1St Source Stock Price, News & Analysis

1st Source (NASDAQ: SRCE) reported record annual earnings for 2024, with net income reaching $132.62 million, up 6.16% from 2023. The company achieved $5.36 diluted earnings per share, a 6.56% increase year-over-year. Fourth quarter net income was $31.44 million, up 10.58% from Q4 2023.

Key financial metrics include a return on average assets of 1.52% and return on average shareholders' equity of 12.54%. The Board approved a cash dividend of $0.36 per share, marking the 37th consecutive year of dividend growth. End-of-period loans increased by 5.16% to $6.85 billion, while deposits grew 5.06% to $6.73 billion. The tax-equivalent net interest margin improved to 3.64% for 2024, up 13 basis points from 2023.

1st Source (NASDAQ: SRCE) reported Q3 2024 net income of $34.94 million, up 6.07% from Q3 2023. Diluted earnings per share reached $1.41, a 6.82% increase year-over-year. The Board approved a quarterly cash dividend of $0.36 per share, up 12.50% from last year. Tax-equivalent net interest income was $75.63 million, up 8.97% from Q3 2023, with net interest margin expanding to 3.64%. Credit quality showed some challenges with net charge-offs of $0.85 million. The company maintained strong capital ratios with Common Equity Tier 1 at 14.18%.

1st Source (NASDAQ: SRCE) reported record quarterly net income of $36.79 million for Q2 2024, up 13.44% year-over-year. Diluted EPS reached $1.49, a 14.62% increase from Q2 2023. The company declared a cash dividend of $0.36 per share, up 12.50% from last year. Key highlights include:

- Average loans and leases grew 7.57% YoY to $6.61 billion
- Average deposits increased 3.52% YoY to $7.18 billion
- Tax-equivalent net interest income rose 8.00% YoY to $74.19 million
- Net interest margin improved to 3.59%, up 11 basis points YoY
- Net recoveries of $1.99 million recorded for the quarter

The company maintained a strong financial position with a common equity-to-assets ratio of 11.75% and a Common Equity Tier 1 ratio of 13.74%.

1st Source Bank, listed on NASDAQ under the ticker SRCE, has been recognized by U.S. News & World Report as one of the 'Best Companies to Work For in the Midwest' for 2024 - 2025. This accolade is part of the Best Companies Ratings, which evaluates the top companies from the Russell 3000 list based on six key factors important to employee wellbeing: quality of pay and benefits, work/life balance, job and company stability, safety, career opportunities, and belongingness.

Chief Human Resources Officer Dan Lifferth emphasized the company's commitment to an engaging workplace that fosters both personal and professional growth, underpinned by core values of integrity, teamwork, and client service.

1st Source Bank operates 78 banking centers and has a strong presence in the northern Indiana-southwestern Michigan area, with assets totaling $8.7 billion.

1st Source Bank (NASDAQ: SRCE) has once again been included in the annual Bank Honor Roll by Keefe, Bruyette & Woods, Inc. (KBW) for the sixth consecutive year. This recognition places the bank's long-term performance among the top 5% of eligible banks in the United States. The Honor Roll now includes a second criterion based on a 10-year earnings per share (EPS) compound annual growth rate (CAGR), with banks needing more than $500 million in total assets to be eligible. 1st Source , the bank's parent company, is the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area, with assets totaling $8.7 billion. The bank is committed to helping clients achieve security, build wealth, and realize their dreams.

1st Source announced the promotion of Andrea Short to President, who will continue as President and CEO of 1st Source Bank. Andrea has been with the company for 26 years and has a strong background in banking and leadership. The promotion reflects the company's commitment to internal talent development and succession planning.