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1st Source reports 10% increase for quarter

1st Source Corp. today reported first-quarter earnings of $11.72 million, or 48 cents per diluted common share, a 10 percent increase over the $10.61 million, or 43 cents a share, posted for the same three months of 2011.

The South-Bend-based parent of 1st Source Bank slightly increased the amount it put aside for loan and lease losses to $2.25 million, compared to $2.20 million for the prior year’s first quarter.

Christopher Murphy III, chairman and CEO, said it was a good quarter with increases in income and decreases in expenses.

During the quarter, the company streamlined its online business loan system and launched consumer online chat capability, allowing staff to answer customer’s questions in real time.