Loading...
•
Dec 31, 2021
1st Source Q4 2021 Earnings Report
Reported record annual earnings and declared cash dividend.
Key Takeaways
1st Source Corporation reported a net income of $27.72 million for the fourth quarter of 2021, up 4.76% from the fourth quarter of 2020. Diluted net income per common share for the fourth quarter was $1.11, up 7.77% from the $1.03 earned in the fourth quarter of the previous year.
Net income was $27.72 million for the fourth quarter of 2021, up 4.76% from the fourth quarter of 2020.
Cash dividend of $0.31 per common share was approved, up 6.90% from the $0.29 per common share declared a year ago.
Diluted net income per common share was $1.11 for the fourth quarter of 2021, up 7.77% from the prior year’s fourth quarter.
Recognized a recovery in the provision for credit losses of $1.12 million during the fourth quarter.
1st Source
1st Source
Forward Guidance
The margin continues to experience pressure from the low interest rate environment and excess liquidity. We do not expect significant impact from PPP fees in 2022 as PPP loans continue to be forgiven.