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SRCE - 1st Source: Margin Compression Likely To Lead Earnings Down
1st Source Corporation
The addition of lower-yielding assets to the total portfolio and the refinancing of mortgages will likely pressurize the margin next year.
The upcoming forgiveness of Paycheck Protection Program loans will pressurize loan growth. Further, demand will likely remain lackluster in the specialty finance segment.
Credit risk is moderate with 3.5% of total loans currently in a loan modification program.
The target price is close to the current market price.