1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards. The company also offers commercial, small business, agricultural, and real estate loans for general corporate purposes, including financing for industrial and commercial properties, equipment, inventories, accounts receivables, and renewable energy and acquisition financing; and commercial leasing, treasury management, and retirement planning services. In addition, it provides trust, investment, agency, and custodial services comprising administration of estates and personal trusts, as well as management of investment accounts for individuals, employee benefit plans, and charitable foundations. Further, the company offers equipment loan and lease products for new and used aircraft, auto and light trucks, construction equipment, and medium and heavy duty trucks; and finances construction equipment, aircrafts, medium and heavy duty trucks, step vans, vocational work trucks, vans, automobiles, motor coaches, shuttle buses, and other equipment. Additionally, it provides corporate and personal property, casualty, and individual and group health and life insurance products and services. As of December 31, 2020, the company operated through 79 banking centers in 18 counties in Indiana and Michigan, as well as Sarasota County in Florida. 1st Source Corporation was founded in 1863 and is headquartered in South Bend, Indiana.
IPO Year:
Exchange: NASDAQ
Website: 1stsource.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 7/29/2024 | $60.00 → $67.50 | Overweight → Neutral | Piper Sandler |
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Piper Sandler downgraded 1st Source Corp from Overweight to Neutral and set a new price target of $67.50 from $60.00 previously
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QUARTERLY HIGHLIGHTS Net income was a record $32.74 million for the quarter, up $0.25 million or 0.78% from the third quarter of 2021. Diluted net income per common share was $1.32, up $0.03 from the prior year's third quarter of $1.29. Cash dividend of $0.32 per common share was approved, up 3.23% from the cash dividend declared a year ago. Return on average assets of 1.62% and return on average common shareholders' equity of 14.87% compared to 1.65% and 14.08%, respectively in the third quarter of 2021. Average loans and leases net PPP loans grew $177.10 million in the third quarter, up 3.25% (13% annualized growth) from the previous quarter and $451.88 million, up 8.74% from the
QUARTERLY HIGHLIGHTS Net income was $29.31 million for the quarter, down $0.91 million or 3.01% from the second quarter of 2021. Excluding tax-effected PPP income, net income was a record $28.47 million for the quarter, up $1.06 million or 3.87% from the second quarter of 2021. Diluted net income per common share was $1.18, down $0.01 from the prior year's second quarter of $1.19. Cash dividend of $0.32 per common share was approved, up 3.22% from the cash dividend declared a year ago. Small Business Administration (SBA) forgiveness and customer pay downs of Paycheck Protection Program (PPP) loans amounted to $29.84 million during the quarter which contributed to the recognition of
QUARTERLY HIGHLIGHTS Net income was $27.39 million for the quarter, down $715,000 or 2.54% from the first quarter of 2021. Diluted net income per common share was $1.10, equal to the prior year's first quarter of $1.10. Cash dividend of $0.31 per common share was approved, up 3.33% from the $0.30 per common share declared a year ago. Small Business Administration (SBA) forgiveness and customer pay downs of Paycheck Protection Program (PPP) loans amounted to approximately $36.61 million during the quarter which contributed to the recognition of $1.47 million in PPP-related loan fees in the quarter down from $132.91 million in forgiveness and $3.98 million in fees in the first quarter
FULL YEAR AND QUARTERLY HIGHLIGHTS Net income was a record $118.53 million for the year of 2021, up 45.55% from 2020 and was $27.72 million for the fourth quarter of 2021, down 14.65% from the previous quarter and up 4.76% from the fourth quarter of 2020. Cash dividend of $0.31 per common share approved, up 6.90% from the $0.29 per common share declared a year ago. Diluted net income per common share was a record $4.70 for the year of 2021, up 48.26% from 2020 and was $1.11 for the fourth quarter of 2021, down 13.95% from the previous quarter and up 7.77% from the prior year's fourth quarter. Small Business Administration (SBA) forgiveness and customer pay downs of Paycheck Prote
QUARTERLY HIGHLIGHTS Net income was a record $32.48 million for the quarter, up 7.48% from the second quarter and up 61.95% from the third quarter of 2020. Diluted net income per common share was also a record at $1.29, up compared to the $1.19 in the previous quarter and up from the prior year's third quarter of $0.78. Cash dividend of $0.31 per common share was approved by our Board, up 10.71% from the $0.28 per common share declared a year ago. Small Business Administration (SBA) forgiveness and customer pay downs of Paycheck Protection Program (PPP) loans amounted to approximately $150.16 million during the quarter which contributed to the recognition of $6.69 million in PPP-relat
