QUARTERLY HIGHLIGHTS
- Net income improved to $16.21 million,
17.28% over the first quarter of 2016 and diluted net income per
common share improved to $0.62 from the prior year's quarter of
$0.53.
- Return on average assets of 1.21% and
return on average common shareholders' equity of 9.61%.
- Net recoveries of $0.58 million and
nonperforming assets to loans and leases of 0.63%.
- Average loans and leases grew $178.80
million or 4.46% from the first quarter of 2016.
- Average deposits grew $145.69 million
or 3.51% from the first quarter of 2016.
- Net interest income increased $2.44
million or 5.90% from the first quarter of 2016.
- Noninterest income increased $1.68
million or 7.77% from the first quarter of 2016 (increased 6.66%
excluding leased equipment depreciation).
- Noninterest expenses increased slightly
from the first quarter of 2016 (decreased slightly excluding leased
equipment depreciation).
1st Source Corporation (NASDAQ: SRCE), parent company of 1st
Source Bank, today reported a record high net income of $16.21
million for the first quarter of 2017, an increase of 17.28%
compared to $13.82 million reported in the first quarter a year
ago. The net income comparison was positively impacted by gains of
$1.29 million on the sale of investment securities
available-for-sale, mortgage backed security prepayments of $0.45
million and gains on the sale of fixed assets of $0.20 million.
These positives were partially offset by the writedown of fixed
assets of $0.41 million and a contribution expense of $0.50 million
to the 1st Source Foundation.
Diluted net income per common share for the first quarter of
2017 was also a record high at $0.62, versus $0.53 in the first
quarter of 2016.
At its April 2017 meeting, the Board of Directors approved an
increase in cash dividend to $0.19 per common share. This is an
increase of 5.56% over the $0.18 per common share in the prior
quarter. The cash dividend is payable to shareholders of record on
May 2, 2017 and will be paid on May 12, 2017.
According to Christopher J. Murphy III, Chairman, “1st Source
Corporation had a solid first quarter. Credit quality remained
stable while we managed an increase in our net interest margin. We
have maintained noninterest expenses at a level similar to the same
quarter a year ago while seeing an increase in both net interest
income and noninterest income.”
“During the quarter, we razed our outdated facility on North
Calumet Avenue in Valparaiso, Indiana, and broke ground on a new
banking center at the same location. We look forward to completing
construction and continuing to grow in this market for many years.
We also announced the closing of three other facilities in markets
well served by other nearby 1st Source banking centers. In
addition, we announced the opening of our new Sarasota banking
center to serve our clients who move to Florida and wish to
continue their strong personal and business relationships with the
Bank. This is especially true with our wealth advisory and private
banking clients.”
“It is important to note that our first quarter was positively
impacted from the sale of securities the Bank has held for quite
some time and from favorable credit trends, including recoveries,
when compared to the first quarter of 2016.”
“As always, we will continue to help our clients achieve
security, build wealth and realize their dreams,” Mr. Murphy
concluded.
FIRST QUARTER 2017 FINANCIAL RESULTS
Loans
Average loans and leases of $4.19 billion increased $178.80
million, or 4.46% in the first quarter of 2017 from the year ago
quarter and have increased $37.32 million from the fourth
quarter.
Deposits
Average deposits of $4.30 billion grew $145.69 million, or 3.51%
for the quarter ended March 31, 2017 from the year ago quarter and
have decreased $103.26 million, or 2.35% compared to the fourth
quarter.
Net Interest Income and Net Interest Margin
First quarter 2017 net interest income of $43.73 million
increased $2.44 million, or 5.90% from the first quarter a year ago
and increased slightly from the fourth quarter.
First quarter 2017 net interest margin was 3.49%, an improvement
of 8 basis points from the 3.41% for the same period in 2016 and
increased 10 basis points from the 3.39% in the fourth quarter.
First quarter 2017 net interest margin on a fully tax-equivalent
basis was 3.53%, an increase of 8 basis points from the 3.45% for
the same period in 2016 and improved 11 basis points from the 3.42%
in the fourth quarter.
