1st Source Q3 net income $34.9M, EPS $1.41, dividend raised 12.5% to $0.36

1ST SOURCE CORP

2024-Q3 EPS reported $4.09

Net income $34.94M, diluted EPS $1.41; YoY up 6.07% and 6.82% respectively.
Dividend raised to $0.36/share (+12.5% YoY), payable Nov 15 to holders of record Nov 5.
Tax-equivalent NIM 3.64%, up 5bp QoQ and 18bp YoY on disciplined loan pricing, fourth consecutive expansion.
Credit quality weakened: net charge-offs $0.85M vs net recoveries $1.99M prior qtr; NPA/loans 0.47% vs 0.31%.
Executive compensation plan amended: normal retirement age set at 65 with alternative eligibility at age 60 (15 yr plan/20 yr service) with 150-day notice.

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