1st Source executive vice president John B. Griffith to retire at year-end

1st Source Corp (NASDAQ:SRCE), a $1.49 billion regional bank with a solid track record of dividend payments, announced that John B. Griffith, executive vice president and chief risk officer of the company and its subsidiary, 1st Source Bank, has informed the board of directors of his intent to retire from his positions effective December 31, 2025.

The company disclosed Griffith’s planned retirement in a statement included in a filing with the Securities and Exchange Commission. Griffith formally notified the board on October 22. According to InvestingPro data, 1st Source maintains a "GOOD" financial health rating and has increased its dividend for 32 consecutive years, currently offering a 2.62% yield.

No details regarding a successor or changes to compensatory arrangements were provided in the filing. 1st Source is headquartered in South Bend, Indiana, and operates as a state commercial bank.

This information is based on a press release statement included in the company’s SEC filing.

In other recent news, 1st Source Corporation reported a record quarterly net income of $42.3 million for the third quarter of 2025, marking a 13.34% increase from the previous quarter and a 21.06% rise compared to the same period last year. Diluted earnings per share reached $1.71, reflecting a 13.25% increase from the second quarter and a 21.28% rise from the third quarter of 2024. The bank’s board has approved a quarterly cash dividend increase of two cents to $0.40 per share, an 11.11% increase from a year ago.

Additionally, DA Davidson raised its price target for 1st Source to $67 from $65, maintaining a Neutral rating on the stock. This adjustment follows the company’s earnings report, where earnings per share of $1.51 exceeded both DA Davidson’s forecast of $1.49 and the consensus estimate of $1.47. Notably, the quarter included a $1.0 million securities loss, equivalent to $0.04 per share, from repositioning. In the second quarter of 2025, 1st Source reported a net income of $37.32 million, up 1.43% year-over-year, though slightly down 0.54% from the previous quarter. Diluted earnings per share for the second quarter were $1.51, a minor decrease from the first quarter but an increase from $1.49 in the second quarter of 2024.

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