1st Source Corporation, parent company of 1st Source Bank, reported net income of $10.61 million for the first quarter of 2011, up 9.60% compared to the $9.68 million reported in the first quarter a year ago.

For the first quarter of 2011, 1st Source’s provision for loan and lease losses was $2.20 million compared to $4.39 million for the first quarter of 2010. Net charge-offs were $2.91 million for the first quarter of 2011 compared to $4.80 million for the first quarter of 2010.

The reserve for loan and lease losses as of March 31, 2011, was 2.82% of total loans and leases compared to 2.83% a year earlier. The ratio of nonperforming assets to net loans and leases was 2.81% on March 31, 2011, compared to 2.98% for the same period last year.

Christopher J. Murphy III, chairman and chief executive officer, commented on the first quarter by saying, “We continue to make steady progress with our performance. The economic environment in the geographic markets we serve seems to be slowly improving along with the increasingly positive outlooks we are hearing from our clients.”

To view 1st Source’s first quarter 2011 news release,
click here.