $54.96 million for the year of 2013, a 10.73% increase over the $49.63 million in 2012. The annual net income is the highest in company history. Fourth quarter net income was $13.72 million, up 11.10% compared to $12.35 million in the fourth quarter of 2012.
Diluted net income per common share for the year was $2.23, another all-time record and an increase of 10.40% over the $2.02 per common share a year earlier. Diluted net income per common share for the fourth quarter was $0.56, up 12.00% compared to $0.50 per common share reported in the fourth quarter of the previous year.
At its January 2014 meeting, the 1st Source Board of Directors approved a cash dividend of $0.17 per common share. The cash dividend is payable on February 14, 2014 to shareholders of record on February 4, 2014. Dividends for 2013 increased 3.03% over the previous year.
Christopher J. Murphy, III, Chairman, commented, "I'm pleased to report a strong fourth quarter and a strong year for 1st Source Corporation. This was another record year in earnings, and continues our streak of 26 years of consecutive dividend growth. The yearly results were helped considerably by our credit performance. Our credit quality continues to be strong as net charge-offs for the year were remarkably low at about two tenths of one percent of average loans and leases."
"The fourth quarter was quite busy. We opened our second banking center in Lafayette, Indiana, a good market in a college town that fits us well. We also continued our 150th Anniversary celebrations with receptions for clients in each of our banking centers. Additionally, we produced a promotion designed to highlight the strength of our communities - the "150 years, $150,000 Cheers" campaign. 1st Source donated $150,000 in $1,000 increments to not-for-profit organizations, an important part of the fabric of the communities we serve. The charities were nominated by community members and selected in each region based on the quality and quantity of nominations. Two final not-for-profits received $15,000 each to help fill needs in our area. The community involvement was outstanding - we received over 13,500 nominations for over 1,500 different charities."