Another banking company has shed underwater securities.
The latest announcement comes from 1st Source in South Bend, Ind., which sold $40 million of available-for-sale securities in the fourth quarter at a roughly $2.9 million loss.
Proceeds were used to buy about $40 million of higher-yielding securities.
Separately, the $8.7 billion-asset 1st Source said it opened a loan production office in Lake County, Ind., this month.
Overall, fourth-quarter profit fell by 8.5% from a year earlier, to $28.4 million.