1st Source (US:SRCE) Newsfileยท2024-10-24 20:00Quarterly Highlights - Net income for the third quarter of 2024 was $34.94 million, an increase of $2.00 million or 6.07% from the same quarter in 2023 [1][2] - Diluted net income per common share was $1.41, up $0.09 or 6.82% from $1.32 in the third quarter of 2023 [1][2] - A cash dividend of $0.36 per common share was declared, representing a 12.50% increase from the previous year [1][3] Financial Performance - Tax-equivalent net interest income reached $75.63 million, up $1.44 million or 1.94% from the second quarter of 2024 and up $6.22 million or 8.97% from the third quarter of 2023 [1][8] - The tax-equivalent net interest margin was 3.64%, an increase of five basis points from the previous quarter and 18 basis points from the same quarter last year [1][8] Loan and Deposit Trends - Average loans and leases for the third quarter were $6.61 billion, flat compared to the previous quarter but up $359.79 million or 5.76% from the same quarter last year [6] - Average deposits were $7.13 billion, down $49.25 million or 0.69% from the previous quarter but up $184.32 million or 2.65% year-over-year [7] Credit Quality - Net charge-offs for the quarter were $0.85 million, or 0.05% of average loans and leases, compared to net recoveries of $1.99 million in the previous quarter [2][14] - The ratio of nonperforming assets to loans and leases increased to 0.47% from 0.31% in the previous quarter [4][15] Capital Position - The common equity-to-assets ratio was 12.60%, up from 11.75% at the end of the previous quarter [16] - The Common Equity Tier 1 ratio was 14.18%, compared to 13.74% in the previous quarter [16] Noninterest Income and Expense - Noninterest income for the third quarter was $22.45 million, down $0.77 million or 3.33% from the previous quarter [10] - Noninterest expense was $49.44 million, flat compared to the prior quarter and down $0.72 million or 1.44% from the same quarter last year [12]