Diluted net income per common share for the fourth quarter was $0.25, up 31.58% compared to $0.19 per common share reported in the fourth quarter of the previous year.
1st Source’s reserve for loan and lease losses as of 31 December 2010 was 2.83% of total loans and leases, compared to 2.85% as of 31 December 2009.
Net charge-offs were $6.08m for the fourth quarter 2010, compared to $5.63m in the fourth quarter 2009.
The net interest margin was 3.67% for the fourth quarter of 2010 versus 3.27% for the same period in 2009.
For the year of 2010, net income was $41.24m, an increase of 61.80% over the $25.49m reported in 2009.
Diluted net income per common share for the year was $1.21, an increase of 53.16% over the $0.79 per common share a year earlier.
Net charge-offs for the full year were $20.57m in 2010 compared to $22.64m in 2009.
The ratio of nonperforming assets to net loans and leases was 2.81% on 31 December 2010, compared to 3.15% on 31 December 2009.
The net interest margin was 3.59% for the year ending 31 December 2010, versus 3.14% for the same period in 2009.
