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 reports news around its role as the holding company for 1st Source Bank, a community banking franchise with business and personal banking, payment services, lending, mortgage, leasing, trust and wealth advisory, estate planning, retirement planning and insurance activities. Recurring updates cover net interest income, margin trends, loan and lease growth, credit quality, capital levels and cash dividend declarations.
Company announcements also address Specialty Finance for auto rental and leasing, truck rental and leasing, construction machinery and aircraft, along with Renewable Energy Financing for commercial solar, community solar, municipal, university and energy storage projects. Other recurring items include investor presentations, banking technology platforms, industry rankings and governance or leadership changes at the corporation and bank.
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.