1st Source Corp. today reported record annual earnings for 2013. The South Bend-based holding company for 1st Source Bank reported earnings of $54.96 million, or $2.23 per diluted common share, an 11 percent increase from the $49.63 million, or $2.02 a share, posted for 2012.
The company also reported fourth-quarter earnings of $13.72 million, or 56 cents per common diluted share, an 11 percent increase from the $12.35 million, or 50 cents a share, reported for the same three months in 2012.
The company’s $5.33 million annual profit primarily resulted from setting aside $5 million less in case of bad loans. Although the bank ended 2013 with about the same amount in its bad loan fund as it had at the end of 2012, 1st Source reported $4.5 million more in non-performing assets at the end of 2013 than 12 months earlier.
During the quarter ended Dec. 31, 1st Source opened a second branch in Lafayette and celebrated its 150th anniversary by donating $150,000 to non-profits based in the communities the bank serves.