Friday, December 15th, 2017

1st Source reports another record year

Posted: Friday, January 23, 2015

1st Source Corporation (NASDAQ:SRCE), parent company of 1st Source Bank, today announced record net income of $58.07 million for the year of 2014, a 5.66% increase over the $54.96 million in 2013. The annual net income is the highest in company history. Fourth quarter net income was $15.00 million, up 9.33% compared to $13.72 million in the fourth quarter of 2013.

Diluted net income per common share for the year was $2.39, another all-time record and an increase of 7.17% over the $2.23 per common share a year earlier. Diluted net income per common share for the fourth quarter was $0.62, up 10.71% compared to $0.56 per common share reported in the fourth quarter of the previous year.

At its January 2015 meeting, the 1st Source Board of Directors approved a cash dividend of $0.18 per common share. The cash dividend is payable on February 13, 2015 to shareholders of record on February 3, 2015. Dividends for 2014 increased 4.41% over the previous year.

According to Christopher J. Murphy, III, Chairman, “I am pleased to report a steady fourth quarter and another solid year for 1st Source Corporation. We achieved record earnings yet again and continued our streak of 27 years of consecutive dividend growth. It was also a year of celebration, as we began our 151st year of helping clients achieve security, build wealth and realize their dreams. We increased our primary client relationships in all of our markets. We were also able to decrease our nonperforming assets and grow our loan and lease outstanding by almost $140 million during the year, while reducing our exposure to some more risk challenged markets.”

“We ended the year having refurbished six banking centers and opening two new ones in Fort Wayne, Indiana. The grand openings marked the completion of an $8 million investment in that market, the second largest city in Indiana. This allows us to increase our market share in an attractive market and provide a level of convenience and service previously not available,” Murphy concluded.