Noninterest Income
Noninterest income for the first quarter of 2017 was $23.31
million, up $1.68 million, or 7.77% from the year ago quarter, and
up $0.95 million, or 4.25% from the fourth quarter. The growth in
noninterest income during the first quarter from the same quarter a
year ago was mainly due to gains on the sale of available-for-sale
equity securities, higher equipment rental income related to an
increase in the average equipment rental portfolio and increased
trust and wealth advisory fees, which was offset by reduced
partnership gains, resulting from the partial liquidation of an
investment during the first quarter of 2016, lower monogram fund
income and decreased customer swap fees. The rise in noninterest
income from the fourth quarter was primarily as a result of the
receipt of insurance contingent commissions, gains on the sale of
available-for-sale equity securities, and higher equipment rental
income related to an increase in the average equipment rental
portfolio.
Noninterest Expense
Noninterest expense for the quarter ended March 31, 2017 was
$41.12 million, up $0.41 million, or 1.02% over the comparable
period a year ago and down $0.64 million, or 1.54% from the fourth
quarter. Excluding depreciation on leased equipment, noninterest
expenses were down slightly for the quarter ended March 31, 2017.
The increase in noninterest expense from the same quarter a year
ago was primarily due to charitable contributions, higher
depreciation on leased equipment, and increased loan and lease
collection and repossession expenses and the writedown of fixed
assets, offset by reduced residential mortgage foreclosure
expenses, lower FDIC insurance assessments, decreased professional
fees and gains on the sale of fixed assets. The reduction in
noninterest expense from the fourth quarter of 2016 was due to a
decrease in group insurance claims, reduced professional consulting
fees, gains on the sale of fixed assets and lower furniture and
equipment expense, offset by the writedown of fixed assets and a
loss on the sale of a repossessed asset.
Credit
The reserve for loan and lease losses as of March 31, 2017 was
2.13% of total loans and leases compared to 2.11% at December 31,
2016 and 2.21% at March 31, 2016. Net recoveries of $0.58 million
were recorded for the first quarter of 2017 compared with net
recoveries of $0.21 million in the same quarter a year ago and down
from the $1.10 million of net charge-offs in the fourth
quarter.
The ratio of nonperforming assets to loans and leases was 0.63%
as of March 31, 2017, comparable to the 0.51% on March 31, 2016 and
the 0.70% on December 31, 2016.
Capital
As of March 31, 2017, the common equity-to-assets ratio was
12.47%, compared to 12.26% at December 31, 2016 and 12.39% a year
ago. The tangible common equity-to-tangible assets ratio was 11.11%
at March 31, 2017 and 10.89% at December 31, 2016 compared to
10.96% a year earlier. The Common Equity Tier 1 ratio, calculated
under banking regulatory guidelines, was 12.69% at March 31, 2017
compared to 12.59% at December 31, 2016 and 12.37% 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 82 banking
centers, 23 1st Source Bank Specialty Finance Group locations
nationwide, eight Wealth Advisory Services locations and ten 1st
Source Insurance offices.
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.
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
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.
