Wednesday, September 22nd, 2021

First quarter earnings steady at 1st Source

Posted: Friday, April 22, 2016

1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, reported net income of $13.82 million for the first quarter of 2016, an increase of 2.27% compared to $13.51 million reported in the first quarter a year ago. Diluted net income per common share for the first quarter of 2016 was $0.53, up 3.92% over the $0.51 in the first quarter of 2015. The March 31, 2015 share and per share information has been adjusted for a 10% stock dividend declared on July 22, 2015 and issued on August 14, 2015, unless otherwise noted.

At its April 2016 meeting, the board of directors approved a cash dividend of $0.18 per common share. The cash dividend is payable to shareholders of record on May 3, 2016 and will be paid on May 13, 2016.

According to Christopher J. Murphy III, chairman, “In spite of the challenging low interest rate environment we saw an increase in net income over the prior year, and turned in a steady performance in the first quarter. Credit quality remains strong and we have seen little increase in delinquencies or problem credits, even as issues with the energy sector affect a small portion of our construction machinery clients. While credit quality remains good we know that we are at the far reaches of a sustained weak economic period and continue to work hard to position ourselves properly for any downturn in the domestic economy.”

“During the quarter, we began renovating our banking centers in Bluffton and Huntington, Indiana. We also upgraded our mobile banking to offer greater convenience and enhance the client experience. It has been our long-term strategy to continue to invest in our branches and in technology. We have seen good client growth in many areas as a result of this focus. As always, we remain committed to our mission of helping our clients achieve security, build wealth and realize their dreams,” Murphy said.