Welcome to our dedicated page for 1St Source news (Ticker: SRCE), a resource for investors and traders seeking the latest updates and insights on 1St Source stock.
1st Source Corporation (NASDAQ: SRCE) maintains its position as a leading community banking institution through personalized financial solutions and specialty lending services. This news hub provides investors and stakeholders with comprehensive updates on corporate developments, strategic initiatives, and market performance.
Key resources include earnings announcements, leadership updates, product launches, and regulatory filings. Track developments across core operations including commercial lending programs, wealth management services, and specialized equipment/aircraft financing.
Regular updates cover operational milestones, community partnerships, and financial health indicators. Users gain insights into how SRCE's relationship banking model adapts to economic trends while maintaining strong capital positions.
Bookmark this page for verified updates directly from corporate communications and trusted financial analysis sources. Check back frequently refreshed content to stay informed about this regional banking leader's evolving strategies.
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.
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