(charts attached)
1st SOURCE CORPORATION
1st QUARTER 2017 FINANCIAL HIGHLIGHTS (Unaudited - Dollars
in thousands, except per share data)
Three Months Ended
March 31, December 31, March 31,
2017 2016 2016
AVERAGE BALANCES Assets $ 5,437,247 $
5,461,990 $ 5,209,765 Earning assets 5,075,410 5,097,192 4,863,774
Investments 839,283 828,955 794,849 Loans and leases 4,187,231
4,149,913 4,008,435 Deposits 4,298,964 4,402,225 4,153,273 Interest
bearing liabilities 3,747,752 3,729,397 3,607,008 Common
shareholders’ equity 683,647 675,915 649,597
INCOME
STATEMENT DATA Net interest income $ 43,727 $ 43,383 $ 41,289
Net interest income - FTE(1)
44,188 43,837 41,750 Provision for loan and lease losses 1,000 742
975 Noninterest income 23,307 22,356 21,627 Noninterest expense
41,119 41,761 40,705 Net income 16,206 15,225 13,818
PER
SHARE DATA Basic net income per common share $ 0.62 $ 0.58 $
0.53 Diluted net income per common share 0.62 0.58 0.53 Common cash
dividends declared 0.18 0.18 0.18 Book value per common share 26.46
26.00 25.14 Tangible book value per common share(1) 23.22 22.75
21.87 Market value - High 49.11 45.61 33.50 Market value - Low
42.15 33.27 27.01 Basic weighted average common shares outstanding
25,903,397 25,873,552 25,923,530 Diluted weighted average common
shares outstanding 25,903,397 25,873,552 25,923,530
KEY
RATIOS Return on average assets 1.21 % 1.11 % 1.07 % Return on
average common shareholders’ equity 9.61 8.96 8.56 Average common
shareholders’ equity to average assets 12.57 12.37 12.47 End of
period tangible common equity to tangible assets(1) 11.11 10.89
10.96 Risk-based capital - Common Equity Tier 1(2) 12.69 12.59
12.37 Risk-based capital - Tier 1(2) 13.88 13.80 13.63 Risk-based
capital - Total(2) 15.18 15.12 14.94 Net interest margin 3.49 3.39
3.41 Net interest margin - FTE(1) 3.53 3.42 3.45 Efficiency ratio:
expense to revenue 61.34 63.53 64.70 Efficiency ratio: expense to
revenue - adjusted(1) 57.81 59.87 62.28 Net charge offs to average
loans and leases (0.06 ) 0.11 (0.02 ) Loan and lease loss reserve
to loans and leases 2.13 2.11 2.21 Nonperforming assets to loans
and leases 0.63 0.70 0.51
March 31, December
31, September 30, June 30, March 31,
2017 2016 2016
2016 2016 END OF PERIOD BALANCES
Assets $ 5,501,526 $ 5,486,268 $ 5,447,911 $ 5,379,938 $ 5,245,610
Loans and leases 4,234,862 4,188,071 4,179,417 4,152,763 4,031,975
Deposits 4,336,976 4,333,760 4,377,038 4,325,084 4,225,148 Reserve
for loan and lease losses 90,118 88,543 88,897 91,458 89,296
Goodwill and intangible assets 83,960 84,102 84,244 84,386 84,530
Common shareholders’ equity 685,934 672,650 670,259 661,756 649,973
ASSET QUALITY Loans and leases past due 90 days or
more $ 344 $ 416 $ 611 $ 275 $ 728 Nonaccrual loans and leases
18,090 19,907 19,922 12,579 12,982 Other real estate 916 704 551
452 330 Repossessions 8,121 9,373 8,089 7,619 7,201 Equipment owned
under operating leases 27 34 43
107 113 Total nonperforming assets
$ 27,498 $ 30,434 $ 29,216
$ 21,032 $ 21,354 (1) See
“Reconciliation of Non-GAAP Financial Measures” for more
information on this performance measure/ratio. (2) Calculated under
banking regulatory guidelines.
