1st Source, parent company of 1st Source Bank, announced record net income of $58.07 million for the year of 2014, a 5.66% increase over the $54.96 million in 2013. 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%.

Highlights from the news release included:

• The net interest margin was 3.61% for the fourth quarter of 2014 versus 3.59% for the same period in 2013. The net interest margin was 3.59% for the year ending December 31, 2014 versus 3.67% for the year ending December 31, 2013.
• Year-end 2014 net loans and leases encompassing medium/heavy duty trucks ($247.2MM), aircraft ($727.7MM) and construction equipment ($399.9MM) were up 3.9%, down 1.4% and up 20.1%, respectively.
• Net interest income was $41.3 million for Q4/14, up 4.53% compared to $39.50 million for Q4/13. For the twelve months of 2014, net interest income was $162.17 million, up 2.22% compared to $158.64 million for the twelve months of 2013.
• For the twelve months of 2014, the provision for loan and lease losses was $3.73 million compared with $0.77 million for the same period in 2013. The ratio of nonperforming assets to net loans and leases was 1.13% on December 31, 2014, compared to 1.29% on 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.”

To view the full 1st Source news release, click here.