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| 8-K - 8-K 1ST QTR 2016 EARNINGS RELEASE - 1ST SOURCE CORP | srce-2016331pr8k.htm |
Exhibit 99.1
For: | Immediate Release | Contact: | Andrea Short |
April 21, 2016 | 574-235-2000 | ||
First Quarter Earnings Steady at 1st Source Corporation,
Cash Dividend Declared
South Bend, IN - 1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported net income of $13.82 million for the first quarter of 2016, an increase of 2.27% compared to $13.51 million reported in the first quarter a year ago. Diluted net income per common share for the first quarter of 2016 was $0.53, up 3.92% over the $0.51 in the first quarter of 2015. (The March 31, 2015 share and per share information has been adjusted for a 10% stock dividend declared on July 22, 2015 and issued on August 14, 2015, unless otherwise noted.)
At its April 2016 meeting, the Board of Directors approved a cash dividend of $0.18 per common share. The cash dividend is payable to shareholders of record on May 3, 2016 and will be paid on May 13, 2016.
According to Christopher J. Murphy III, Chairman, “In spite of the challenging low interest rate environment, we saw an increase in net income over the prior year and turned in a steady performance in the first quarter. Credit quality remains strong and we have seen little increase in delinquencies or problem credits, even as issues with the energy sector affect a small portion of our construction machinery clients. While credit quality remains good we know that we are at the far reaches of a sustained weak economic period and continue to work hard to position ourselves properly for any downturn in the domestic economy.”
“During the quarter, we began renovating our banking centers in Bluffton and Huntington, Indiana. We also upgraded our mobile banking to offer greater convenience and enhance the client experience. It has been our long-term strategy to continue to invest in our branches and in technology. We have seen good client growth in many areas as a result of this focus. As always, we remain committed to our mission of helping our clients achieve security, build wealth and realize their dreams.” Mr. Murphy concluded.
HIGHLIGHTS
• | Average loans and leases grew $334.35 million or 9.10% from the first quarter of 2015. |
• | Average deposits grew $336.32 million or 8.81% from the first quarter of 2015. |
• | Net interest income on a tax-equivalent basis of $41.75 million increased $1.90 million or 4.76% from the first quarter of 2015. |
• | Noninterest income of $21.63 million increased $1.88 million or 9.50% from the first quarter of 2015 (6.01% excluding equipment rental income). |
• | Noninterest expenses of $40.71 million increased $2.64 million or 6.95% from the first quarter of 2015 (4.80% excluding leased equipment depreciation). |
• | During the first quarter of 2016, the Company repurchased $8.01 million, or approximately 270,000 shares, of common stock at an average cost of $29.69 per share. |
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FIRST QUARTER 2016 FINANCIAL RESULTS
Loans
Average loans and leases of $4.01 billion increased $334.35 million, or 9.10% from the year ago quarter and have increased $48.97 million, or 1.24% from the fourth quarter.
Deposits
Average deposits of $4.15 billion grew $336.32 million, or 8.81% from the year ago quarter and have increased $52.36 million, or 1.28% compared to the fourth quarter.
Net Interest Income and Net Interest Margin
First quarter tax-equivalent net interest income of $41.75 million increased $1.90 million, or 4.76% from the quarter a year ago and was down $1.92 million, or 4.39% from the fourth quarter. First quarter net interest recoveries were down $0.06 million from the year ago quarter and have decreased $1.66 million relative to the fourth quarter.
First quarter net interest margin was 3.45%, a decrease of 13 basis points from the 3.58% for the same period in 2015 and a decrease of 16 basis points from the 3.61% reported in the fourth quarter.
Noninterest Income and Expense
Noninterest income for the first quarter was $21.63 million, up $1.88 million, or 9.50% from the year ago quarter, and up $0.73 million, or 3.47% from the fourth quarter. Noninterest income increased from the same quarter a year ago mainly as a result of higher equipment rental income, gains on partnership investments and increased insurance commissions offset by lower mortgage banking income. Noninterest income increased from the fourth quarter primarily as a result of gains on partnership investments and higher insurance commissions offset by lower service charges on deposit accounts due to reduced volumes of nonsufficient fund transactions.