1st SOURCE CORPORATION CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION (Unaudited - Dollars in thousands)
March
31, December 31, September 30, March 31,
2017 2016 2016
2016
ASSETS
Cash and due from banks $ 58,429 $ 58,578 $ 65,724 $ 52,373 Federal
funds sold and interest bearing deposits with other banks 33,687
49,726 30,100 32,854 Investment securities available-for-sale
836,682 850,467 828,615 801,950 Other investments 22,458 22,458
22,458 21,973 Mortgages held for sale 8,409 15,849 19,986 11,999
Loans and leases, net of unearned discount: Commercial and
agricultural 843,757 812,264 786,167 749,024 Auto and light truck
430,489 411,764 400,809 428,455 Medium and heavy duty truck 290,167
294,790 271,478 272,917 Aircraft 783,523 802,414 836,977 783,844
Construction equipment 512,545 495,925 498,086 467,782 Commercial
real estate 723,623 719,170 744,972 716,610 Residential real estate
and home equity 522,772 521,931 512,597 491,425 Consumer
127,986 129,813 128,331
121,918
Total loans and leases 4,234,862 4,188,071
4,179,417 4,031,975 Reserve for loan and lease losses
(90,118 ) (88,543 ) (88,897 ) (89,296 )
Net
loans and leases 4,144,744 4,099,528 4,090,520 3,942,679
Equipment owned under operating leases, net 127,323 118,793 117,883
110,412 Net premises and equipment 55,167 56,708 54,654 54,139
Goodwill and intangible assets 83,960 84,102 84,244 84,530 Accrued
income and other assets 130,667 130,059
133,727 132,701
Total assets
$ 5,501,526 $ 5,486,268 $
5,447,911 $ 5,245,610
LIABILITIES
Deposits: Noninterest-bearing demand $ 966,903 $ 991,256 $ 992,776
$ 926,379 Interest-bearing deposits: Interest-bearing demand
1,418,395 1,471,526 1,417,692 1,307,142 Savings 839,257 814,326
799,891 783,412 Time 1,112,421 1,056,652
1,166,679 1,208,215
Total
interest-bearing deposits 3,370,073
3,342,504 3,384,262 3,298,769
Total deposits 4,336,976 4,333,760
4,377,038 4,225,148 Short-term
borrowings: Federal funds purchased and securities sold under
agreements to repurchase 176,079 162,913 167,029 169,820 Other
short-term borrowings 103,666 129,030
48,978 12,094
Total short-term
borrowings 279,745 291,943
216,007 181,914 Long-term debt and mandatorily
redeemable securities 85,479 74,308 64,760 68,837 Subordinated
notes 58,764 58,764 58,764 58,764 Accrued expenses and other
liabilities 54,628 54,843 61,083
60,974
Total liabilities
4,815,592 4,813,618 4,777,652
4,595,637
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, 2017, December 31, 2016, September
30, 2016, and March 31, 2016, respectively
436,538 436,538 436,538 436,538 Retained earnings 303,009 290,824
280,335 260,813 Cost of common stock in treasury (2,282,044,
2,329,909, 2,338,581, and 2,356,417 shares at March 31, 2017,
December 31, 2016, September 30, 2016, and March 31, 2016,
respectively) (54,940 ) (56,056 ) (56,262 ) (56,677 ) Accumulated
other comprehensive income 1,327 1,344
9,648 9,299
Total shareholders’
equity 685,934 672,650
670,259 649,973
Total liabilities and
shareholders’ equity $ 5,501,526 $
5,486,268 $ 5,447,911 $ 5,245,610
1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited - Dollars in
thousands, except per share amounts)
Three Months Ended
March 31, December 31, March 31,
2017 2016 2016 Interest income:
Loans and leases $ 44,884 $ 44,407 $ 42,736 Investment securities,
taxable 3,514 3,273 3,080 Investment securities, tax-exempt 683 679
692 Other 291 365 291
Total
interest income 49,372 48,724
46,799 Interest expense: Deposits 3,734 3,827 3,771
Short-term borrowings 227 95 161 Subordinated notes 1,055 1,055
1,055 Long-term debt and mandatorily redeemable securities
629 364 523
Total interest
expense 5,645 5,341 5,510
Net interest income 43,727 43,383 41,289 Provision for loan
