1st Source Corporation - Common Stock (SRCE)

FULL YEAR AND QUARTERLY HIGHLIGHTS

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.

1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported record quarterly net income of $32.74 million for the third quarter of 2022, up 0.78% from the $32.48 million reported in the third quarter a year ago, bringing the 2022 year-to-date net income to $89.44 million compared to $90.81 million in 2021. Diluted net income per common share for the third quarter of 2022 was $1.32 versus $1.29 in the third quarter of 2021. Diluted net income per common share for the first nine months of 2022 and 2021 was $3.59.

1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported quarterly net income of $29.31 million for the second quarter of 2022, down 3.01% from the $30.22 million reported in the second quarter a year ago, bringing the 2022 year-to-date net income to $56.70 million compared to $58.33 million in 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 for the second quarter of 2022 was $1.18 versus $1.19 in the second quarter of 2021. Diluted net income per common share for the first half of 2022 was $2.28 compared to $2.29 a year earlier.

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.

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.

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.

1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported quarterly net income of $27.39 million for the first quarter of 2022, down 2.54% from the $28.11 million reported in the first quarter a year ago. Diluted net income per common share for the first quarter of 2022 and 2021 was $1.10.

1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported record net income of $118.53 million for 2021, an increase of 45.55% compared to $81.44 million earned in 2020. Fourth quarter net income was $27.72 million, an increase of 4.76% compared to $26.46 million earned in the fourth quarter of 2020. Diluted net income per common share for the year was a record $4.70, up 48.26% from the $3.17 earned a year earlier. Diluted net income per common share for the fourth quarter was $1.11, up 7.77% from the $1.03 earned in the fourth quarter of the previous year.

1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported record quarterly net income of $32.48 million for the third quarter of 2021, up 61.95% from the $20.06 million reported in the third quarter a year ago, bringing the 2021 year-to-date net income to $90.81 million compared to $54.97 million in 2020, an increase of 65.19%. Diluted net income per common share for the third quarter of 2021 was up 65.38% to $1.29 versus $0.78 in the third quarter of 2020. Diluted net income per common share for the first nine months of 2021 was $3.59 compared to $2.14 a year earlier, a 67.76% increase.

Christopher J. Murphy III, Chairman and CEO of 1st Source Corporation announces the Board of Directors’ promotion of Mr. Brett Bauer to Chief Financial Officer and Treasurer of 1st Source Corporation and 1st Source Bank with responsibility for Accounting, Finance, Asset Liability Management, Treasury Management and Investor Relations; and that of Mr. John Bedient to Chief Operations Officer of 1st Source Bank overseeing a new Operations Group combining both deposit and loan operations. Mr. Murphy states that “both colleagues were promoted due to their long-term service and success at 1st Source, as well as their service, dedication and desire to live the Bank’s values. These new responsibilities harness the unique capabilities of each for the benefit of the company, their colleagues, and most importantly, the Bank’s clients and shareholders.”

1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported record quarterly net income of $30.22 million for the second quarter of 2021, up 63.35% from the $18.50 million reported in the second quarter a year ago, bringing the 2021 year-to-date net income to $58.33 million compared to $34.92 million in 2020, an increase of 67.06%. Diluted net income per common share for the second quarter of 2021 was up 65.28% to $1.19 versus $0.72 in the second quarter of 2020. Diluted net income per common share for the first half of 2021 was $2.29 compared to $1.36 a year earlier, a 68.38% increase.

1st Source Corporation announces the election to its Board of Directors Tracy D. Graham, Managing Principal of Graham Allen Partners, LLC and Chief Executive Officer of Aunalytucs, Inc., and Ronda Shrewsbury Weybright, President and Chief Executive Officer of RealAmerica, LLC. Mr. Graham brings unique experience in enterprise technology, cybersecurity, cloud and data center, data analytics and artificial intelligence while Ms. Shrewsbury Weybright offers experience in multifamily, commercial, land and office development, and strategic direction to 1st Source Corporation.

1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported record quarterly net income of $28.11 million for the first quarter of 2021, up 71.24% from the $16.41 million reported in the first quarter a year ago. The net income comparison was positively impacted by a $8.96 million reduction in the provision for credit losses primarily due to stabilizing economic conditions compared to the start of the pandemic a year ago. Although loan growth occurred during the quarter, the majority of the growth was Paycheck Protection Program (PPP) loans which have minimal credit risk.