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Business

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1st Source shows first-quarter gain

1st Source Corp. on Friday reported first-quarter earnings of $12.4 million, or 50 cents per diluted common share, a 6 percent increase from the $11.7 million, or 48 cents a share, posted for the same period of 2012.

The South Bend-based holding company for 1st Source Bank opened a new branch in Columbia City and converted to a new data storage system during the three months ended March 31.

Christopher Murphy III, chairman and CEO, said the economy “seems to be turning the corner.”

“Still, the very low (interest) rate environment may help borrowers, but it hurts savers and investors and is causing significant margin pressure for us,” he said in a written statement.

sslater@jg.net

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