Noninterest expense for the quarter ended March 31, 2016 was $40.71 million, up $2.64 million or 6.95% as compared to the first quarter of 2015 and down $1.04 million, or 2.49% from the fourth quarter. Noninterest expense increased from the comparable quarter a year ago mainly due to higher depreciation on leased equipment, furniture and equipment expense, salaries and employee benefits and professional fees. Depreciation on leased equipment was higher as a result of an increase in the average equipment rental portfolio. Salaries increased due to more full-time equivalent employees as a result of opening a new banking center in 2015, filling other open positions and normal performance raises. Employee benefits decreased as a result of lower health insurance claims experience. Professional fees increased due to higher legal fees and increased utilization of consulting services offset by lower audit fees. Noninterest expense decreased from the fourth quarter primarily as a result of reduced salaries and employee benefits due to lower group insurance costs.
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Credit
The reserve for loan and lease losses as of March 31, 2016 and December 31, 2015 was 2.21% of total loans and leases compared to 2.30% at March 31, 2015. Net recoveries of $0.21 million were recorded for the first quarter of 2016 compared with net charge-offs of $0.33 million in the same quarter a year ago and down from $0.50 million of net recoveries in the fourth quarter. The provision for loan and lease losses was $0.98 million for the first quarter of 2016, up $0.62 million compared with the same period in 2015 and up $0.98 million from the fourth quarter. The ratio of nonperforming assets to net loans and leases was 0.51% as of March 31, 2016, down from 0.73% on March 31, 2015 and comparable to the 0.50% on December 31, 2015.
Capital
During the first quarter, the Company repurchased $8.01 million of common stock in several open market transactions. As of March 31, 2016, the common equity-to-assets ratio was 12.39%, compared to 12.41% at December 31, 2015 and 12.84% a year ago. The tangible common equity-to-tangible assets ratio was 10.96% at March 31, 2016 and December 31, 2015 compared to 11.29% a year earlier. The Common Equity Tier 1 ratio was 12.37% at March 31, 2016 compared to 12.39% at December 31, 2015 and 13.09% a year ago.
ABOUT 1ST SOURCE CORPORATION
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 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 80 community banking centers in 17 counties, 8 trust and wealth management locations, 10 1st Source Insurance offices, as well as 22 specialty finance locations nationwide.
FORWARD LOOKING STATEMENTS
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.
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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.
NON-GAAP FINANCIAL MEASURES
In addition to the results presented in accordance with generally accepted accounting principles in the United States of America, this press release contains certain non-GAAP financial measures. 1st Source Corporation believes that providing non-GAAP financial measures provides investors with information useful to understanding our financial performance. Additionally, these non-GAAP measures are used by management for planning and forecasting purposes, including measures based on “tangible equity” which is “common shareholders’ equity” excluding intangible assets.
