1st Source Corporation ( (SRCE) ) has released its Q3 earnings. Here is a breakdown of the information 1st Source Corporation presented to its investors.
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1st Source Corporation, a financial institution headquartered in South Bend, Indiana, operates primarily in the banking sector, offering a range of consumer and commercial banking services with a focus on personalized service and specialized financing solutions. The company recently reported record third-quarter net income of $42.30 million, marking a 13.34% increase from the previous quarter and a 21.06% rise from the same period last year. This growth was driven by an increase in net interest income and a decrease in credit loss provisions, despite some strategic repositioning losses in their investment portfolio. Key financial metrics showed improvement, with a return on average assets of 1.86% and a return on average common shareholders’ equity of 13.76%. The company also announced a cash dividend increase to $0.40 per share, reflecting an 11.11% rise from the previous year. Looking ahead, 1st Source Corporation’s management remains optimistic, highlighting a resilient balance sheet and strategic leadership transitions aimed at sustaining long-term growth and shareholder value.