1st Source Q1 net income $27.39M, EPS $1.10 flat YoY; dividend raised to $0.31

1ST SOURCE CORP

2022-Q1 EPS reported $1.10

Net income $27.39M ($1.10 diluted EPS), down 2.54% YoY but EPS flat vs $1.10 prior year.
Cash dividend increased 3.33% to $0.31/share; payable May 13 to holders of record May 3.
Average loans net of PPP grew $185.66M (+3.65%) YoY; net interest margin 3.17% (down 18bps YoY).
Mortgage banking income $1.38M, down 64.70% YoY due to refinancing slowdown and low home inventory.
Nonperforming assets ratio improved to 0.66% from 1.12% a year ago; net recoveries of $0.23M.

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