4/28/2012 5:49:00 PM South Bend's 1st Source Corp. sees profits grow in first quarter
South Bend Tribune
SOUTH BEND - 1st Source Corp., parent company of 1st Source Bank, reported Friday that net income jumped 10.44 percent to $11.72 million in the first quarter from $10.61 million in the first quarter last year.
"Our performance was built on the basics -- income was up, expenses were down, and loan loss provisions remained about the same," said Christopher J. Murphy, chairman and chief executive of 1st Source. "We are starting to see our markets strengthen a bit as our loan portfolios grew 3.12 percent. 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."