Record Q2 Profit Jumps 27%, Dividend Hiked 18% at 1st Source
SRCE sits 46% above its 52-week low of $56.89.
Summary
1st Source delivered a blowout Q2, with net income surging 27% YoY to $47.5M and EPS of $1.95 beating last year's $1.51 by 29%. The board raised the quarterly dividend 18% to $0.45, signaling confidence. Credit quality improved sharply—provision for credit losses fell to just $1.54M from $7.27M last quarter, and nonperforming assets declined. Loan and deposit growth accelerated, with average deposits up 3.28% sequentially. This follows a strong Q1 that included a 1.41% share buyback, and the stock is trading near its 52-week high. The results show a regional bank executing well despite the broader rate environment, with expanding margins and returns. Watch for any commentary on the executive chairman's health after his February cancer treatment disclosure.
At the time of this announcement, SRCE was trading at $83.18 on NASDAQ in the Finance sector, with a market capitalization of approximately $2B. The 52-week trading range was $56.89 to $86.64. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: TMX Newsfile.