1st Source Corporation reported record annual earnings for 2024, with net income reaching $132.62 million, up 6.16% from 2023. Fourth-quarter net income rose 10.58% year-over-year to $31.44 million. Diluted earnings per share for the year were $5.36, a 6.56% increase, while the quarterly figure was $1.27, up 10.43% from the prior year.

The company's Board of Directors approved a $0.36 cash dividend per share, marking a 5.88% increase from the previous year. Loans and leases grew 6.36% annually, reaching $6.85 billion, while deposits rose 5.06% to $6.73 billion. The tax-equivalent net interest margin improved to 3.64% for the year, up 13 basis points from 2023.

Chairman and CEO Christopher J. Murphy III highlighted the company’s disciplined loan pricing and expanded participation in the U.S. Faster Payment Council. Additionally, the corporation partnered with local organizations to support small businesses through the South Bend Opportunity Fund, reinforcing its commitment to community development.