1st Source Gains On Servicng Sale

1st Source Corp. saw its net income rise 16% from a year earlier to $10.9 million in the third quarter of this year, with a gain related to the bulk sale of mortgage servicing rights contributing to the increase. The company said its third-quarter mortgage results were boosted by the sale of mortgage servicing rights, which resulted in a $3.2 million gain.

The parent of 1st Source Bank also said it will pay a dividend of $0.14 per share on Nov. 15 to shareholders of record on Nov. 6. That dividend is up almost 19% from the year earlier dividend.

1st Source Bank serves northern Indiana and southwestern Michigan. TrustCorp Mortgage is also a unit of 1st Source. Total assets at the end of the third quarter were $3.62 billion, an increase of 7.45% from the third quarter a year earlier. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

Next in News ►