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1st Source Corporation (Nasdaq:SRCE), parent company of 1st Source Bank, today announced net income of $13.63 million for the first quarter of 2014, up 9.90% compared to the $12.40 million reported in the first quarter a year ago. Diluted net income per common share for the first quarter of 2014 amounted to $0.55, up 10.00% over the $0.50 in the first quarter of 2013.
At its April 2014 meeting, the 1st Source Board of Directors approved a cash dividend of $0.18 per common share. The cash dividend is payable on May 15, 2014 to shareholders of record as of May 5, 2014.
According to Christopher J. Murphy, III, Chairman, “It was another good quarter for 1st Source Corporation. All of our performance benchmarks are moving in the right direction. Net income was up almost 10.00% over a year ago, we had growth in loans along with net recoveries in our loan and lease portfolio. Also, net interest income was up, noninterest income was up, and expenses were down in spite of increased snow plowing and heating costs from record cold and snow in the first quarter. Additionally, we increased our dividend 5.88% over the first quarter of last year, continuing our streak of increasing dividends for over 26 years, a feat that puts us in the top 3% of publicly traded companies.
“During the quarter, we held a grand opening for a new banking center in Lafayette, a growth market for us in Indiana; and we had 3 banking centers in Ft. Wayne in the midst of remodeling to serve our clients more effectively and conveniently. Most importantly, we continued to add new client relationships throughout the bank in business banking, personal banking, specialty finance, personal asset management, and insurance.
“We remain focused on our goals, and look forward to better weather and a steadily improving economy in the coming months,” Murphy concluded.