1ST SOURCE CORP
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
SRCE$87.85-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| Year Ended December 31 (Dollars in thousands, except per share amounts) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Interest income: | |||
| Loans and leases | $451,329 | $387,298 | $263,894 |
| Investment securities, taxable | 25,720 | 24,501 | 26,294 |
| Investment securities, tax-exempt | 1,043 | 1,445 | 1,049 |
| Other | 5,925 | 3,663 | 2,579 |
| Total interest income | 484,017 | 416,907 | 293,816 |
| Interest expense: | |||
| Deposits | 166,842 | 123,162 | 25,231 |
| Short-term borrowings | 8,976 | 7,032 | 1,497 |
| Subordinated notes | 4,217 | 4,174 | 3,550 |
| Long-term debt and mandatorily redeemable securities | 3,165 | 3,892 | 69 |
| Total interest expense | 183,200 | 138,260 | 30,347 |
| Net interest income | 300,817 | 278,647 | 263,469 |
| Provision for credit losses | 12,466 | 5,866 | 13,245 |
| Net interest income after provision for credit losses | 288,351 | 272,781 | 250,224 |
| Noninterest income: | |||
| Trust and wealth advisory | 26,709 | 23,706 | 23,107 |
| Service charges on deposit accounts | 12,877 | 12,749 | 12,146 |
| Debit card | 17,785 | 17,980 | 18,052 |
| Mortgage banking | 4,210 | 3,471 | 4,122 |
| Insurance commissions | 6,730 | 6,911 | 6,703 |
| Equipment rental | 5,171 | 8,837 | 12,274 |
| Losses on investment securities available-for-sale | (3,889) | (2,926) | (184) |
| Other | 16,714 | 19,895 | 15,042 |
| Total noninterest income | 86,307 | 90,623 | 91,262 |
| Noninterest expense: | |||
| Salaries and employee benefits | 121,909 | 115,612 | 105,110 |
| Net occupancy | 11,939 | 11,090 | 10,728 |
| Furniture and equipment | 5,612 | 5,653 | 5,448 |
| Data processing | 27,567 | 25,055 | 22,375 |
| Depreciation — leased equipment | 4,073 | 7,093 | 10,023 |
| Professional fees | 7,098 | 6,705 | 7,280 |
| FDIC and other insurance | 6,142 | 5,926 | 3,625 |
| Business development and marketing | 6,876 | 7,157 | 5,823 |
| Other | 12,385 | 17,433 | 14,287 |
| Total noninterest expense | 203,601 | 201,724 | 184,699 |
| Income before income taxes | 171,057 | 161,680 | 156,787 |
| Income tax expense | 38,439 | 36,746 | 36,255 |
| Net income | 132,618 | 124,934 | 120,532 |
| Net loss (income) attributable to noncontrolling interests | 5 | (7) | (23) |
| Net income available to common shareholders | $132,623 | $124,927 | $120,509 |
| Basic net income per common share | $5.36 | $5.03 | $4.84 |
| Diluted net income per common share | $5.36 | $5.03 | $4.84 |
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