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.
News and filings from 1st Source Corporation (NASDAQ: SRCE) focus on its role as a regional commercial banking and specialty finance company and parent of 1st Source Bank. Company announcements regularly highlight financial results, executive leadership changes, community initiatives, and developments in its specialty finance, advisory, and insurance activities.
Investors following SRCE news will see detailed quarterly and annual earnings releases, where the Corporation reports net income, loan and lease growth, deposit trends, net interest margin, credit quality metrics, and capital ratios. These releases often include commentary from senior management on economic conditions, credit performance, and the company’s approach to capital, liquidity, and risk management.
Corporate news also covers governance and leadership topics. Recent press releases and Form 8-K filings have described an executive succession plan involving the transition of the long-serving Chief Executive Officer to the role of Executive Chairman and the promotion of other senior leaders, as well as changes in roles such as Chief Operating Officer, Chief Administrative Officer, and General Counsel and Secretary. These updates provide context on how the organization structures its leadership for long-term continuity.
Other news items highlight recognition and strategic initiatives. 1st Source has reported inclusion on industry and business rankings, such as the KBW Bank Honor Roll, Forbes lists, and S&P Global Market Intelligence community bank rankings, as well as awards for community service and small business lending. The company also issues news about its participation in faster payments infrastructure, branch renovations and new banking centers, and community programs that align with its mission of helping clients achieve security, build wealth, and realize their dreams.
For readers interested in SRCE, this news stream offers ongoing insight into the company’s financial performance, leadership decisions, technology and payments initiatives, and community banking activities across its core markets and specialty finance platforms.
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.
1st Source Corporation has announced the promotion of Brett Bauer to Chief Financial Officer and Treasurer, and John Bedient to Chief Operations Officer of 1st Source Bank. Bauer, previously Chief Investment Officer, has extensive experience managing the bank's funding, treasury, and investment operations. Bedient, who has held various roles since 2008, will oversee a new Operations Group combining deposit and loan operations. The promotions reflect the company’s commitment to harnessing internal talent to benefit clients and shareholders while enhancing operational efficiency.
1st Source Corporation (NASDAQ: SRCE) reported record net income of $30.22 million for Q2 2021, a 63.35% increase year-over-year. Year-to-date income reached $58.33 million, up 67.06% from 2020. Diluted earnings per share rose to $1.19 from $0.72, and cash dividends increased by 10.71% to $0.31 per share, payable August 13, 2021. A reduction in credit loss provisions by $22.36 million attributed to improved economic conditions. Additionally, the company was recognized in the KBW Bank Honor Roll for the third consecutive year, affirming its strong financial performance amidst ongoing pandemic challenges.
1st Source Corporation has elected Tracy D. Graham and Ronda Shrewsbury Weybright to its Board of Directors, enhancing its strategic direction. Graham, with extensive experience in technology and AI, previously served on the board from 2012 to 2015. Weybright brings over 30 years in commercial development and housing. Their appointments follow the retirement of long-serving board members Jim Seitz and John Phair, showcasing a shift in leadership aimed at improving company directives. Shareholders also reelected existing members Melody Birmingham and Mark D. Schwabero for additional terms.
1st Source Corporation (NASDAQ: SRCE) reported a record quarterly net income of $28.11 million for Q1 2021, marking a 71.24% increase from Q1 2020. This performance was bolstered by an $8.96 million reduction in credit loss provisions amid stabilizing economic conditions. The Board also declared a $0.30 dividend per share, up 7.14%, payable on May 14, 2021. Loan growth was primarily from low-risk PPP loans, totaling $232.44 million. However, net interest margin dropped to 3.35%, down 22 basis points year-over-year due to low interest rates.
1st Source Corporation (NASDAQ: SRCE) reported net income of $81.44 million for 2020, down 11.44% from 2019. The fourth quarter saw an increase in net income to $26.46 million, up 20.61% year-over-year. Key challenges included a $20.17 million provision for credit losses due to COVID-19 impacts and impairments. Diluted earnings per share were $3.17, down 11.20%. The Board approved a cash dividend of $0.29 per share, marking the 33rd consecutive year of dividend growth. Average loans grew by 9.27% while deposits increased by 8.71% compared to 2019.
1st Source Corporation (NASDAQ: SRCE) reported a net income of $20.06 million for Q3 2020, an 8.41% increase from Q2 2020 but a 17.92% decrease from Q3 2019. Year-to-date net income is $54.97 million, down 21.49% from 2019. Main challenges included a provision for loan and lease losses of $18.15 million due to COVID-19 impacts. Average loans and deposits rose to $5.67 billion and $5.89 billion, respectively. A cash dividend of $0.28 per share was approved, payable on November 13, 2020.