Exhibit 99.1

•Net income was a record $132.62 million for the year of 2024, up 6.16% from 2023 and was $31.44 million for the fourth quarter of 2024, down 10.02% from the previous quarter and up 10.58% from the fourth quarter of 2023. Diluted net income per common share was a record $5.36 for the year of 2024, up 6.56% from 2023 and was $1.27 for the fourth quarter of 2024, down 9.93% from the previous quarter and up 10.43% from the prior year’s fourth quarter. These results include $3.9 million in pre-tax losses from the sale of approximately $63 million available-for-sale securities executed in the fourth quarter. No other securities were sold during the year.

•Return on average assets increased to 1.52% and return on average common shareholders’ equity decreased to 12.54% for the full year 2024 from 1.48% and 13.48%, respectively, in 2023. For the fourth quarter of 2024, return on average assets increased to 1.42% and return on average common shareholders’ equity decreased to 11.21% from 1.32% and 11.87%, respectively, in the fourth quarter of 2023.

•Cash dividend of $0.36 per common share was approved, up 5.88% from the cash dividend declared a year ago.

•End of period loans and leases were $6.85 billion at December 31, 2024, up $336.30 million or 5.16% from $6.52 billion at December 31, 2023.

•End of period deposits net of brokered deposits were $6.73 billion at December 31, 2024, up $324.14 million or 5.06% from $6.41 billion at December 31, 2023.

•Tax-equivalent net interest margin was 3.64% for 2024, up 13 basis points from 2023 and was 3.78% for the fourth quarter of 2024, up 14 basis points from the prior quarter and up 27 basis points from the fourth quarter of 2023.

South Bend, IN — 1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported record net income of $132.62 million for 2024, an increase of 6.16% compared to $124.93 million earned in 2023. Fourth quarter net income was $31.44 million, an increase of 10.58% compared to $28.43 million earned in the fourth quarter of 2023. Diluted net income per common share for the year was a record $5.36, up 6.56% from the $5.03 earned a year earlier. Diluted net income per common share for the fourth quarter was $1.27, up 10.43% from the $1.15 earned in the fourth quarter of the previous year.

Return on average assets increased to 1.52% and return on average common shareholders’ equity decreased to 12.54% for the full year 2024 from 1.48% and 13.48%, respectively, in 2023. For the fourth quarter of 2024, return on average assets increased to 1.42% and return on average common shareholders’ equity decreased to 11.21% from 1.32% and 11.87%, respectively, in the fourth quarter of 2023. The increase in return on average assets was mainly due to a larger percentage increase in net income compared to the percent increase in average assets for both periods presented. The decrease in return on average common shareholders’ equity was the result of a larger percentage increase in average common shareholders’ equity compared to net income primarily from fewer unrealized losses in the available-for-sale securities portfolio, net of income, taxes for both periods presented.

At its January 2025 meeting, the Board of Directors approved a cash dividend of $0.36 per common share, up 5.88% from the $0.34 per common share declared a year ago. The cash dividend is payable to shareholders of record on February 4, 2025 and will be paid on February 14, 2025.

Christopher J. Murphy III, Chairman and Chief Executive Officer, commented, “We are pleased to announce record net income for the fourth year in a row and we reached our 37th consecutive year of dividend growth. We were able to grow average loans and leases by $394.47 million or 6.36% from 2023 while maintaining disciplined loan and lease pricing. As a result, and despite sustained deposit pricing competition, our tax-equivalent net interest margin expanded during 2024 to 3.64% from 3.51% in 2023. During the fourth quarter, we also experienced margin expansion of 14 basis points. We had net charge-offs to average loans and leases of 0.09% in 2024 compared to net recoveries to average loans and leases of 0.04% in 2023. I am extremely proud that my colleagues were able to achieve such positive results despite the unique challenges of the last several years.

“In addition, at the close of the year, we were pleased to achieve an ‘Excellent’ Net Promoter Score (NPS) of 76.4%. NPS is widely utilized across industries as a key customer experience measurement. Our NPS has remained strong through each quarter of 2024 - above 76%, which indicates that our clients feel they have great experiences with 1st Source Bank and would recommend us to their friends - the highest of all praise.

“Continuing our efforts to be a leader in the instant payment landscape, 1st Source Bank joined the U.S. Faster Payment Council in the fourth quarter of 2024. This industry-led membership organization is helping to shape the future of our national payment system.

“Finally, 1st Source Bank partnered with the City of South Bend, Indiana and the North Central Indiana Small Business Development Center (ISBDC) on the South Bend Opportunity Fund. This program provides businesses that meet certain conditions and eligibility with customized, one-on-one coaching from ISBDC and will be assessed for their readiness for a small business loan at a lower interest rate serviced by 1st Source Bank. We are excited to support this program as it aids small businesses with affordable access to capital right in the backyard of our South Bend headquarters. This program fits nicely with our existing capabilities and furthers our goal of supporting small businesses in the communities where we live, work, worship, and raise our families.” Mr. Murphy concluded.

