1st Source Corporation Reports Record Annual Earnings, Cash Dividend Declared, History of Increased Dividends Continues
1st Source (NASDAQ: SRCE) reported record annual earnings for 2024, with net income reaching $132.62 million, up 6.16% from 2023. The company achieved $5.36 diluted earnings per share, a 6.56% increase year-over-year. Fourth quarter net income was $31.44 million, up 10.58% from Q4 2023.
Key financial metrics include a return on average assets of 1.52% and return on average shareholders' equity of 12.54%. The Board approved a cash dividend of $0.36 per share, marking the 37th consecutive year of dividend growth. End-of-period loans increased by 5.16% to $6.85 billion, while deposits grew 5.06% to $6.73 billion. The tax-equivalent net interest margin improved to 3.64% for 2024, up 13 basis points from 2023.
1st Source (NASDAQ: SRCE) ha riportato guadagni annuali record per il 2024, con un reddito netto che ha raggiunto $132.62 milioni, in aumento del 6.16% rispetto al 2023. L'azienda ha ottenuto $5.36 di utili per azione diluiti, un incremento del 6.56% anno su anno. Il reddito netto del quarto trimestre è stato di 31.44 milioni di dollari, in crescita del 10.58% rispetto al Q4 2023.
I principali indicatori finanziari includono un ritorno sugli attivi medi dell'1.52% e un ritorno sul patrimonio netto medio degli azionisti del 12.54%. Il Consiglio ha approvato un dividendo in contante di $0.36 per azione, segnando il 37° anno consecutivo di crescita dei dividendi. I prestiti a fine periodo sono aumentati del 5.16% a $6.85 miliardi, mentre i depositi sono cresciuti del 5.06% a $6.73 miliardi. Il margine d'interesse netto equivalente fiscale è migliorato al 3.64% per il 2024, in aumento di 13 punti base rispetto al 2023.
1st Source (NASDAQ: SRCE) informó ganancias anuales récord para 2024, con un ingreso neto que alcanzó $132.62 millones, un aumento del 6.16% respecto a 2023. La compañía logró $5.36 de ganancias por acción diluidas, un incremento del 6.56% interanual. El ingreso neto del cuarto trimestre fue de $31.44 millones, un aumento del 10.58% respecto al Q4 2023.
Los principales indicadores financieros incluyen un retorno sobre activos promedio del 1.52% y un retorno sobre el patrimonio neto promedio de los accionistas del 12.54%. La Junta aprobó un dividendo en efectivo de $0.36 por acción, marcando el 37° año consecutivo de crecimiento del dividendo. Los préstamos al final del periodo aumentaron un 5.16% a $6.85 mil millones, mientras que los depósitos crecieron un 5.06% a $6.73 mil millones. El margen de interés neto equivalente fiscal mejoró al 3.64% para 2024, un incremento de 13 puntos básicos respecto a 2023.
1st Source (NASDAQ: SRCE)는 2024년 연간 수익이 기록적인 수준에 도달했으며, 순이익이 $132.62 백만에 이르렀고, 이는 2023년 대비 6.16% 증가한 수치입니다. 이 회사는 $5.36 희석주당순이익을 기록했으며, 이는 전년 대비 6.56% 증가한 것입니다. 4분기 순이익은 $31.44 백만으로, 2023년 4분기 대비 10.58% 증가했습니다.
주요 재무 지표에는 평균 자산 수익률이 1.52%, 평균 주주 자본 수익률이 12.54%가 포함됩니다. 이사회는 주당 $0.36의 현금 배당금을 승인했으며, 이는 37년 연속 배당금 증가를 의미합니다. 연말 기준 대출은 5.16% 증가하여 $6.85 백만에 이르렀고, 예금은 5.06% 증가하여 $6.73 백만에 도달했습니다. 세금 등가 순이자 마진은 2024년에 3.64%로 개선되어 2023년 대비 13bp 상승했습니다.
1st Source (NASDAQ: SRCE) a annoncé des bénéfices annuels record pour 2024, avec un revenu net atteignant $132,62 millions, en hausse de 6,16 % par rapport à 2023. L'entreprise a réalisé $5,36 de bénéfice dilué par action, soit une augmentation de 6,56 % d'une année sur l'autre. Le revenu net du quatrième trimestre s'est établi à 31,44 millions de dollars, en hausse de 10,58 % par rapport au T4 2023.
