The Bank Slate


Indiana’s 1st Source sells AFS securities at a loss

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.

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