Annual average loans and leases of $6.60 billion increased $394.47 million, up 6.36% from the full year 2023. Quarterly average loans and leases of $6.68 billion increased $288.56 million, up 4.52% in the fourth quarter of 2024 from the year ago quarter and have increased $70.74 million, up 1.07% from the third quarter of this year. Strong growth primarily within our Construction Equipment, Auto and Light Truck and Renewable Energy portfolios and selective growth in our Commercial Real Estate portfolio drove total average loans and leases higher during the year.

Annual average deposits for 2024 were $7.12 billion, an increase of $161.71 million, up 2.32% from 2023. Quarterly average deposits of $7.15 billion grew $77.48 million, up 1.10% compared to the same quarter last year and increased $11.72 million, up slightly compared to the third quarter of this year. Average deposit growth over the last year came from increased time deposits, money market accounts and brokered deposits. The average deposit mix change from 2023 continued through 2024 with clients moving their funds from non-maturity accounts to higher yielding certificates of deposit and money market accounts due to the elevated interest rate environment.

For the twelve months of 2024, tax-equivalent net interest income was $301.40 million, an increase of $22.02 million, up 7.88% compared to the full year 2023. Fourth quarter 2024 tax-equivalent net interest income of $79.52 million increased $8.02 million, up 11.22% from the fourth quarter a year ago and increased $3.89 million, or 5.14% from the third quarter.

Net interest margin for the year ending December 31, 2024 was 3.63%, an increase of 13 basis points from the 3.50% for the year ending December 31, 2023. Net interest margin on a tax-equivalent basis for the year ending December 31, 2024 was 3.64%, an increase of 13 basis points from the 3.51% for the year ending December 31, 2023. Net interest recoveries positively contributed three basis points to the tax-equivalent net interest margin compared to a positive two basis point impact during 2023.

Fourth quarter 2024 net interest margin was 3.77%, an increase of 26 basis points from the 3.51% for the same period in 2023 and an increase of 14 basis points from the prior quarter. Fourth quarter 2024 net interest margin on a fully tax-equivalent basis was 3.78%, an increase of 27 basis points from the 3.51% for the same period in 2023 and an increase of 14 basis points from the 3.64% in the prior quarter. Net interest recoveries had a positive three basis point impact on the fourth quarter net interest margin compared to a four basis point impact during the fourth quarter of 2023.

Noninterest income for the twelve months ended December 31, 2024 was $86.31 million, down $4.32 million or 4.76% compared to the twelve months ended December 31, 2023. Fourth quarter 2024 noninterest income of $18.48 million decreased $1.59 million, or 7.94% from the fourth quarter a year ago and decreased $3.97 million or 17.67% from the third quarter.

Noninterest income during the twelve months ended December 31, 2024 was lower compared to a year ago mainly from lower equipment rental income due to a decrease of the equipment rental portfolio as demand for operating leases continues to decline. Also contributing to lower income were realized losses of $3.90 million from repositioning the available-for-sale investment securities portfolio compared to realized losses of $2.88 million during 2023. Noninterest income in 2024 was also impacted by lower partnership investment gains related to the sale of renewable energy tax equity investments compared to last year, a writedown of $0.86 million on a small business capital investment, and a reduction in interest rate swap fees. These decreases were offset by increased trust and wealth advisory income primarily from the positive market performance during the year, a rise in brokerage commissions, and rental income related to a repossessed asset.

The decrease in noninterest income from the previous quarter was mainly due to the losses on the sale of available-for-sale securities of $3.90 million. The securities sold had a weighted average yield of 0.71% and were replaced with securities having a weighted average yield of 4.64%. The breakeven on this transaction is estimated to be approximately 1.6 years. Additionally, we had a writedown on a small business capital investment during the fourth quarter as explained above. These decreases were offset by increased trust and wealth advisory income primarily from estate fees during the quarter.

Noninterest expense for the twelve months ended December 31, 2024 was $203.60 million, an increase of $4.44 million, or 2.23% compared to the same period a year ago. Fourth quarter 2024 noninterest expense of $54.21 million increased $1.40 million, or 2.65% from the fourth quarter a year ago and increased $3.38 million or 6.65% from the prior quarter.

The increase in noninterest expense for 2024 from 2023 was primarily due to higher base salaries as a result of normal merit increases, the impact of wage inflation, an increase in the number of employees filling prior open positions, higher incentives, and higher data processing costs related to technology projects. These increases were offset by lower leased equipment depreciation, reduced group insurance claims, the utilization of 401(k) Plan forfeitures to offset current year employer contribution expense, and higher gains on the sale of fixed assets and leased equipment.

The increase in noninterest expense from the previous quarter was mainly due to a $0.85 million stolen check fraud loss, fewer gains on the sale of fixed assets, and higher data processing costs related to technology projects. These increases were offset by reduced business development and marketing expense and the utilization of 401(k) Plan forfeitures in the amount of $0.65 million to offset current year employer contribution expense.

The allowance for loan and lease losses as of December 31, 2024 was 2.27% of total loans and leases compared to 2.30% at September 30, 2024 and 2.26% at December 31, 2023.

