1st Source reported Q3/18 net income of $19.89 million, up 15.75% compared to $17.18 million reported in Q3/17. This brought 2018 year-to-date net income to a record of $60.97 million compared to $50.06 million in 2017, an increase of 21.80%.
The following highlights were excerpted from the 1st Source news release:
According to Christopher J. Murphy III, chairman, “We are pleased with our increase in revenue in the third quarter as 1st Source experienced growth in average loans and leases and average deposits with some month end seasonal adjustments. Average loans and leases were up a solid 9.91% for the quarter, compared to the same period a year ago. Average deposits also increased with strong growth of 12.43% from this time last year. Net interest income has increased 15.10% from the third quarter 2017 while non-interest income decreased 5.99% and non-interest expense increased by 6.48% over the same quarter in 2017.
“Our biggest credit challenge in the quarter was with larger charge-offs and write downs. We have written our assets down to what we believe are realizable values. The majority of the charge-offs is from one large syndicated aircraft account in which we are a small participant. This credit is unique in both size and complexity within our portfolio.”
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