Walkaround Elmo from Sesame Street visits the PNC Playground at Promenade Park

Walkaround Elmo from Sesame Street visits the PNC Playground at Promenade Park.

The PNC Playground opened as a colorful and stimulating play area for children of all ages and abilities at Riverfront Fort Wayne‘s Promenade Park during the park’s Aug. 9 grand opening.

Funding for the playground was provided in the form of a $250,000 grant from the PNC Foundation through its PNC Grow Up Great initiative to prepare children under five for success in school and life.

PNC participated in the grand opening festivities with a special appearance by Walkaround Elmo from Sesame Street and by handing out craft kits and Grow Up Great educational materials.

The playground “will transform the way our community comes together to thrive and interact through the power of play,” Corinna Ladd, PNC Financial Services Group regional president for northern Indiana, said in a statement.

“Our state-of-the-art PNC playground enhances a child’s learning experience through a dynamic mix of unique play structures that also serve as attractive public art with ample seating for caregivers and visitors.”

“The PNC Playground at Promenade Park is a fantastic feature of our new Riverfront Fort Wayne,” Fort Wayne Mayor Tom Henry said in the statement.

“Having a play area specifically designed for children of all ages and abilities is a demonstration of our collective commitment to being a welcoming and caring community. Fort Wayne appreciates the generosity of the PNC Foundation in helping make our newest park a point of destination.”

The play area on the north bank of the St. Marys River between the Wells Street and Harrison Street bridges energizes sensory experiences with Rhapsody Outdoor Instruments and visually vibrant Mobius Climbers and Global Motion modular and climbing structures.

The foundation began building the playground during the summer of 2017.

Lincoln operating earnings up 5%

Lincoln National Corp.‘s second-quarter adjusted operating earnings rose 5% on 7% revenue growth compared with the same period last year.

The insurance and financial services company doing business under the Lincoln Financial Group brand has a headquarters near Philadelphia and its annuity operations based in Fort Wayne.

Its second quarter adjusted income from operations of $478 million, or $2.36 per share, was up from $454 million, or $2.02 per share.

The figures reflected acquisition and integration costs related to mergers and acquisitions, after-tax, of $33 million for this year’s second quarter and $35 million a year earlier.

The company’s second quarter net income of $363 million, or $1.79 per share, was down from $377 million, or $1.70 per share for the prior-year quarter. Its revenues rose to $4.31 billion from $4.02 billion. Its average number of shares outstanding fell to 202.9 million from 221.6 million.

“We reported record adjusted operating EPS and an adjusted operating ROE (return on equity) of 13.6%,” Dennis Glass, Lincoln’s president and CEO, said in a statement.

“Strong sales results contributed to operating revenue growth in every business segment, and we continue to focus on investing in growth, managing expenses, and returning capital to shareholders, all of which will contribute to continued financial success.”

Second quarter operating earnings from the annuities segment of $266 million were down from $275 million a year earlier, driven mostly by a decrease in account values from the Athene reinsurance transaction, which Lincoln completed during last year’s fourth quarter. The company’s second-quarter annuity sales of $3.7 billion were up 22%.

1st Source earnings increase 6%

A 6% increase in net interest income, 3% upturn in noninterest income with a lower loan loss provision contributed to 6% second-quarter earnings growth compared with the same period last year for 1st Source Corp.

The South Bend-based parent company of 1st Source Bank posted second- quarter earnings of $23.4 million, or 91 cents per share, up from $22 million, or 84 cents per share, for the prior-year period. Its loan loss provision fell to $4.2 million from $4.8 million.

The company’s second quarter net interest income grew to $56.4 million from $53.2 million a year earlier as its noninterest income rose to $25.7 million from $25 million.

“We are pleased with our record net income in the second quarter as 1st Source Corporation continues to experience organic growth in loans and leases and deposits,” Christopher Murphy III, chairman and CEO, said in a statement.

“Seasonal trends within our specialty finance group portfolios contributed to an increase in average loans and leases during the quarter of 4.84%. Credit quality was also a bright spot for the quarter – the ratio of nonperforming assets to loans and leases of 0.41% was the lowest it has been in over ten years.”

Murphy also noted 1st Source continued its banking center investment during the quarter and was among only 18 banks in the country included in an annual Keefe, Bruyette & Woods, Inc. Bank Honor Roll.

Two banking centers inside Martin’s Super Market stores in South Bend and Niles, Michigan, “underwent complete renovations and have been converted to our signature side-by-side banking model,” he said.

“Side-by-side banking invites the client behind the ‘teller line,’ allowing for the bank’s clients and bankers to have a more transparent and inclusive experience,” he said.

“These renovations were part of an overall initiative to update our existing locations and continue our investment in the communities where we live, do business and raise families.”

The company’s second-quarter noninterest expenses rose 3% to $47.4 million from $45.9 million for the year-ago period.

NIB net income increases 9%

Northeast Indiana Bancorp posted 9% second-quarter earnings growth on an 8% increase in net interest income and an 18% boost to its noninterest income.

The Huntington-based parent company of First Federal Savings Bank reported second-quarter earnings of $1.1 million, or 94 cents per share, up from $1 million, or 86 cents per share, for the year-ago period.

Its second-quarter net interest income of $2.9 million was up from $2.7 million a year earlier as its noninterest income rose to $770,668 from $655,619.

Veteran reporter Doug LeDuc joined Business Weekly in 2006 and primarily covers banking and finance and technology. You can send information for his weekly column to dleduc@kpcmedia.com or call 260-426-2640, ext. 3309.

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