SOUTH BEND, Ind. - 1st Source Corp., which has $1.6 billion in assets, said earnings were up for the fourth quarter and all of 1994.

The company said 1994 net income was $18.5 million, a 10.4% increase from $16.7 million in 1993. 1st Source reported 1994 return on equity of 14.21% and return on assets of 1.19%. Net income per share for 1994 was $2.39, up from $2.17 in 1993.

The company earned $4.8 million, up 6.9% from the $4.5 million it earned in the year-earlier period. Net income per share was 62 cents for the fourth quarter, up from 58 cents the previous year.

1st Source also said that after-tax securities losses of $230,000 were recognized in the fourth quarter, which allowed the company to reinvest $15 million in securities sale proceeds at higher current interest rates.

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