1st Source hikes dividend by 3.6%

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1st Source (SRCE) will hike its quarterly dividend by 3.6 percent to 29 cents per share in 2021. Last year the dividend was cut by 3.4 percent from 29 cents to 28 cents per share. The company previously raised its quarterly dividend by 7.4 percent to $0.29 per share in Q4 of 2019.

The next dividend is payable to shareholders of record on February 2, 2021 and will be paid on February 12, 2021. A new annual rate of $1.16 per share yields 2.8% at a stock price of $41.40.

Christopher J. Murphy III, Chairman, President and Chief Executive Officer, commented, “Given the unique challenges presented by the COVID-19 pandemic during 2020, I am proud of my colleagues for keeping themselves and our clients safe while delivering great client service. We helped our communities and clients by providing over 3,500 Paycheck Protection Program (PPP) loans for over $597 million, keeping businesses going and people employed. At the end of the year, $236 million of these loans had been forgiven. Over half of our PPP loans were for less than $50,000, so we are truly serving the small businesses in our communities. Considering the challenges of the COVID-19 pandemic and the reduced interest rate environment the Federal Reserve set in motion to stimulate the economy, I am pleased we were able to achieve our third highest year of net income and the 33rd consecutive year of dividend growth. We were glad to see continued economic improvement during the fourth quarter which led to providing $4.97 million to the allowance for loan and lease losses (our lowest quarter of the year for the credit loss provision) as we continue to work through the immediate and longer term negative impacts on our clients from the coronavirus pandemic.

1st Source Corporation is a bank holding company. The company, through its subsidiaries, provides a range of financial products and services. 1st Source Bank also competes for business nationally by offering specialized financing services for new and used private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, and construction equipment.

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