1St Source Stock Price, News & Analysis

1st Source Corporation announces leadership changes effective December 1, 2022. Andrea G. Short will become CEO of 1st Source Bank, while Christopher J. Murphy III continues as CEO of 1st Source Corporation. Short has a history with the bank since 1998 and has ascended through various roles to her current position. Kevin C. Murphy has been promoted to Chief Digital Officer and Executive VP at the bank. These appointments aim to address the company's challenges and foster leadership development, supporting its growth strategy.

1st Source Corporation (NASDAQ: SRCE) reported a record quarterly net income of $32.74 million for Q3 2022, rising 0.78% year-over-year. Diluted net income per common share increased to $1.32, up from $1.29. The company declared a cash dividend of $0.32, a 3.23% increase from the previous year. Average loans grew 8.74% year-over-year to $5.63 billion, while the net interest margin rose to 3.60%. However, mortgage banking income saw a significant decline of 72.56%. Overall, the financial performance indicates strong growth in loans and income despite certain setbacks.

1st Source Corporation (NASDAQ: SRCE) reported a net income of $29.31 million for Q2 2022, a 3.01% decline from $30.22 million in Q2 2021. Excluding PPP income, net income reached a record $28.47 million, up 3.87% year-over-year. Diluted EPS was $1.18, slightly down from $1.19. Average loans increased by 6.58% to $5.47 billion, while deposits rose 8.24% to $6.80 billion. A cash dividend of $0.32 was declared, reflecting a 3.22% increase. Despite a decrease in mortgage banking income by 62.85%, net interest margin improved to 3.32%. Overall, 1st Source continues to show solid growth in loans and deposits.

1st Source Corporation has been recognized by Keefe, Bruyette & Woods as one of the 17 institutions on the 2022 Bank Honor Roll, achieving this status for four consecutive years. This honor signifies that 1st Source has maintained over 10 years of increased earnings per share, placing it among the top 5% of publicly traded banks in the U.S. With assets totaling $8.0 billion, 1st Source continues to serve clients through its extensive network of banking centers and specialties. CEO Christopher J. Murphy III attributes this success to the dedication of the company's team.

1st Source Corporation recently elected Isaac P. Torres to its Board of Directors. Mr. Torres, President and CEO of InterCambio Express, brings extensive experience in internet-based industries and international payment systems. He qualifies as an Audit Committee financial expert under SEC guidelines and has a strong background in finance and accounting. This election follows the re-election of three other board members, ensuring continuity in leadership. All elected directors will serve until April 2025.

1st Source Corporation (NASDAQ: SRCE) reported net income of $27.39 million for Q1 2022, down 2.54% from Q1 2021. Despite a stable diluted EPS of $1.10, a cash dividend of $0.31 was approved, up 3.33% year-over-year, payable on May 13, 2022. Average loans increased $185.66 million (3.65%) and deposits rose $636.40 million (10.64%). However, mortgage banking income fell 64.70%, reflecting decreased demand for refinancing.

1st Source Corporation (NASDAQ: SRCE) reported record net income of $118.53 million for 2021, up 45.55% from 2020. Fourth quarter net income was $27.72 million, showing an increase of 4.76% year-over-year. Diluted net income per share reached a record $4.70, up 48.26%, while the Q4 figure was $1.11, up 7.77%. The company declared a cash dividend of $0.31 per share, a 6.90% increase from last year. Loan forgiveness amounted to $543.59 million for the year, contributing to a recovery in credit losses. Overall liquidity remains strong.

1st Source Corporation reported a record net income of $32.48 million for Q3 2021, a 61.95% increase from Q3 2020. Diluted net income per share surged to $1.29, up from $0.78 last year. The Board declared a cash dividend of $0.31, up 10.71% year-over-year, payable on November 12, 2021. The company recognized $6.69 million from PPP loan fees and a $2.56 million recovery in provision for credit losses. Average loans rose to $5.43 billion, with deposits increasing to $6.40 billion.