March 5, 2021
Business News

1st Source Corporation Reports Earnings for Full Year and Fourth Quarter 2020, Cash Dividend Increased, History of Increased Dividends Continues

SOUTH BEND, Ind.–()–1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported net income of $81.44 million for 2020, a decrease of 11.44% compared to $91.96 million earned in 2019. Fourth quarter net income was $26.46 million, an increase of 20.61% compared to $21.94 million earned in the fourth quarter of 2019. The annual net income comparison was adversely impacted by an increased provision for credit losses of $20.17 million primarily due to the negative impact on our clients from COVID-19, sizeable impairments in a few accounts, and higher special attention loan balances.

Diluted net income per common share for the year was $3.17, down 11.20% from the $3.57 earned a year…

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