[8-K] 1st Source Corp Reports Material Event

Rhea-AI Filing Summary

Intel (INTC) filed an 8-K covering two material items.

Item 2.02 – Results: A furnished press release (Ex. 99.1) contains full Q2-25 GAAP and non-GAAP figures and Q3 outlook; those numbers are not repeated in this filing.

Item 2.05 – 2025 Restructuring Plan: Approved 10-Jul-25 and announced 24-Jul-25, the programme will cut the core workforce by 15 % by FY-25, streamline layers and redirect spending to client & server lines while exiting lower-priority businesses.

Financial impact: Intel expects $1.9 bn total charges; $1.8 bn will be booked in Q2-25. Components are $1.4 bn cash severance and $416 m non-cash asset impairments tied to business exits and real-estate consolidation. Actions should be “substantially complete” by Q4-25.

Forward-looking language cautions that timing, costs and savings may change.

Near-term GAAP earnings will absorb large charges, but management signals longer-term margin expansion and tighter strategic focus.

Positive

• 15 % workforce reduction positions Intel to lower ongoing operating expenses after FY-25.
• $416 m impairment signals exit from non-core assets, reallocating capital to core client/server businesses.

Negative

• $1.8 bn Q2-25 restructuring charge will materially depress near-term GAAP earnings.
• 15 % headcount cut introduces execution and talent-loss risk.
• Forward-looking statements highlight uncertainty around timing, savings and overall effectiveness.

Insights

Equity Research Analyst

TL;DR – Big one-off hit now, potential OPEX relief later; net near-term negative.

The $1.9 bn charge (≈2 % of 2024 revenue) drags Q2 GAAP EPS and may pressure FY-25 guidance. However, a 15 % staff cut could trim annual run-rate costs by well over $2 bn, improving long-term operating margin if execution is smooth. Exiting non-core assets aligns resources with x86 client and server franchises, but scale loss in ancillary segments could limit diversification. Management left savings estimates out, signalling uncertainty. Overall impact: negative in the next two quarters, potentially neutral-to-positive beyond 2025.

Corporate Restructuring Specialist

TL;DR – Plan is impactful; success hinges on implementation speed and talent retention.

Recognising 95 % of expected charges up front indicates decisive action and reduces overhang. Cash severance dominates, suggesting limited asset write-downs beyond listed impairments. Completing by Q4-25 sets an aggressive timeline; cultural change programmes often exceed expectations. Investor attention should focus on employee engagement metrics and any delays that inflate costs. From a restructuring standpoint, clarity on charge composition is positive, but 15 % headcount risk could impair innovation if reductions reach engineering groups.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 24, 2025

1st Source Corporation

(Exact name of registrant as specified in its charter)

Indiana			0-6233			35-1068133
(State or other jurisdiction of incorporation)			(Commission File No.)			(I.R.S. Employer Identification No.)

100 North Michigan Street, South Bend, Indiana 46601

(Address of principal executive offices)     (Zip Code)

574-235-2000

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock - without par value

SRCE

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

ITEM 2.02    Results of Operations and Financial Condition.

On July 24, 2025, 1st Source Corporation issued a press release that announced its second quarter earnings for 2025. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

ITEM 9.01    Financial Statements and Exhibits.

Exhibit 99.1:    Press release dated July 24, 2025, with respect to 1st Source Corporation’s financial results for the second quarter ended June 30, 2025.

101        Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business reporting Language).

104        Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						1st SOURCE CORPORATION
						(Registrant)
Date: July 24, 2025						/s/ BRETT A. BAUER
						Brett A. Bauer
						Treasurer and Chief Financial Officer
						Principal Accounting Officer

FAQ

How large are the restructuring charges Intel (INTC) announced in its July 24 2025 8-K?

Intel expects $1.9 billion in total restructuring charges, with $1.8 billion recognised in Q2 2025.

What percentage of its workforce will Intel reduce under the 2025 Restructuring Plan?

The company plans to cut approximately 15 % of its core workforce by the end of fiscal 2025.

When does Intel expect the restructuring actions to be substantially complete?

Management targets substantial completion by Q4 2025.

What are the main components of Intel’s $1.9 billion restructuring charge?

The charge consists of $1.4 billion in cash severance and $416 million in non-cash asset impairments.

Does the 8-K include Intel’s Q2 2025 financial results?

Detailed results are in the furnished press release (Ex. 99.1); the 8-K itself does not list specific revenue or EPS figures.

Which business areas will Intel prioritise after the restructuring?

Resources will be reallocated toward the company’s core client and server businesses, with reduced investment in lower-priority programs.