1st Source Corporation (NASDAQ:SRCE) has release its fourth quarter earnings for fiscal 2009. The financial report showed a net income of $6.22 million, versus the $12.32 million for the previous year’s comparable period. Full year net income was $25.49, compared the $33.39 million reported for fiscal 2008. The fourth quarter and annual net income results were impacted by the sale of certain assets to Wasatch Advisors, Inc, resulting in an $11.49 million pre-tax gain. The proceeds totaled $7.14 million after taxes.
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1st Source Corporation’s Board of Directors has also declared a quarterly cash dividend of $0.15, up 7.14% over the dividend of the year ago period. The dividend will be payable February 16 to shareholders of record as of February 8, 2010. For more information, visit www.1stsource.com.
1st Source Corporation, incorporated in 1971, is a bank holding company that provides, through its subsidiaries, an array of financial products and services. The Company’s banking subsidiaries, 1st Source Bank and First National Bank, Valparaiso (First National ), offer commercial and consumer banking services, trust and investment management services, and insurance to individual and business clients through most of 79 banking center locations in 17 counties in Indiana and Michigan. 1st Source Bank's Specialty Finance Group, with 24 locations nationwide, offers specialized financing services for new and used private and cargo aircraft, automobiles and light trucks for leasing and rental agencies, medium and heavy duty trucks, construction equipment, and environmental equipment. At December 31, 2008, the Company had total loans and leases of $3.29 billion and deposits of $3.51 billion.
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