1st Source Corp. reports record high net income

1st Source Corporation, parent company of 1st Source Bank, has reported a record high net income of $17.18 million for the third quarter of 2017, an increase of 20.46 percent compared to $14.26 million reported in the third quarter a year ago.

That brings the 2017 year-to-date net income to $50.06 million compared to $42.56 million in 2016, an increase of 17.61 percent.

The year-to-date net income comparison was positively impacted by gains on the sale of investment securities available-for-sale of $2.76 million. Also, gains on the sale of fixed assets and leased equipment of $860,000 and solar tax equity investment gains of $320,000 added additional income.

These increases were partially offset by costs on repossessed aircraft of $740,000, the writedown of fixed assets of $600,000 and a contribution to the 1st Source Foundation of $500,000.

Diluted net income per common share for the third quarter of 2017 was a record high at 66 cents, versus 55 cents in the third quarter of 2016. Diluted net income per common share for the first nine months of 2017 was also a record at $1.92 compared to the $1.63 a year earlier.

At its October 2017 meeting, the Board of Directors approved a cash dividend increase to 20 cents per common share from 19 cents. The cash dividend is payable to shareholders of record on Nov. 6, 2017, and will be paid on Nov. 15, 2017. This brings year-to-date dividends in 2017 to 76 cents per common share, an increase of 5.56 percent compared to 72 cents per common share at the same time last year.