1st Source Corporation, founded in 1863 and based in South Bend, Indiana, offers a wide range of financial services. This includes commercial and consumer banking, such as checking and savings accounts, loans, and credit options, alongside wealth advisory and insurance products for individuals and businesses. It specializes in financing for various sectors including industrial, agricultural, and real estate, and provides equipment loans for construction, aircraft, and vehicles. Additionally, 1st Source offers trust and investment services, managing estates, and investment accounts for various clients, including charitable foundations.
First Interstate BancSystem is sending shareholders the biggest check today, $45.7 million at 47 cents a share, paid August 14. Regional banks dominate the rest of the list, with Banner paying 52 cents a share and 1st Source 45 cents.
1st Source crushed earnings with a $1.95 EPS beat and hiked its dividend 18%, fueled by a dramatic plunge in credit loss provisions that powered net income up 27% year-over-year despite revenue declining 21%.