Thu, Jul 25, 8:09 PM (44 days ago)
1st Source Corporation's financial results for the quarter ended June 30, 2024, indicate a solid performance with notable improvements in several key metrics. Total assets increased by 1.72% to $8.88 billion, driven by loan growth, particularly in renewable energy, construction equipment, and commercial real estate sectors. Net interest income rose by 8.00% year-over-year, with a net interest margin of 3.59%, reflecting higher yields on loans and leases. Noninterest income saw a modest increase of 1.99%, supported by trust and wealth advisory fees and mortgage banking income. Noninterest expenses remained relatively stable, with a slight increase of 0.66%. The provision for credit losses was modest at $0.06 million, with net recoveries of $1.99 million. The company's capital position remains strong, with a shareholders' equity-to-assets ratio of 11.75%. Overall, the financial health of 1st Source Corporation appears robust, with positive trends in revenue and asset quality, despite a cautious economic outlook.