1st Source Bank promotes Bedient to COO, Lifferth to CAO

SOUTH BEND, Indiana - 1st Source Bank announced Thursday the promotion of two senior leaders following recent succession changes at the bank and its parent company, 1st Source Corporation (NASDAQ:SRCE). The regional bank, currently trading at $60.57 with a market capitalization of $1.48 billion, has maintained a solid financial health score of "GOOD" according to InvestingPro data.

John Bedient has been appointed Chief Operating Officer and Executive Vice President, where he will oversee Information Technology, Salesforce, and the Enterprise Project Management Office in addition to his current Operations responsibilities.

Dan Lifferth has been named Chief Administrative Officer and Senior Vice President. He will continue to lead Human Resources while adding Branch Administration, Community Development, and Administrative Services to his areas of responsibility.

These promotions follow the October 1 leadership transition that saw Christopher J. Murphy move to Executive Chairman, Andrea G. Short become CEO and President of the Corporation and CEO of the Bank, and Kevin C. Murphy assume the role of Bank President.

"Both colleagues were promoted due to their long-term service and dedication to our mission, culture and values," said Andrea Short in the company’s press release.

Bedient has been with 1st Source Bank since 1991, beginning as an entry-level financial analyst. During his nearly 35-year tenure, he has managed strategic projects including core system improvements, mobile banking platforms, and the bank’s implementation of real-time payment systems.

Lifferth has served as Senior Vice President of Human Resources since 2015, where he implemented employee engagement initiatives and led the bank through the COVID-19 pandemic. Before joining 1st Source, he worked at several major corporations including IBM, Whirlpool Corporation, and United Technologies.

1st Source Corporation has assets of $9.1 billion and operates 78 banking centers primarily in northern Indiana and southwestern Michigan. The bank has an impressive dividend track record, having raised its dividend for 33 consecutive years and maintained dividend payments for 51 years straight. With a current dividend yield of 2.65%, 1st Source appears slightly undervalued based on InvestingPro’s Fair Value assessment. Investors can discover more financial insights and additional ProTips about 1st Source and other undervalued companies at InvestingPro’s Most Undervalued list.

In other recent news, 1st Source Corporation reported a record quarterly net income of $42.3 million for the third quarter of 2025. This figure marks a 13.34% increase from the previous quarter and a 21.06% rise compared to the same period last year. Diluted earnings per share were $1.71, showing a 13.25% growth from the second quarter and a 21.28% increase from the third quarter of 2024. Additionally, the board approved a quarterly cash dividend increase of two cents to $0.40 per share, reflecting an 11.11% rise from a year ago. In other company developments, John B. Griffith, the executive vice president and chief risk officer, announced his intention to retire by December 31, 2025. Griffith’s planned retirement was disclosed in a filing with the Securities and Exchange Commission after he notified the board on October 22. These developments highlight the company’s recent financial performance and leadership changes.

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