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Jun 30, 2022
1st Source Q2 2022 Earnings Report
Reported a record quarter adjusted for PPP income and net income decreased slightly.
Key Takeaways
1st Source Corporation reported a net income of $29.31 million for the second quarter of 2022, a decrease of 3.01% compared to the second quarter of 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.
Net income was $29.31 million for the quarter, down $0.91 million or 3.01% from the second quarter of 2021.
Cash dividend of $0.32 per common share was approved, up 3.22% from the cash dividend declared a year ago.
Average loans and leases net PPP loans grew $168.96 million in the second quarter, up 3.20% from the previous quarter and $335.87 million, up 6.58% from the second quarter of 2021.
Tax-equivalent net interest margin was 3.32%, up 17 basis points from the second quarter a year ago.
Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance in this earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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