1st Source reports record 2022 net income $120.51M; Q4 EPS $1.25; dividend up 3.23%

1ST SOURCE CORP

2022-FY EPS reported $4.84

Record annual net income $120.51M ($4.84 diluted EPS), up 1.67% from 2021.
Q4 net income $31.07M ($1.25 EPS), up 12.07% YoY but down 5.10% from Q3 2022.
Quarterly cash dividend increased to $0.32/share, payable Feb. 16, 2023 to holders of record Feb. 6.
Average loans/leases grew 7.82% net of PPP; net charge-offs were only 0.03% of loans in 2022.
Tax-equivalent net interest margin expanded 60 bps YoY to 3.69% in Q4 2022.

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