South Bend's 1st Source Corp.: Decline in net income reported for 3Q 2007

Truth Staff

SOUTH BEND -- 1st Source Corp., parent company of 1st Source Bank and First National Bank of Valparaiso, posted a decline in net income and an increase in noninterest expenses for the third quarter of 2007.

For the quarter, net income was $6.13 million, down from $10.96 million during the third quarter in 2006. For the first nine months of 2007, net income fell to $22.71 million from $31.17 million reached in the same period one year ago.

The acquisition of First National completed in May bumped noninterest expense for the third quarter to $37.44 million, up from $31.82 million reported a year earlier. Salaries and employee benefits from First National added $2.49 million in expense during the quarter.