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Sep 30, 2022
1st Source Q3 2022 Earnings Report
Reported record third quarter results and declared cash dividend.
Key Takeaways
1st Source Corporation reported a record quarterly net income of $32.74 million for the third quarter of 2022, an increase of 0.78% from the $32.48 million reported in the third quarter a year ago. Diluted net income per common share for the third quarter of 2022 was $1.32 versus $1.29 in the third quarter of 2021.
Net income was a record $32.74 million for the quarter, up $0.25 million or 0.78% from the third quarter of 2021.
Diluted net income per common share was $1.32, up $0.03 from the prior year’s third quarter of $1.29.
Average loans and leases net PPP loans grew $177.10 million in the third quarter, up 3.25% (13% annualized growth) from the previous quarter and $451.88 million, up 8.74% from the third quarter of 2021.
Tax-equivalent net interest income was $69.12 million, up $6.78 million, or 10.88% from the third quarter a year ago. Tax-equivalent net interest margin was 3.60%, up 26 basis points from the third quarter a year ago.
1st Source
1st Source
1st Source Revenue by Segment
Revenue by Segment
Trust and Wealth Advisory Revenue
CapyFin.comService Charges on Deposit Accounts Revenue
CapyFin.comDebit Card Revenue
CapyFin.comMortgage Banking Revenue
CapyFin.comInsurance Commissions Revenue
CapyFin.comEquipment Rental Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
As the Federal Reserve continues its attempt to cool down runaway inflation without triggering a recession, continued rate changes are a distinct possibility and deposit rate competition will likely have an impact on the margin expansion we have seen over the last two quarters.