and lease losses 1,000 742 975
Net interest income after provision for loan and lease
losses 42,727 42,641 40,314
Noninterest income: Trust and wealth advisory 5,001 4,834 4,623
Service charges on deposit accounts 2,239 2,304 2,107 Debit card
2,750 2,727 2,599 Mortgage banking 947 1,001 1,046 Insurance
commissions 1,767 1,367 1,563 Equipment rental 6,832 6,616 6,073
Gains on investment securities available-for-sale 1,285 1,006 10
Other 2,486 2,501 3,606
Total
noninterest income 23,307 22,356
21,627 Noninterest expense: Salaries and employee benefits
21,345 22,156 21,351 Net occupancy 2,594 2,443 2,501 Furniture and
equipment 4,793 5,001 4,790 Depreciation - leased equipment 5,680
5,563 5,101 Professional fees 1,077 1,508 1,219 Supplies and
communication 1,250 1,106 1,508 FDIC and other insurance 623 710
879 Business development and marketing 1,652 1,668 980 Loan and
lease collection and repossession 636 464 427 Other 1,469
1,142 1,949
Total noninterest
expense 41,119 41,761 40,705
Income before income taxes 24,915 23,236 21,236 Income tax expense
8,709 8,011 7,418
Net
income $ 16,206 $ 15,225 $
13,818 Per common share: Basic net income per common share $
0.62 $ 0.58 $ 0.53 Diluted net income
per common share $ 0.62 $ 0.58 $
0.53 Cash dividends $ 0.18 $ 0.18
$ 0.18 Basic weighted average common shares outstanding
25,903,397 25,873,552 25,923,530
Diluted weighted average common shares outstanding
25,903,397 25,873,552 25,923,530
1st SOURCE CORPORATION DISTRIBUTION OF ASSETS,
LIABILITIES AND SHAREHOLDERS’ EQUITY INTEREST RATES AND
INTEREST DIFFERENTIAL (Unaudited - Dollars in thousands)
Three Months Ended March 31, 2017 December
31, 2016 March 31, 2016
AverageBalance
InterestIncome/Expense
Yield/Rate
AverageBalance
InterestIncome/Expense
Yield/Rate
AverageBalance
InterestIncome/Expense
Yield/Rate
ASSETS
Investment securities available-for-sale:
Taxable $ 708,249 $ 3,514 2.01 % $ 696,110 $
3,273 1.87 % $ 671,989 $ 3,080 1.84 % Tax exempt(1) 131,034 994
3.08 % 132,845 983 2.94 % 122,860 1,013 3.32 % Mortgages held for
sale 8,155 81 4.03 % 14,615 128 3.48 % 9,137 95 4.18 % Loans and
leases, net of unearned discount(1) 4,187,231 44,953 4.35 %
4,149,913 44,429 4.26 % 4,008,435 42,781 4.29 % Other investments
40,741 291 2.90 % 103,709
365 1.40 % 51,353 291
2.28 % Total earning assets(1) 5,075,410 49,833 3.98
% 5,097,192 49,178 3.84 % 4,863,774 47,260 3.91 % Cash and due from
banks 59,967 62,689 58,851 Reserve for loan and lease losses
(90,222 ) (89,618 ) (88,845 ) Other assets 392,092
391,727
375,985 Total
assets $ 5,437,247 $
5,461,990 $ 5,209,765
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Interest-bearing deposits 3,345,670 3,734 0.45 % 3,406,478 3,827
0.45 % 3,254,262 3,771 0.47 % Short-term borrowings 267,823 227
0.34 % 189,895 95 0.20 % 231,477 161 0.28 % Subordinated notes
58,764 1,055 7.28 % 58,764 1,055 7.14 % 58,764 1,055 7.22 %
Long-term debt and mandatorily redeemable securities 75,495
629 3.38 % 74,260 364
1.95 % 62,505 523
3.37 % Total interest-bearing liabilities 3,747,752 5,645 0.61 %
3,729,397 5,341 0.57 % 3,607,008 5,510 0.61 % Noninterest-bearing
deposits 953,294 995,747 899,011 Other liabilities 52,554 60,931
54,149 Shareholders’ equity 683,647
675,915
649,597 Total liabilities and
shareholders’ equity $ 5,437,247
$ 5,461,990 $
5,209,765 Less: Fully
tax-equivalent adjustments (461 ) (454 ) (461 ) Net interest
income/margin (GAAP-derived)(1) $ 43,727
3.49 % $ 43,383 3.39 %
$ 41,289 3.41 % Fully
tax-equivalent adjustments 461 454 461 Net interest income/margin -
FTE(1) $ 44,188 3.53 %
$ 43,837 3.42 % $ 41,750
3.45 % (1) See “Reconciliation of Non-GAAP
Financial Measures” for more information on this performance
measure/ratio.