QUARTERLY HIGHLIGHTS Net income was a record $30.22 million for the quarter, up 63.35% from the second quarter of 2020. Diluted net income per common share was also a record at $1.19, up from the prior year's second quarter of $0.72. Cash dividend of $0.31 per common share approved, up 10.71% from the $0.28 per common share declared a year ago. Return on average assets of 1.58% and return on average common shareholders' equity of 13.49% compared to 1.04% and 8.63%, respectively in the second quarter of 2020. Excluding the Paycheck Protection Program (PPP) loans, average loans and leases increased slightly from the previous quarter and decreased slightly from the second quarter of
QUARTERLY HIGHLIGHTS Net income was a record $28.11 million for the quarter, up 71.24% from the first quarter of 2020. Diluted net income per common share was also a record at $1.10, up from the prior year's first quarter of $0.64. Cash dividend of $0.30 per common share approved, up 7.14% from the $0.28 per common share declared a year ago. Return on average assets of 1.55% and return on average common shareholders' equity of 12.74% compared to 1.00% and 7.81%, respectively in the first quarter of 2020. Average loans and leases were relatively flat from the previous quarter and up $400.61 million or 7.86% from the first quarter of 2020. Excluding the Paycheck Protection Program, av
SOUTH BEND, Ind.--(BUSINESS WIRE)--1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported net income of $81.44 million for 2020, a decrease of 11.44% compared to $91.96 million earned in 2019. Fourth quarter net income was $26.46 million, an increase of 20.61% compared to $21.94 million earned in the fourth quarter of 2019. The annual net income comparison was adversely impacted by an increased provision for credit losses of $20.17 million primarily due to the negative impact on our clients from COVID-19, sizeable impairments in a few accounts, and higher special attention loan balances. Diluted net income per common share for the year was $3.17,
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Keefe, Bruyette & Woods analyst Damon Delmonte maintains 1st Source (NASDAQ:SRCE) with a Market Perform and raises the price target from $52 to $53.
1st Source (NASDAQ:SRCE) reported quarterly earnings of $1.15 per share which met the analyst consensus estimate. This is a 8 percent decrease over earnings of $1.25 per share from the same period last year. The company reported quarterly sales of $91.57 million which beat the analyst consensus estimate of $91.30 million by 0.30 percent. This is a 3.34 percent decrease over sales of $94.73 million the same period last year.
1st Source (NASDAQ:SRCE) reported its Q4 earnings results on Thursday, January 18, 2024 at 04:10 PM. Here's what investors need to know about the announcement. Earnings 1st Source reported in-line EPS of $1.15 versus an estimate of $1.15. Revenue was down $3.16 million from the same period last year. Past Earnings Performance Last quarter the company beat on EPS by $0.22 which was followed by a 2.6% increase in the share price the next day. Here's a look at 1st Source's past performance: Quarter Q3 2023 Q2 2023 Q1 2023 Q4 2022 EPS Estimate 1.10 1.1 1.25 1.28 EPS Actual 1.32 1.3 1.25 1.25 Revenue Estimate 89.73M 91.55M 92.96M 94.20M Revenue Actual 93.86M 91.46M 93.11M 94.73M T
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1st Source (NASDAQ:SRCE) is set to give its latest quarterly earnings report on Thursday, 2024-01-18. Here's what investors need to know before the announcement. Analysts estimate that 1st Source will report an earnings per share (EPS) of $1.15. 1st Source bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company beat EPS by $0.22, which was followed by a 2.6% increase in the share
This incident was isolated to the 1st Source Bank MOVEit server and did not involve 1st Source Bank clients' networks or systems. 1st Source Bank, in coordination with SBEP, is working to send notification of this incident to potentially affected individuals and provide resources to assist them.
By the end of today, November 15, 2023, 1st Source (NASDAQ:SRCE) is set to deliver a dividend payout of $0.34 per share, equating to an annualized dividend yield of 3.18%. Shareholders who owned the stock prior to the ex-dividend date on November 03, 2023 will receive this payout. 1st Source Recent Dividend Payouts table { width: 100%; border-collapse: collapse; font-family: Arial, sans-serif; font-size: 14px; } th, td { padding: 8px; text-align: left; } th { background-color: #293a5a; color: #fff; text-align: left; } tr:nth-c
1st Source (NASDAQ:SRCE) reported quarterly earnings of $1.32 per share. This is unchanged from the same period last year.