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(charts attached)
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1st SOURCE CORPORATION | ||||||||||||
1st QUARTER 2016 FINANCIAL HIGHLIGHTS | ||||||||||||
(Unaudited - Dollars in thousands, except per share data) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2016 | 2015 | 2015 | ||||||||||
AVERAGE BALANCES | ||||||||||||
Assets | $ | 5,209,765 | $ | 5,134,594 | $ | 4,820,453 | ||||||
Earning assets | 4,863,774 | 4,792,553 | 4,511,467 | |||||||||
Investments | 794,849 | 785,903 | 788,561 | |||||||||
Loans and leases | 4,008,435 | 3,959,468 | 3,674,082 | |||||||||
Deposits | 4,153,273 | 4,100,913 | 3,816,955 | |||||||||
Interest bearing liabilities | 3,607,008 | 3,532,627 | 3,364,623 | |||||||||
Common shareholders’ equity | 649,597 | 647,027 | 623,397 | |||||||||
INCOME STATEMENT DATA | ||||||||||||
Net interest income | $ | 41,289 | $ | 43,211 | $ | 39,436 | ||||||
Net interest income - FTE | 41,750 | 43,668 | 39,854 | |||||||||
Provision for loan and lease losses | 975 | — | 357 | |||||||||
Noninterest income | 21,627 | 20,902 | 19,751 | |||||||||
Noninterest expense | 40,705 | 41,744 | 38,061 | |||||||||
Net income | 13,818 | 14,417 | 13,511 | |||||||||
PER SHARE DATA* | ||||||||||||
Basic net income per common share | $ | 0.53 | $ | 0.55 | $ | 0.51 | ||||||
Diluted net income per common share | 0.53 | 0.55 | 0.51 | |||||||||
Common cash dividends declared | 0.180 | 0.180 | 0.164 | |||||||||
Book value per common share | 25.14 | 24.75 | 23.80 | |||||||||
Tangible book value per common share | 21.87 | 21.49 | 20.56 | |||||||||
Market value - High | 33.50 | 34.35 | 31.35 | |||||||||
Market value - Low | 27.01 | 29.35 | 26.95 | |||||||||
Basic weighted average common shares outstanding | 25,923,530 | 26,059,762 | 26,258,273 | |||||||||
Diluted weighted average common shares outstanding | 25,923,530 | 26,059,762 | 26,258,273 | |||||||||
KEY RATIOS | ||||||||||||
Return on average assets | 1.07 | % | 1.11 | % | 1.14 | % | ||||||
Return on average common shareholders’ equity | 8.56 | 8.84 | 8.79 | |||||||||
Average common shareholders’ equity to average assets | 12.47 | 12.60 | 12.93 | |||||||||
End of period tangible common equity to tangible assets | 10.96 | 10.96 | 11.29 | |||||||||
Risk-based capital - Common Equity Tier 1 | 12.37 | 12.39 | 13.09 | |||||||||
Risk-based capital - Tier 1 | 13.63 | 13.65 | 14.49 | |||||||||
Risk-based capital - Total | 14.94 | 14.97 | 15.80 | |||||||||
Net interest margin | 3.45 | 3.61 | 3.58 | |||||||||
Efficiency: expense to revenue | 62.28 | 61.98 | 62.10 | |||||||||
Net charge offs to average loans and leases | (0.02 | ) | (0.05 | ) | 0.04 | |||||||
Loan and lease loss reserve to loans and leases | 2.21 | 2.21 | 2.30 | |||||||||
Nonperforming assets to loans and leases | 0.51 | 0.50 | 0.73 | |||||||||
March 31, | December 31, | March 31, | ||||||||||
2016 | 2015 | 2015 | ||||||||||
END OF PERIOD BALANCES | ||||||||||||
Assets | $ | 5,245,610 | $ | 5,187,916 | $ | 4,862,384 | ||||||
Loans and leases | 4,031,975 | 3,994,692 | 3,701,132 | |||||||||
Deposits | 4,225,148 | 4,139,186 | 3,870,460 | |||||||||
Reserve for loan and lease losses | 89,296 | 88,112 | 85,098 | |||||||||
Intangible assets | 84,530 | 84,676 | 85,158 | |||||||||
Common shareholders’ equity | 649,973 | 644,053 | 624,505 | |||||||||
ASSET QUALITY | ||||||||||||
Loans and leases past due 90 days or more | $ | 728 | $ | 122 | $ | 190 | ||||||
Nonaccrual loans and leases | 12,982 | 12,718 | 21,359 | |||||||||
Other real estate | 330 | 736 | 892 | |||||||||
Former bank premises held for sale | — | — | 626 | |||||||||
Repossessions | 7,201 | 6,927 | 4,607 | |||||||||
