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EX - 99.1 2 ex03312021991 pressrelease.htm EX - 99.1 Q1'21 EARNINGS RELEASE For : Immediate Release April 22 , 2021 Exhibit 99.1 Contact : Andrea Short 574-235-2000 1st Source Corporation Reports Record First Quarter Results , Cash Dividend Increased • • • • • • • QUARTERLY HIGHLIGHTS Net income was a record $ 28.11 million for the quarter , up 71.24 % from the first quarter of 2020. Diluted net income per common share was also a record at $ 1.10 , up from the prior year's first quarter of $ 0.64 . Cash dividend of $ 0.30 per common share approved , up 7.14 % from the $ 0.28 per common share declared a year ago . Return on average assets of 1.55 % and return on average common shareholders ' equity of 12.74 % compared to 1.00 % and 7.81 % , respectively in the first quarter of 2020 . Average loans and leases were relatively flat from the previous quarter and up $ 400.61 million or 7.86 % from the first quarter of 2020. Excluding the Paycheck Protection Program , average loans and leases increased slightly from the previous quarter and the decreased slightly from the first quarter of 2020 . Average deposits were stable from the previous quarter and grew $ 708.10 million or 13.43 % from the first quarter of 2020 . Net charge - offs were $ 3.50 million and nonperforming assets to loans and leases were 1.12 % compared to $ 1.81 million and 0.68 % , respectively in the first quarter of 2020 . Provision for credit losses of $ 2.40 million compared to $ 11.35 million in the first quarter of 2020 . Net interest income increased $ 2.57 million , or 4.68 % from the first quarter of 2020 . Noninterest income increased $ 1.25 million , or 5.06 % from the first quarter of 2020. Excluding leased equipment depreciation , noninterest income increased 15.11 % . Noninterest expenses decreased $ 2.40 million , down 5.15 % from the first quarter of 2020. Excluding leased equipment depreciation , noninterest expense decreased 1.80 % . - South Bend , IN 1st Source Corporation ( NASDAQ : SRCE ) , parent company of 1st Source Bank , today reported record quarterly net income of $ 28.11 million for the first quarter of 2021 , up 71.24 % from the $ 16.41 million reported the first quarter a year ago . The net income comparison was positively impacted by a $ 8.96 million reduction in the provision for credit losses primarily due to stabilizing economic conditions compared to the start of the pandemic a year ago . Although loan growth occurred during the quarter , the majority of the growth was Paycheck Protection Program ( PPP ) loans which have minimal credit risk . Diluted net income per common share for the first quarter of 2021 was up 71.88 % to $ 1.10 versus $ 0.64 in the first quarter of 2020 . At its April 2021 meeting , the Board of Directors approved an increase in the cash dividend to $ 0.30 per common share , up 7.14 % from the $ 0.28 per common share declared a year ago . The cash dividend is payable to shareholders of record on May 4 , 2021 and will be paid on May 14 , 2021 . - 1 -