Les indicateurs financiers clés comprennent un rendement sur actifs moyen de 1,52 % et un rendement sur les capitaux propres moyens des actionnaires de 12,54 %. Le Conseil a approuvé un dividende en espèces de 0,36 $ par action, marquant ainsi la 37e année consécutive de croissance des dividendes. Les prêts à la fin de la période ont augmenté de 5,16 % pour atteindre 6,85 milliards de dollars, tandis que les dépôts ont crû de 5,06 % pour atteindre 6,73 milliards de dollars. La marge d'intérêt nette équivalente fiscale s'est améliorée à 3,64 % pour 2024, en hausse de 13 points de base par rapport à 2023.
1st Source (NASDAQ: SRCE) hat für 2024 Rekordjahrgewinne gemeldet, wobei der Nettogewinn $132,62 Millionen erreichte, was einem Anstieg von 6,16% gegenüber 2023 entspricht. Das Unternehmen erzielte $5,36 verwässerte Erträge pro Aktie, was einem Anstieg von 6,56% im Jahresvergleich entspricht. Der Nettogewinn im vierten Quartal betrug 31,44 Millionen Dollar, was einem Anstieg von 10,58% gegenüber Q4 2023 entspricht.
Wichtige Finanzkennzahlen sind eine Rendite auf das durchschnittliche Vermögen von 1,52% und eine Rendite auf das durchschnittliche Eigenkapital der Aktionäre von 12,54%. Der Vorstand genehmigte eine Bar-Dividende von $0,36 pro Aktie, was das 37. Jahr in Folge mit Dividendenwachstum markiert. Die Kredite zum Ende des Berichtszeitraums stiegen um 5,16% auf $6,85 Milliarden, während die Einlagen um 5,06% auf $6,73 Milliarden wuchsen. Die steuerlich äquivalente Nettozinsspanne verbesserte sich 2024 auf 3,64%, ein Anstieg von 13 Basispunkten gegenüber 2023.
- Record annual net income of $132.62 million, up 6.16% YoY
- Record diluted EPS of $5.36, up 6.56% YoY
- 37th consecutive year of dividend growth with 5.88% increase
- Loan growth of 5.16% to $6.85 billion
- Deposit growth of 5.06% to $6.73 billion
- Net interest margin improvement to 3.64%, up 13 basis points
- Q4 net income down 10.02% from previous quarter
- $3.9 million pre-tax losses from securities sale in Q4
- Return on equity decreased to 12.54% from 13.48% in 2023
- Net charge-offs of 0.09% in 2024 vs net recoveries of 0.04% in 2023
- Noninterest income declined 4.76% YoY
Insights
1st Source 's 2024 performance reveals a well-executed balance sheet management strategy amid challenging market conditions. The record earnings of
Strategic Portfolio Optimization: The bank's decision to sell
Margin Excellence: The expansion of net interest margin to
Credit Quality Signals: While nonperforming assets increased slightly to
Capital Strength: The improvement in tangible common equity ratio to
FULL YEAR AND QUARTERLY HIGHLIGHTS
- Net income was a record
$132.62 million for the year of 2024, up6.16% from 2023 and was$31.44 million for the fourth quarter of 2024, down10.02% from the previous quarter and up10.58% from the fourth quarter of 2023. Diluted net income per common share was a record$5.36 for the year of 2024, up6.56% from 2023 and was$1.27 for the fourth quarter of 2024, down9.93% from the previous quarter and up10.43% 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 to12.54% for the full year 2024 from1.48% and13.48% , respectively, in 2023. For the fourth quarter of 2024, return on average assets increased to1.42% and return on average common shareholders' equity decreased to11.21% from1.32% and11.87% , respectively, in the fourth quarter of 2023. - Cash dividend of
$0.36 per common share was approved, up5.88% 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 or5.16% 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 or5.06% 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 was3.78% 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, Indiana--(Newsfile Corp. - January 23, 2025) - 1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported record net income of
Return on average assets increased to
At its January 2025 meeting, the Board of Directors approved a cash dividend of
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
"In addition, at the close of the year, we were pleased to achieve an 'Excellent' Net Promoter Score (NPS) of
"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.
