Corporation, parent company of 1st Source Bank, is reporting net income for
the first quarter of 2016 of $13.82 million, compared to $13.51 million in
the year-ago period, up 2.27 percent.
Diluted net income
per common share was $0.53, compared to $0.51 in the year-ago, up 3.92
The March 31, 2015,
share and per-share information has been adjusted for a 10-percent stock
dividend declared on July 22, 2015, and issued on August 14, 2015.
At its April 2016
meeting, the Board of Directors approved a cash dividend of $0.18 per common
share payable on Mary 13 to shareholders of record on May 3.
“In spite of the
challenging low interest rate environment, we saw an increase in net income
over the prior year and turned in a steady performance in the first
quarter,” Chair Christopher J. Murphy III said. “Credit quality remains
strong and we have seen little increase in delinquencies or problem credits,
even as issues with the energy sector affect a small portion of our
construction machinery clients. While credit quality remains good we know
that we are at the far reaches of a sustained weak economic period and
continue to work hard to position ourselves properly for any downturn in the
* Average loans and
leases of $4.01 billion grew $334.35 million or by 9.10 percent.
* Average deposits
of $4.15 billion grew $336.32 million or by 8.81 percent.
* Net interest
income on a tax-equivalent basis of $41.75 million increased $1.90 million
or 4.76 percent.
income of $21.63 million increased $1.88 million or 9.50 percent (6.01
percent excluding equipment rental income).
1st Source common
stock is traded on the NASDAQ Global Select Market under “SRCE” and appears
in the National Market System tables in many daily newspapers under “1st Src.”
1st Source includes
80 community banking centers in 17 counties, eight trust and wealth
management locations, 10 1st Source Insurance offices, as well as 22
specialty finance locations nationwide.