secwatch.observer — SEC 8-K summary
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Issuer:     1ST SOURCE CORP (SRCE)
CIK:        0000034782
Form:       8-K
Filed at:   2024-10-24T23:59:59+00:00
Accession:  0000034782-24-000113
Event type: earnings
Sentiment:  positive
Materiality: 0.60
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/34782/000003478224000113/0000034782-24-000113-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/34782/000003478224000113/source-20241024.htm
  HTML page:      https://secwatch.observer/filing/0000034782-24-000113

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer