1st Source Corp. on Wednesday 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 over 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 over 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 increase 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 celebrated its 150th anniversary by donating $150,000 to nonprofits.
France, Goodyear end work standoff
French officials and protesting workers at a Goodyear tire plant in the northern French town of Amiens that’s been looking to close reached an agreement Wednesday that ends a year-long standoff.
The accord came after 10 days of negotiations among the government, the company and unions over severance packages. So bitter was the standoff that workers took two Goodyear managers hostage earlier this month, and freed them only after police intervened.
France’s minister for industrial renewal, Arnaud Montebourg, said the accord opens the way to an offer by U.S.-based Titan International which, the minister said, would guarantee 333 jobs at the site for four years.
Frontier broadens TV channel access
Frontier Communications Corp. has announced the launch of FrontierTVeverywhere – a new portal designed exclusively for Frontier subscribers.
The company said Wednesday customers can go to www.frontier.com/TVeverywhere for free access to various channels.
The service is available based on a subscriber’s programming package. TBS, TNT, TCM, TruTV, Cartoon Network, CNN and Headline News are among the channels available for streaming on various mobile devices.
“Frontier is proud to deliver this enhancement to Fort Wayne’s FiOS TV customers,” said Dan Sullivan, general manager for Frontier in Fort Wayne.
Comcast Corp. offers a similar streaming service.