Equipment owned under operating leases | 113 | 121 | 36 | |||||||||
Total nonperforming assets | $ | 21,354 | $ | 20,624 | $ | 27,710 | ||||||
*Three months ended March 31, 2015 share and per share figures have been adjusted for a 10% stock dividend declared July 22, 2015 and issued on August 14, 2015. | ||||||||||||
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1st SOURCE CORPORATION | |||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||
(Unaudited - Dollars in thousands) | |||||||||||
March 31, | December 31, | March 31, | |||||||||
2016 | 2015 | 2015 | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 52,373 | $ | 65,171 | $ | 58,196 | |||||
Federal funds sold and interest bearing deposits with other banks | 32,854 | 14,550 | 11,068 | ||||||||
Investment securities available-for-sale (amortized cost of $787,062, 781,232, and $778,597 at March 31, 2016, December 31, 2015 and March 31, 2015, respectively) | 801,950 | 791,727 | 796,604 | ||||||||
Other investments | 21,973 | 21,973 | 20,561 | ||||||||
Trading account securities | — | — | 208 | ||||||||
Mortgages held for sale | 11,999 | 9,825 | 22,820 | ||||||||
Loans and leases, net of unearned discount: | |||||||||||
Commercial and agricultural | 749,024 | 744,749 | 712,293 | ||||||||
Auto and light truck | 428,455 | 425,236 | 402,389 | ||||||||
Medium and heavy duty truck | 272,917 | 278,254 | 240,187 | ||||||||
Aircraft financing | 783,844 | 778,012 | 696,943 | ||||||||
Construction equipment financing | 467,782 | 455,565 | 439,530 | ||||||||
Commercial real estate | 716,610 | 700,268 | 615,555 | ||||||||
Residential real estate and home equity | 466,450 | 464,129 | 443,375 | ||||||||
Consumer | 146,893 | 148,479 | 150,860 | ||||||||
Total loans and leases | 4,031,975 | 3,994,692 | 3,701,132 | ||||||||
Reserve for loan and lease losses | (89,296 | ) | (88,112 | ) | (85,098 | ) | |||||
Net loans and leases | 3,942,679 | 3,906,580 | 3,616,034 | ||||||||
Equipment owned under operating leases, net | 110,412 | 110,371 | 82,640 | ||||||||
Net premises and equipment | 54,139 | 53,191 | 49,701 | ||||||||
Goodwill and intangible assets | 84,530 | 84,676 | 85,158 | ||||||||
Accrued income and other assets | 132,701 | 129,852 | 119,394 | ||||||||
Total assets | $ | 5,245,610 | $ | 5,187,916 | $ | 4,862,384 | |||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest bearing | $ | 926,379 | $ | 902,364 | $ | 835,403 | |||||
Interest bearing | 3,298,769 | 3,236,822 | 3,035,057 | ||||||||
Total deposits | 4,225,148 | 4,139,186 | 3,870,460 | ||||||||
Short-term borrowings: | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 169,820 | 130,662 | 123,075 | ||||||||
Other short-term borrowings | 12,094 | 102,567 | 77,071 | ||||||||
Total short-term borrowings | 181,914 | 233,229 | 200,146 | ||||||||
Long-term debt and mandatorily redeemable securities | 68,837 | 57,379 | 57,515 | ||||||||
Subordinated notes | 58,764 | 58,764 | 58,764 | ||||||||
Accrued expenses and other liabilities | 60,974 | 55,305 | 50,994 | ||||||||
Total liabilities | 4,595,637 | 4,543,863 | 4,237,879 | ||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Preferred stock; no par value Authorized 10,000,000 shares; none issued or outstanding | — | — | — | ||||||||
Common stock; no par value Authorized 40,000,000 shares; issued 28,205,674 shares at March 31, 2016 and December 31, 2015, respectively and 28,206,076 shares at March 31, 2015* | 436,538 | 436,538 | 346,535 | ||||||||
Retained earnings | 260,813 | 251,812 | 311,207 | ||||||||
Cost of common stock in treasury (2,356,417, 2,178,090, and 1,967,686 shares at March 31, 2016, December 31, 2015, and March 31, 2015, respectively)* | (56,677 | ) | (50,852 | ) | (44,484 | ) | |||||
