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1st Source Corporation (NASDAQ: SRCE), headquartered in South Bend, Indiana, has been providing banking services for over 150 years. Founded in 1863, 1st Source is the largest locally controlled financial institution in northern Indiana and southwestern Michigan. The corporation includes 78 banking centers, 18 Specialty Finance Group locations nationwide, nine Wealth Advisory Services locations, 10 Insurance offices, and three loan production offices.
Core Services:
- Commercial, Agricultural, and Real Estate Loans: Primarily for privately owned business clients within its regional market area.
- Consumer Services: Offers a full range of consumer banking products and services.
- Specialty Finance Group: Provides financing for construction equipment, private and cargo aircraft, and various vehicle types for fleet purposes.
- Trust and Wealth Advisory Services: Custom advisory services for individuals and business clients.
- Insurance Services: Risk management solutions for personal and business clients.
Recent Achievements:
- Net income was $32.44 million for the second quarter of 2023, up 10.65% from the same period in 2022, and $32.94 million for the third quarter, marking a record quarterly net income.
- Ranked #1 in Indiana on Forbes' 'Best In State Banks' list for 2023 and included in Newsweek's 'America's Greatest Workplaces for Parents and Families 2023.'
- Recognized with a Gold Level Award from the U.S. Small Business Administration (SBA) for the 11th consecutive year.
Recognition and Ratings:
- 5-star “Superior” rating from BauerFinancial, the highest possible rating based on capital ratio, profitability/loss trend, credit quality, and CRA ratings.
- Named to Keefe, Bruyette & Woods, Inc. (KBW) Bank Honor Roll for the fifth consecutive year, placing among the top 4% of eligible banks in the U.S.
- Ranked 14th in Forbes' 15th annual
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.
1st Source Bank has been named one of America's Best Banks by Forbes, ranking #14 in the Top 100 U.S. Banks and the top bank in Indiana. This recognition is based on various financial metrics and stock performance, highlighting the bank's commitment to building a strong balance sheet and sustainable earnings. 1st Source , the parent company, boasts assets of $8.7 billion and is a leading financial institution in the Indiana-southwestern Michigan area.
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