Business
1st Source Corporation Reports Strong Second Quarter Results, Cash Dividend Declared
QUARTERLY HIGHLIGHTS Net income was $32.44 million for the quarter, up $3.12 million or 10.65% from the second quarter of 2022. Diluted net income per common
About this update from 1st Source Corporation
[{"type":"text","content":"QUARTERLY HIGHLIGHTS\n\n\nNet income was $32.44 million for the quarter, up $3.12 million or 10.65% from the second quarter of 2022. Diluted net income per common share was $1.30, up $0.12 or 10.17% from the prior year's second quarter of $1.18.\n\n\nCash dividend of $0.32 per common share was approved, equal to the cash dividend declared a year ago.\n\n\nAverage loans and leases grew $104.95 million in the second quarter, up 1.74% (6.96% annualized growth) from the previous quarter and $673.35 million, up 12.31% from the second quarter of 2022.\n\n\nAverage deposits grew $70.08 million in the second quarter, up 1.02% from the previous quarter and $143.29 million, up 2.11% from the second quarter of 2022.\n\n\nTax-equivalent net interest income was $68.70 million, down $1.10 million or 1.57% from first quarter 2023 and up $5.11 million, or 8.04% from the second quarter a year ago. Tax-equivalent net interest margin was 3.48%, down 12 basis points from the previous quarter and up 16 basis points from the second quarter a year ago.\n\n\nSouth Bend, Indiana--(Newsfile Corp. - July 20, 2023) - 1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported quarterly net income of $32.44 million for the second quarter of 2023, up 10.65% from the $29.31 million reported in the second quarter a year ago, bringing the 2023 year-to-date net income to $63.56 million compared to $56.70 million in 2022. Diluted net income per common share for the second quarter of 2023 was $1.30, up 10.17% versus $1.18 in the second quarter of 2022. Diluted net income per common share for the first half of 2023 was $2.55 compared to $2.28 a year earlier.\nAt its July 2023 meeting, the Board of Directors approved a cash dividend of $0.32 per common share. The cash dividend is payable to shareholders of record on August 1, 2023, and will be paid on August 11, 2023.\nChristopher J. Murphy III, Chairman and Chief Executive Officer, commented, \"We are pleased that the strong start in 2023 continued throughout the second quarter. In the second quarter of 2023, average loans grew $104.95 million, up 1.74% while average deposits grew $70.08 million, up 1.02% from the previous quarter. Credit quality during the quarter remained steady with low levels of nonperforming assets. Our liquidity position is solid, our strong capital position conti...