1st Source (SRCE) delivered earnings and revenue surprises of 19.20% and 1.54%, respectively, for the quarter ended June 2024. Do the numbers hold clues to what lies ahead for the stock?
SRCE) on Thursday reported net income of $36.8 million in its second quarter. The South Bend, Indiana-based bank said it had earnings of $1.49 per share. The holding company for 1st Source Bank posted revenue of $144.4 million in the period.
QUARTERLY HIGHLIGHTSNet income was $36.79 million for the quarter, up $4.36 million or 13.44% from the second quarter of 2023. Diluted net income per common share was $1.49, up $0.19 or 14.62% from the prior year's second quarter of $1.30.Cash dividend increase of two cents per share to $0.36 per common share for the quarter was approved, up 12.50% from the cash dividend declared a year ago. Average loans and leases grew $102.14 million in ...