1st Source Corp shareholders elect directors, affirm auditors

In a recent shareholder meeting held on Thursday, 1st Source Corporation (NASDAQ:SRCE), a state commercial bank headquartered in South Bend, Indiana with a market capitalization of $1.42 billion and a P/E ratio of 10.13, announced the election of its Board of Directors and the ratification of its independent registered public accounting firm for the upcoming fiscal year. According to InvestingPro data, the company maintains strong profitability with earnings per share of $5.69 over the last twelve months.

During the annual meeting on April 24, 2025, shareholders voted to elect four directors to the Board with terms expiring in April 2028. The elected directors are John F. Affleck-Graves with 15,658,913 votes for and 4,778,643 against, Daniel B. Fitzpatrick receiving 14,764,576 votes for and 5,672,536 against, Christopher J. Murphy IV with a significant majority of 19,578,315 votes for and 839,675 against, and Isaac P. Torres who garnered 19,748,797 votes for and 686,616 against. Each director faced a number of abstentions and broker non-votes, but these did not affect the overall outcome.

Additionally, shareholders ratified the appointment of Forvis Mazars‚ LLP as the independent registered public accounting firm for 1st Source Corporation for the fiscal year ending December 31, 2025. This decision was passed with a substantial majority of 22,516,679 votes for, 116,748 votes against, and 21,317 abstentions.

The announcement made today follows the official guidelines and is based on the recent SEC filing by 1st Source Corporation. The filing also confirmed that other directors whose terms expire in April 2026 and April 2027 will continue in office. The company’s strong governance is reflected in its impressive dividend track record, having maintained dividend payments for 51 consecutive years and raised them for 32 straight years, with a current yield of 2.45%. The names of these continuing directors include Christopher J. Murphy III, Melody Birmingham, Timothy K. Ozark, Tracy D. Graham, Todd F. Schurz, Mark D. Schwabero, Andrea G. Short, and Ronda Shrewsbury.

1st Source Corporation is incorporated in Indiana and operates within the state commercial banks sector under the industrial classification code 6022. The company’s fiscal year end is December 31, and it is publicly traded on The NASDAQ Stock Market LLC. InvestingPro analysis reveals the company maintains a "GREAT" financial health score, with particularly strong metrics in profitability and price momentum. Discover more insights and 6 additional ProTips about SRCE with an InvestingPro subscription.

In other recent news, 1st Source Corporation reported notable financial performance, with operating earnings of $1.46 per share, surpassing expectations. This achievement was driven by a 14 basis points increase in net interest margin and improved fee income, despite higher-than-expected expenses. The company also experienced significant loan growth, with a 14% last quarter annualized increase, and a strong 6% increase in deposits. Following these results, Keefe, Bruyette & Woods analyst Damon DelMonte raised the price target for 1st Source stock to $69.00, maintaining a Market Perform rating. Piper Sandler analyst Nathan Race upgraded the stock from Neutral to Overweight and increased the price target to $72.50. Race emphasized the company’s superior operating leverage and profitability, projecting a 10% growth in pre-provision net revenue and a return on assets of 1.6%. Piper Sandler also raised their earnings per share estimates for 2025 and 2026, reflecting higher expectations for net interest income and margin. These developments indicate a positive outlook for 1st Source Corporation in the coming years.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.