South Bend, IN: 1st Source Corporation announced record net income of $58.07 million for the year of 2014, a 5.66% increase over the $54.96 million in 2013.
1st Source Corporation is parent company of 1st Source Bank. The annual net income is the highest in company history. Fourth quarter net income was $15.00 million, up 9.33% compared to $13.72 million in the fourth quarter of 2013. Total assets at the end of 2014 were $4.83 billion, up 2.27% from the same period last year. Total loans and leases at December 31, 2014 were $3.69 billion, up 3.92%, and total deposits at December 31, 2014 were $3.80 billion, up 4.08% from the same period last year. As of December 31, 2014, the common equity-to-assets ratio was 12.72%, compared to 12.39% at December 31, 2013 and the tangible common equity-to-tangible assets ratio was 11.15% at December 31, 2014 compared to 10.76% at December 31, 2013.
Christopher J. Murphy, III, Chairman, said, “I am pleased to report a steady fourth quarter and another solid year for 1st Source Corporation. We achieved record earnings yet again and continued our streak of 27 years of consecutive dividend growth. It was also a year of celebration, as we began our 151st year of helping clients achieve security, build wealth and realize their dreams. We increased our primary client relationships in all of our markets. We were also able to decrease our nonperforming assets and grow our loan and lease outstandings by almost $140 million during the year, while reducing our exposure to some more risk challenged markets.”
