Improved credit helped 1st Source Corp. in South Bend, Ind., more than double fourth-quarter earnings from a year earlier.
The $4.45 billion-asset company earned $12.6 million in the quarter, compared to $6.2 million in the same period of 2009.
Its loan-loss provision fell 59% compared to a year earlier, to $3.4 million. For 2010, net income rose 61.8% from the year earlier, to $41.2 million, 1st Source said in a Thursday press release.
The company also paid off its Troubled Asset Relief Program funding in the fourth quarter without having to raise capital.
The Tarp move should save it $5.5 million annually, 1st Source said.