Look Back to yearly earning of 1st Source Corporation (NASDAQ:SRCE)

1st Source Corporation (NASDAQ: SRCE) closed with gain of +1.15% to $46.69. Recent traded volume was 27,999 million shares versus to it an average volume of 43,882 million shares. The company holds 25.8M million shares outstanding and market cap of 1.205B billion. The stock’s day range was recorded between a low of $46.04 and a high $46.78. The one year high of the company is $59.33 and the one year low is $38.44.

After the last closing session, the bid price was seen at 46.69 x 800. The bid price represents the higher price that a buyer or buyers are willing to pay for a security. The ask price was registered at 46.71 x 2900. The ask price indicates the lower price that a seller or sellers are willing to receive for the security.

1st Source Corporation (NASDAQ:SRCE), parent company of 1st Source Bank, recently stated a record high net income of $82.41M for the year of 2018, an improvement of 21.11% contrast to $68.05M earned in 2017. Fourth quarter net income was $21.45M, a raise of 19.18% contrast to $17.99M earned in the fourth quarter of 2017. Income before taxes for the year of 2018 was $105.03M, growing 3.62% contrast to $101.36M earned in 2017 and $27.61M for the fourth quarter of 2018, an improvement of 17.24% contrast to $23.55M for the same period in 2017. The yearly pretax income comparison was positively influenced by increased net interest income of $28.28M primarily Because of rising lending rates and higher average loan and lease balances. These positives were offset by a $10.48M increase in the provision for loan and lease losses to support loan and lease growth together with higher charge-offs and a $12.47M rise in noninterest expense. Non-recurring 2018 costs were about $3.68M.

Diluted net income per ordinary share for the year was a record high at $3.16, up from the $2.60 earned a year earlier. Diluted net income per ordinary share for the fourth quarter was $0.82, up from the $0.69 earned in the fourth quarter of the previous year.

At its January 2019 meeting, the Board of Directors accepted a cash dividend of $0.27 per ordinary share, up 22.73% from the $0.22 per ordinary share reported a year ago.

“Credit quality was moderate with net charge-offs of $2.53M in the fourth quarter of 2018. The majority of the charge-offs occurred in the Auto and Light Truck and Aircraft portfolios and were somewhat offset by a recovery in the Aircraft portfolio.

“In the final quarter of 2018, 1st Source’s commitment to helping our clients achieve security, build wealth, and realize their dreams using straight talk and sound advice, together with our acclaimed personal service, convenient branches and highly rated on-line and mobile services, attracted many new clients who were frustrated by the disruption and lack of transparency in their previous banking situation. We welcomed our new clients to the Bank and appreciate the prospects to prove to them that we are the bank on which they can rely.

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