Accumulated other comprehensive income | 9,299 | 6,555 | 11,247 | ||||||||
Total shareholders’ equity | 649,973 | 644,053 | 624,505 | ||||||||
Total liabilities and shareholders’ equity | $ | 5,245,610 | $ | 5,187,916 | $ | 4,862,384 | |||||
*March 31, 2015 share data gives retrospective recognition to a 10% stock dividend declared on July 22, 2015 and issued on August 14, 2015. | |||||||||||
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1st SOURCE CORPORATION | |||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(Unaudited - Dollars in thousands, except per share amounts) | |||||||||||
Three Months Ended | |||||||||||
March 31, | December 31, | March 31, | |||||||||
2016 | 2015 | 2015 | |||||||||
Interest income: | |||||||||||
Loans and leases | $ | 42,736 | $ | 44,019 | $ | 39,604 | |||||
Investment securities, taxable | 3,080 | 3,000 | 3,004 | ||||||||
Investment securities, tax-exempt | 692 | 731 | 769 | ||||||||
Other | 291 | 267 | 255 | ||||||||
Total interest income | 46,799 | 48,017 | 43,632 | ||||||||
Interest expense: | |||||||||||
Deposits | 3,771 | 3,218 | 2,559 | ||||||||
Short-term borrowings | 161 | 103 | 103 | ||||||||
Subordinated notes | 1,055 | 1,055 | 1,055 | ||||||||
Long-term debt and mandatorily redeemable securities | 523 | 430 | 479 | ||||||||
Total interest expense | 5,510 | 4,806 | 4,196 | ||||||||
Net interest income | 41,289 | 43,211 | 39,436 | ||||||||
Provision for loan and lease losses | 975 | — | 357 | ||||||||
Net interest income after provision for loan and lease losses | 40,314 | 43,211 | 39,079 | ||||||||
Noninterest income: | |||||||||||
Trust fees | 4,623 | 4,688 | 4,557 | ||||||||
Service charges on deposit accounts | 2,107 | 2,336 | 2,197 | ||||||||
Debit card income | 2,599 | 2,607 | 2,399 | ||||||||
Mortgage banking income | 1,046 | 1,111 | 1,251 | ||||||||
Insurance commissions | 1,563 | 1,318 | 1,305 | ||||||||
Equipment rental income | 6,073 | 6,000 | 5,079 | ||||||||
Gains on investment securities available-for-sale | 10 | — | — | ||||||||
Other income | 3,606 | 2,842 | 2,963 | ||||||||
Total noninterest income | 21,627 | 20,902 | 19,751 | ||||||||
Noninterest expense: | |||||||||||
Salaries and employee benefits | 21,351 | 22,579 | 20,925 | ||||||||
Net occupancy expense | 2,501 | 2,466 | 2,461 | ||||||||
Furniture and equipment expense | 4,790 | 4,877 | 4,336 | ||||||||
Depreciation - leased equipment | 5,101 | 4,938 | 4,088 | ||||||||
Professional fees | 1,219 | 1,467 | 870 | ||||||||
Supplies and communication | 1,508 | 1,889 | 1,406 | ||||||||
FDIC and other insurance | 879 | 868 | 849 | ||||||||
Business development and marketing expense | 980 | 1,330 | 1,049 | ||||||||
Loan and lease collection and repossession expense | 427 | 182 | 363 | ||||||||
Other expense | 1,949 | 1,148 | 1,714 | ||||||||
Total noninterest expense | 40,705 | 41,744 | 38,061 | ||||||||
Income before income taxes | 21,236 | 22,369 | 20,769 | ||||||||
Income tax expense | 7,418 | 7,952 | 7,258 | ||||||||
Net income | $ | 13,818 | $ | 14,417 | $ | 13,511 | |||||
Per common share*: | |||||||||||
Basic net income per common share | $ | 0.53 | $ | 0.55 | $ | 0.51 | |||||
Diluted net income per common share | $ | 0.53 | $ | 0.55 | $ | 0.51 | |||||
Dividends | $ | 0.180 | $ | 0.180 | $ | 0.164 | |||||
Basic weighted average common shares outstanding* | 25,923,530 | 26,059,762 | 26,258,273 | ||||||||
Diluted weighted average common shares outstanding* | 25,923,530 | 26,059,762 | 26,258,273 | ||||||||
*The computation of three months ended March 31, 2015 per common share data and shares outstanding gives retrospective recognition to a 10% stock dividend declared on July 22, 2015 and issued on August 14, 2015.
