Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.1st Source Corp. on Friday reported net income of $12.57 million, or 51 cents per common share, for the second quarter, down more than 15 percent from the $14.87 million, or 61 cents per share, in the same three months last year.
The South Bend-based parent company of 1st Source Bank said net income was $24.28 million for the first six months of 2012, down slightly from $25.47 million for the first six months of 2011.
Last year’s second quarter benefited from higher investment security gains and lower loan and lease loss provisions, 1st Source said in a statement Friday morning.
Diluted net income per common share for the first half of 2012 was 99 cents, compared to $1.04 earned a year earlier.
The company also announced that its board has approved a cash dividend of 17 cents per common share, a 6.25 percent increase from the second quarter a year ago. The dividend is payable Aug. 15 to stockholders of record Aug. 6.