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Makes list for second consecutive yearSouth Bend, Indiana--(Newsfile Corp. - June 22, 2023) - Forbes recently announced the results of a survey conducted in partnership with market research firm Statista, which recognized 1st Source Bank as the No. 1 bank in Indiana as part of the "Best In State Banks" list, also marking the second consecutive year 1st Source Bank has made the list. 31,000 Americans were asked to provide an overall satisfaction score for every bank where they have held a checking and/or savings account. Additionally, a sentiment analysis approach of publicly available online reviews and ratings was considered. "The continued trust and advocacy from our clients is something
Named among 14 banking institutions with 10 years of increased earnings per shareSouth Bend, Indiana--(Newsfile Corp. - April 25, 2023) - Keefe, Bruyette & Woods, Inc. (KBW) recently announced the yearly Bank Honor Roll, and 1st Source (NASDAQ:SRCE) was named among this year's 14 honorees and has made the list for the fifth consecutive year, placing its long-term performance among the top 4% of eligible banks in the country. To be considered for this recognition, banks must be publicly traded institutions with more than $500 million in total assets and must have had 10 consecutive years of increased earnings per share. "We're thrilled to be part of the KBW Bank Honor Roll once again this ye
1st Source Corporation and 1st Source Bank are pleased to announce that its Board of Directors has recently made two promotions with an eye on its future. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221123005341/en/Chris Murphy (Photo: Business Wire) Effective December 1, 2022, Andrea G. Short, President of 1st Source Bank will also become its CEO. Christopher J. Murphy III will remain Chairman, President and CEO of 1st Source Corporation and Chairman of 1st Source Bank. In her new role, Ms. Short will have Personal Banking, Business Banking, Specialty Finance, Wealth Advisory Services, Credit, and the Operations functions of
QUARTERLY HIGHLIGHTS Net income was a record $32.74 million for the quarter, up $0.25 million or 0.78% from the third quarter of 2021. Diluted net income per common share was $1.32, up $0.03 from the prior year's third quarter of $1.29. Cash dividend of $0.32 per common share was approved, up 3.23% from the cash dividend declared a year ago. Return on average assets of 1.62% and return on average common shareholders' equity of 14.87% compared to 1.65% and 14.08%, respectively in the third quarter of 2021. Average loans and leases net PPP loans grew $177.10 million in the third quarter, up 3.25% (13% annualized growth) from the previous quarter and $451.88 million, up 8.74% from the
QUARTERLY HIGHLIGHTS Net income was $29.31 million for the quarter, down $0.91 million or 3.01% from the second quarter of 2021. Excluding tax-effected PPP income, net income was a record $28.47 million for the quarter, up $1.06 million or 3.87% from the second quarter of 2021. Diluted net income per common share was $1.18, down $0.01 from the prior year's second quarter of $1.19. Cash dividend of $0.32 per common share was approved, up 3.22% from the cash dividend declared a year ago. Small Business Administration (SBA) forgiveness and customer pay downs of Paycheck Protection Program (PPP) loans amounted to $29.84 million during the quarter which contributed to the recognition of
Forbes recently announced the results of a survey conducted in partnership with market research firm Statista, which recognized 1st Source Bank as one of the "Best In State Banks" in Indiana. 26,000 Americans across all 50 states were asked to provide an overall satisfaction score for every bank where they hold a checking account, and they were also asked if they would recommend that bank to friends and family. Only 2.7% of all banks nationwide made the list, and 1st Source ranked #3 in Indiana. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220624005264/en/(Graphic: Business Wire) "We are incredibly grateful to our clients for t
Named among 17 banking institutions with 10 years of increased earnings per share Keefe, Bruyette & Woods, Inc. (KBW) recently announced the yearly Bank Honor Roll, and 1st Source was named among this year's 17 honorees and has made the list for the fourth consecutive year, placing its long-term performance among the top 5% of eligible banks in the country. To be considered for this recognition, banks must be publicly traded institutions with more than $500 million in total assets and must have had 10 consecutive years of increased earnings per share. "Receiving this recognition for the fourth year in a row is a great honor, and it's a welcome confirmation, with an ongoing pandemic challe
International business leader to bring extensive leadership skills 1st Source Corporation announces the election of Isaac P. Torres to its Board of Directors. Mr. Torres is President and Chief Executive Officer of InterCambio Express, Inc., an internet-based money transfer service with a U.S.A. headquarters in Elkhart, Ind. and a Mexican subsidiary located in Puebla, Mexico. Mr. Torres has expertise in internet-based industries and international payment systems as well as extensive skills in finance, accounting compliance and international business. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220422005483/en/Isaac P. Torres (
QUARTERLY HIGHLIGHTS Net income was $27.39 million for the quarter, down $715,000 or 2.54% from the first quarter of 2021. Diluted net income per common share was $1.10, equal to the prior year's first quarter of $1.10. Cash dividend of $0.31 per common share was approved, up 3.33% from the $0.30 per common share declared a year ago. Small Business Administration (SBA) forgiveness and customer pay downs of Paycheck Protection Program (PPP) loans amounted to approximately $36.61 million during the quarter which contributed to the recognition of $1.47 million in PPP-related loan fees in the quarter down from $132.91 million in forgiveness and $3.98 million in fees in the first quarter
FULL YEAR AND QUARTERLY HIGHLIGHTS Net income was a record $118.53 million for the year of 2021, up 45.55% from 2020 and was $27.72 million for the fourth quarter of 2021, down 14.65% from the previous quarter and up 4.76% from the fourth quarter of 2020. Cash dividend of $0.31 per common share approved, up 6.90% from the $0.29 per common share declared a year ago. Diluted net income per common share was a record $4.70 for the year of 2021, up 48.26% from 2020 and was $1.11 for the fourth quarter of 2021, down 13.95% from the previous quarter and up 7.77% from the prior year's fourth quarter. Small Business Administration (SBA) forgiveness and customer pay downs of Paycheck Prote