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1st Source quarterly earnings up 15%

1st Source Corp. on Thursday reported third-quarter earnings of $14.9 million, or 60 cents per diluted common share, a 15 percent increase from the $13 million, or 53 cents a share, posted for the same three months of 2012.

The South Bend-based parent of 1st Source Bank has given some struggling borrowers the opportunity to get back on their feet before paying off troubled loans, Chairman Christopher Murphy said. The company’s financial strength allows it to be patient, he said.

“During the quarter we recovered $2.07 million in interest payments and expense recoveries from clients we have been working with for as long as 10 or more years as they restored their businesses to strong operating positions,” Murphy said in a statement.

sslater@jg.net

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