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1st SOURCE CORPORATION | ||||||||||||||||||||||||||||||||
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
INTEREST RATES AND INTEREST DIFFERENTIAL | ||||||||||||||||||||||||||||||||
(Unaudited - Dollars in thousands) | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||||||||||||||||||||||
Average Balance | Interest Income/Expense | Yield/ Rate | Average Balance | Interest Income/Expense | Yield/ Rate | Average Balance | Interest Income/Expense | Yield/ Rate | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||
Taxable | $ | 671,989 | $ | 3,080 | 1.84 | % | $ | 663,569 | $ | 3,000 | 1.79 | % | $ | 665,577 | $ | 3,004 | 1.83 | % | ||||||||||||||
Tax exempt | 122,860 | 1,013 | 3.32 | % | 122,334 | 1,074 | 3.48 | % | 122,984 | 1,134 | 3.74 | % | ||||||||||||||||||||
Mortgages held for sale | 9,137 | 95 | 4.18 | % | 8,392 | 88 | 4.16 | % | 13,007 | 126 | 3.93 | % | ||||||||||||||||||||
Net loans and leases | 4,008,435 | 42,781 | 4.29 | % | 3,959,468 | 44,045 | 4.41 | % | 3,674,082 | 39,531 | 4.36 | % | ||||||||||||||||||||
Other investments | 51,353 | 291 | 2.28 | % | 38,790 | 267 | 2.73 | % | 35,817 | 255 | 2.89 | % | ||||||||||||||||||||
Total earning assets | 4,863,774 | 47,260 | 3.91 | % | 4,792,553 | 48,474 | 4.01 | % | 4,511,467 | 44,050 | 3.96 | % | ||||||||||||||||||||
Cash and due from banks | 58,851 | 62,446 | 61,544 | |||||||||||||||||||||||||||||
Reserve for loan and lease losses | (88,845 | ) | (89,841 | ) | (85,791 | ) | ||||||||||||||||||||||||||
Other assets | 375,985 | 369,436 | 333,233 | |||||||||||||||||||||||||||||
Total assets | $ | 5,209,765 | $ | 5,134,594 | $ | 4,820,453 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 3,254,262 | $ | 3,771 | 0.47 | % | $ | 3,193,247 | $ | 3,218 | 0.40 | % | $ | 3,029,179 | $ | 2,559 | 0.34 | % | ||||||||||||||
Short-term borrowings | 231,477 | 161 | 0.28 | % | 223,202 | 103 | 0.18 | % | 219,950 | 103 | 0.19 | % | ||||||||||||||||||||
Subordinated notes | 58,764 | 1,055 | 7.22 | % | 58,764 | 1,055 | 7.12 | % | 58,764 | 1,055 | 7.28 | % | ||||||||||||||||||||
Long-term debt and mandatorily redeemable securities | 62,505 | 523 | 3.37 | % | 57,414 | 430 | 2.97 | % | 56,730 | 479 | 3.42 | % | ||||||||||||||||||||
Total interest bearing liabilities | 3,607,008 | 5,510 | 0.61 | % | 3,532,627 | 4,806 | 0.54 | % | 3,364,623 | 4,196 | 0.51 | % | ||||||||||||||||||||
Noninterest-bearing deposits | 899,011 | 907,666 | 787,776 | |||||||||||||||||||||||||||||
Other liabilities | 54,149 | 47,274 | 44,657 | |||||||||||||||||||||||||||||
Shareholders’ equity | 649,597 | 647,027 | 623,397 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,209,765 | $ | 5,134,594 | $ | 4,820,453 | ||||||||||||||||||||||||||
Net interest income | $ | 41,750 | $ | 43,668 | $ | 39,854 | ||||||||||||||||||||||||||
Net interest margin on a tax equivalent basis | 3.45 | % | 3.61 | % | 3.58 | % | ||||||||||||||||||||||||||
The NASDAQ Stock Market National Market Symbol: “SRCE” (CUSIP #336901 10 3)
Please contact us at shareholder@1stsource.com
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