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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 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.
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