1st SOURCE CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited -
Dollars in thousands, except per share data)
Three Months Ended March 31, December 31,
March 31, 2017
2016 2016
Calculation of
Net Interest Margin
(A) Interest income (GAAP) $ 49,372 $ 48,724 $ 46,799 Fully
tax-equivalent adjustments: (B) - Loans and leases 150 150 140 (C)
- Tax exempt investment securities 311 304
321 (D) Interest income - FTE (A+B+C) 49,833
49,178 47,260 (E) Interest expense (GAAP) 5,645 5,341 5,510 (F) Net
interest income (GAAP) (A-E) 43,727 43,383
41,289 (G) Net interest income - FTE (D-E)
44,188 43,837 41,750 (H)
Annualization factor 4.056 3.978 4.022 (I) Total earning assets $
5,075,410 $ 5,097,192 $ 4,863,774 Net interest margin
(GAAP-derived) (F*H)/I 3.49 % 3.39 % 3.41 % Net interest margin -
FTE (G*H)/I 3.53 % 3.42 % 3.45 %
Calculation of
Efficiency Ratio
(F) Net interest income (GAAP) $ 43,727 $ 43,383 $ 41,289 (G) Net
interest income - FTE 44,188 43,837 41,750 (J) Plus: noninterest
income (GAAP) 23,307 22,356 21,627 (K) Less: gains/losses on
investment securities and partnership investments (1,314 ) (974 )
(1,109 ) (L) Less: depreciation - leased equipment (5,680 )
(5,563 ) (5,101 ) (M) Total net revenue (GAAP) (F+J)
67,034 65,739 62,916 (N)
Total net revenue - adjusted (G+J–K–L) 60,501
59,656 57,167 (O) Noninterest expense (GAAP)
41,119 41,761 40,705 (L) Less:depreciation - leased equipment
(5,680 ) (5,563 ) (5,101 ) (P) Less: contribution expense limited
to gains on investment securities in (K) (462 ) (484
) — (Q) Noninterest expense - adjusted (O–L–P) 34,977
35,714 35,604 Efficiency ratio (GAAP-derived) (O/M) 61.34 % 63.53 %
64.70 % Efficiency ratio - adjusted (Q/N) 57.81 % 59.87 % 62.28 %
End of Period March 31, December 31,
March 31, 2017
2016 2016
Calculation of
Tangible Common Equity-to-Tangible Assets Ratio
(R) Total common shareholders’ equity (GAAP) $ 685,934 $ 672,650 $
649,973 (S) Less: goodwill and intangible assets (83,960 )
(84,102 ) (84,530 ) (T) Total tangible common
shareholders’ equity (R–S) $ 601,974 $ 588,548
$ 565,443 (U) Total assets (GAAP) 5,501,526
5,486,268 5,245,610 (S) Less: goodwill and intangible assets
(83,960 ) (84,102 ) (84,530 ) (V) Total tangible
assets (U–S) $ 5,417,566 $ 5,402,166
$ 5,161,080 Common equity-to-assets ratio
(GAAP-derived) (R/U) 12.47 % 12.26 % 12.39 % Tangible common
equity-to-tangible assets ratio (T/V) 11.11 % 10.89 % 10.96 %
Calculation of
Tangible Book Value per Common Share
(R) Total common shareholders’ equity (GAAP) $ 685,934 $ 672,650 $
649,973 (W) Actual common shares outstanding 25,923,630
25,875,765 25,849,257 Book value
per common share (GAAP-derived) (R/W)*1000 $ 26.46 $ 26.00 $ 25.14
Tangible common book value per share (T/W)*1000 $ 23.22 $ 22.75 $
21.87
The NASDAQ Stock Market National Market Symbol: “SRCE” (CUSIP
#336901 10 3)Please contact us at shareholder@1stsource.com
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version on businesswire.com: http://www.businesswire.com/news/home/20170420005808/en/
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