South Bend-based 1st Source is reporting first quarter net income of $16.4 million, down from $22.2 million during the same period last year. The parent of 1st Source Bank partially attributes the drop is the “likely negative economic impact on our portfolio from COVID-19.”
This story by Alex Brown originally appeared in Inside INdiana Business.
CEO Christopher Murphy said that despite the tough quarter, the bank continues to help customers navigate the uncertainties caused by the pandemic.
“We are well-positioned for the long term, are well-capitalized, have appropriate reserves, and have a strong balance sheet,” said Murphy. “That said, the near-term level of uncertainty is unprecedented as to the severity and length of the economic downturn tied to the coronavirus offset possibly by the effectiveness of the government’s enormous stimulus efforts.”
Murphy said the bank has processed more than 2,000 small business loans through the federal Paycheck Protection Program, totaling more than $554 million.
