1st Source Corporation ( (SRCE) ) has released its Q4 earnings. Here is a breakdown of the information 1st Source Corporation presented to its investors.
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1st Source Corporation, a financial services provider primarily engaged in consumer and commercial banking, operates as the largest locally controlled financial institution in the northern half of Indiana and southwest Michigan, offering specialized financing services across the United States.
In its recent earnings report, 1st Source Corporation announced record net income of $132.62 million for the year 2024, a 6.16% increase compared to 2023. The company also declared a cash dividend of $0.36 per common share, marking the 37th consecutive year of dividend growth.
The corporation’s financial performance was highlighted by a 5.16% increase in loans and leases, reaching $6.85 billion by the end of 2024, and a 5.06% rise in deposits, amounting to $6.73 billion. Additionally, the net interest margin improved to 3.64% for the year, reflecting strategic growth in its loan and deposit portfolios despite a challenging interest rate environment.
Looking ahead, 1st Source Corporation remains committed to enhancing customer experience, as evidenced by its high Net Promoter Score of 76.4%. The company continues to advance its position in the instant payment landscape and support local business initiatives, reinforcing its role in the communities it serves.
