1st Source reports record Q3 net income $32.74M; dividend raised to $0.32 (3.23% increase)

1ST SOURCE CORP

2022-Q3 EPS reported $3.59

Diluted EPS $1.32 vs $1.29 a year ago; net income up 0.78% to $32.74M.
Tax-equivalent NIM expanded 26 bps to 3.60% driven by Fed rate hikes.
Average loans net PPP grew $452M (8.74% YoY); average deposits up 4.24%.
Noninterest income fell $3.49M (13.69%) mainly due to lower mortgage banking income.
Cash dividend declared $0.32/share, payable Nov 10 to holders of record Nov 1.

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