1st Source Corporation Reports Record Annual Earnings, Cash Dividend Declared, History of Increased Dividends Continues

Financial Performance - 1st Source Corporation reported record net income of $132.62 million for 2024, a 6.16$124.93 million in 2023 [2][5] - Fourth quarter net income was $31.44 million, up 10.58$28.43 million in the same quarter of 2023 [2][5] - Diluted net income per common share reached a record $5.36 for 2024, up 6.56$5.03 in 2023, while for the fourth quarter, it was $1.27, up 10.43$1.15 a year earlier [2][5] Return on Assets and Equity - Return on average assets increased to 1.52% for 2024 from 1.48% in 2023, while return on average common shareholders' equity decreased to 12.54% from 13.48% [3][5] - For the fourth quarter, return on average assets was 1.42%, up from 1.32% in the previous year, and return on average common shareholders' equity decreased to 11.21% from 11.87% [3][5] Dividends - The Board of Directors approved a cash dividend of $0.36 per common share, a 5.88$0.34 declared a year ago [4][5] Loans and Deposits - End of period loans and leases were $6.85 billion at December 31, 2024, up 5.16$6.52 billion a year earlier [5] - End of period deposits net of brokered deposits were $6.73 billion, an increase of 5.06$6.41 billion at the end of 2023 [5] Net Interest Income and Margin - Tax-equivalent net interest income for 2024 was $301.40 million, a 7.88$86.31 million, down 4.76% from the previous year [15] - Noninterest expense for 2024 was $203.60 million, an increase of 2.23$5.68 million, compared to net recoveries of $2.42 million in 2023 [22] Capital Ratios - As of December 31, 2024, the common equity-to-assets ratio was 12.44%, and the Common Equity Tier 1 ratio was 14.21% [24]