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Sep 30, 2021
1st Source Q3 2021 Earnings Report
Reported record third quarter results with increased net income and diluted net income per common share.
Key Takeaways
1st Source Corporation reported a record quarterly net income of $32.48 million for the third quarter of 2021, a 61.95% increase from the $20.06 million reported in the third quarter of 2020. 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.
Net income was a record $32.48 million for the quarter, up 7.48% from the second quarter and up 61.95% from the third quarter of 2020.
Diluted net income per common share was also a record at $1.29, up compared to the $1.19 in the previous quarter and up from the prior year’s third quarter of $0.78.
Cash dividend of $0.31 per common share was approved by our Board, up 10.71% from the $0.28 per common share declared a year ago.
Small Business Administration (SBA) forgiveness and customer pay downs of Paycheck Protection Program (PPP) loans amounted to approximately $150.16 million during the quarter which contributed to the recognition of $6.69 million in PPP-related loan fees in the quarter.
1st Source
1st Source
Forward Guidance
The document does not contain specific forward guidance. It focuses on past performance and current strategies.