1st Source announced Q2/14 net income of $14.49 million was up almost 4% over the $13.94 million earned in Q2/13. Through H1/14, the bank said it earned $28.13 million, up 6.8% compared to the same period in 2013.
The bank noted that loan growth in Q2/14 was up $230.15 million over the same quarter one-year ago.
1st Source said its construction equipment, aircraft financing and medium & heavy-duty truck vertical outstandings all increased with year-over-year growth rates of 19%, 8% and 14%, respectively. Total aggregate net outstandings of $1.346.4 billion as of June 30, 2014 were up 12% from $1.202.5 billion or $143.9 million at June 30, 2013. Operating leases, net of depreciation, were $63.4 million, up from $52.9 million or 20% year-over-year.
Christopher J. Murphy, III, chairman said, “Loan growth was up $230.15 million over the same quarter a year ago. In spite of somewhat lower yields, we have successfully maintained our net interest margin which held stady at 3.59%. Similar to national trends, in our markets we are seeing a consolidation of clients and a return of some of our competitors to loan structure and pricing practices that were prominent before the financial market meltdown in 2008. If this continues, it could put further pressure on interest margins and adversely impact credit quality across the country.”
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