Net charge-offs for the full year of 2024 were $5.68 million compared to net recoveries of $2.42 million in 2023. This resulted in net charge-offs to average loans and leases of 0.09% for 2024 compared to a net recoveries of 0.04% for 2023. Net charge-offs in the fourth quarter of 2024 were $0.69 million compared with net recoveries of $1.57 million in the same quarter a year ago and $0.85 million of net charge-offs in the previous quarter.

The provision for credit losses was $12.47 million for the twelve months ended December 31, 2024 and included $3.58 million for the fourth quarter of 2024, an increase of $4.03 million and $1.51 million, respectively, compared with the same periods in 2023. The increase in the provision expense was mainly due to loan growth and net charge-offs offset by a decrease in the provision for unfunded loan commitments from fundings during the year. The ratio of nonperforming assets to loans and leases was 0.46% as of December 31, 2024, compared to 0.47% on September 30, 2024 and 0.37% on December 31, 2023.

As of December 31, 2024, the common equity-to-assets ratio was 12.44%, compared to 12.60% at September 30, 2024 and 11.34% a year ago. The tangible common equity-to-tangible assets ratio was 11.61% at December 31, 2024 compared to 11.76% at September 30, 2024 and 10.48% a year earlier. The Common Equity Tier 1 ratio, calculated under banking regulatory guidelines, was 14.21% at December 31, 2024 compared to 14.18% at September 30, 2024 and 13.22% a year ago.

During 2024, 2,997 shares were repurchased for treasury reducing common shareholders’ equity by $0.18 million. All of the shares were repurchased during the fourth quarter 2024.

1st Source common stock is traded on the NASDAQ Global Select Market under “SRCE” and appears in the National Market System tables in many daily newspapers under the code name “1st Src.” Since 1863, 1st Source has been committed to the success of its clients, individuals, businesses and the communities it serves. For more information, visit www.1stsource.com.

1st Source serves the northern half of Indiana and southwest Michigan and is the largest locally controlled financial institution headquartered in the area. While delivering a comprehensive range of consumer and commercial banking services through its community bank offices, 1st Source has distinguished itself with highly personalized services. 1st Source Bank also competes for business nationally by offering specialized financing services for new and used private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, and construction equipment. The Corporation includes 77 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, nine Wealth Advisory Services locations, 10 1st Source Insurance offices, and three loan production offices.

Except for historical information contained herein, the matters discussed in this document express “forward-looking statements.” Generally, the words “believe,” “contemplate,” “seek,” “plan,” “possible,” “assume,” “expect,” “intend,” “targeted,” “continue,” “remain,” “estimate,” “anticipate,” “project,” “will,” “should,” “indicate,” “would,” “may” and similar expressions indicate forward-looking statements. Those statements, including statements, projections, estimates or assumptions concerning future events or performance, and other statements that are other than statements of historical fact, are subject to material risks and uncertainties. 1st Source cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made.

1st Source may make other written or oral forward-looking statements from time to time. Readers are advised that various important factors could cause 1st Source’s actual results or circumstances for future periods to differ materially from those anticipated or projected in such forward-looking statements. Such factors, among others, include changes in laws, regulations or accounting principles generally accepted in the United States; 1st Source’s competitive position within its markets served; increasing consolidation within the banking industry; unforeseen changes in interest rates; unforeseen downturns in the local, regional or national economies or in the industries in which 1st Source has credit concentrations; and other risks discussed in 1st Source’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, which filings are available from the SEC. 1st Source undertakes no obligation to publicly update or revise any forward-looking statements.

The accounting and reporting policies of 1st Source conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures are used by management to evaluate and measure the Company’s performance. Although these non-GAAP financial measures are frequently used by investors to evaluate a financial institution, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. These include taxable-equivalent net interest income (including its individual components), net interest margin (including its individual components), the efficiency ratio, tangible common equity-to-tangible assets ratio and tangible book value per common share. Management believes that these measures provide users of the Company’s financial information a more meaningful view of the performance of the interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent (“FTE”) basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses and lease depreciation), measures how much it costs to produce one dollar of revenue. Securities gains or losses and lease depreciation are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity-to-tangible assets ratio and tangible book value per common share as useful measurements of the Company’s equity.

See the table marked “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of certain non-GAAP financial measures used by the Company with their most closely related GAAP measures.

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(charts attached)

(2) Provision for unfunded loan commitments is included in the provision for credit losses. The reclassification of the provision for unfunded loan commitments

out of other expense as a component of noninterest expense was made to prior period amounts to conform to current period presentation.

(3) Calculated as common shareholders’ equity divided by common shares outstanding at the end of the period.

(4) Calculated under banking regulatory guidelines.

(5) Presented as calculated prior to December 31, 2024, which included the provision for unfunded loan commitments in noninterest expense. Management

believes that removing the provision for unfunded loan commitments from this metric enhances comparability for peer comparison purposes.

The NASDAQ Stock Market National Market Symbol: “SRCE” (CUSIP #336901 10 3)

Please contact us at shareholder@1stsource.com