FULL YEAR AND FOURTH QUARTER 2024 FINANCIAL RESULTS
Loans
Annual average loans and leases of
Deposits
Annual average deposits for 2024 were
Net Interest Income and Net Interest Margin
For the twelve months of 2024, tax-equivalent net interest income was
Net interest margin for the year ending December 31, 2024 was
Fourth quarter 2024 net interest margin was
Noninterest Income
Noninterest income for the twelve months ended December 31, 2024 was
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
The decrease in noninterest income from the previous quarter was mainly due to the losses on the sale of available-for-sale securities of
Noninterest Expense
Noninterest expense for the twelve months ended December 31, 2024 was
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
Credit
The allowance for loan and lease losses as of December 31, 2024 was
Net charge-offs for the full year of 2024 were
The provision for credit losses was
Capital
As of December 31, 2024, the common equity-to-assets ratio was
During 2024, 2,997 shares were repurchased for treasury reducing common shareholders' equity by
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 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.
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.
Category: Earnings
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(charts attached)
| 1st SOURCE CORPORATION | ||||||||||||||
| 4th QUARTER 2024 FINANCIAL HIGHLIGHTS | ||||||||||||||
| (Unaudited - Dollars in thousands, except per share data) | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
| AVERAGE BALANCES | ||||||||||||||
| Assets | $ | 8,824,464 | $ | 8,719,824 | $ | 8,553,500 | $ | 8,739,539 | $ | 8,414,797 | ||||
| Earning assets | 8,378,064 | 8,273,301 | 8,071,861 | 8,284,489 | 7,956,604 | |||||||||
| Investments | 1,580,016 | 1,539,219 | 1,596,602 | 1,570,364 | 1,676,650 | |||||||||
| Loans and leases | 6,676,421 | 6,605,677 | 6,387,858 | 6,598,329 | 6,203,857 | |||||||||
| Deposits | 7,146,149 | 7,134,426 | 7,068,668 | 7,118,957 | 6,957,244 | |||||||||
| Interest bearing liabilities | 5,841,096 | 5,806,983 | 5,678,546 | 5,838,539 | 5,522,793 | |||||||||
| Common shareholders' equity | 1,115,473 | 1,079,543 | 949,939 | 1,057,331 | 926,935 | |||||||||
| Total equity | 1,186,337 | 1,150,795 | 1,013,114 | 1,130,342 | 987,196 | |||||||||
| INCOME STATEMENT DATA | ||||||||||||||
| Net interest income | $ | 79,366 | $ | 75,486 | $ | 71,330 | $ | 300,817 | $ | 278,647 | ||||
| Net interest income - FTE(1) | 79,516 | 75,630 | 71,496 | 301,403 | 279,388 | |||||||||
| Provision for credit losses(2) | 3,580 | 1,723 | 2,074 | 12,466 | 8,432 | |||||||||
| Noninterest income | 18,482 | 22,448 | 20,076 | 86,307 | 90,623 | |||||||||
| Noninterest expense(2) | 54,208 | 50,828 | 52,809 | 203,601 | 199,158 | |||||||||
| Net income | 31,437 | 34,914 | 28,417 | 132,618 | 124,934 | |||||||||
| Net income available to common shareholders | 31,438 | 34,937 | 28,429 | 132,623 | 124,927 | |||||||||
| PER SHARE DATA | ||||||||||||||
| Basic net income per common share | $ | 1.27 | $ | 1.41 | $ | 1.15 | $ | 5.36 | $ | 5.03 | ||||
| Diluted net income per common share | 1.27 | 1.41 | 1.15 | 5.36 | 5.03 | |||||||||
| Common cash dividends declared | 0.36 | 0.36 | 0.34 | 1.40 | 1.30 | |||||||||
| Book value per common share(3) | 45.31 | 45.05 | 40.50 | 45.31 | 40.50 | |||||||||
| Tangible book value per common share(1) | 41.89 | 41.62 | 37.06 | 41.89 | 37.06 | |||||||||
| Market value - High | 68.13 | 65.63 | 56.59 | 68.13 | 56.59 | |||||||||
| Market value - Low | 57.04 | 51.80 | 41.30 | 47.30 | 38.77 | |||||||||
| Basic weighted average common shares outstanding | 24,515,454 | 24,514,144 | 24,430,477 | 24,496,148 | 24,615,546 | |||||||||
| Diluted weighted average common shares outstanding | 24,515,454 | 24,514,144 | 24,430,477 | 24,496,148 | 24,615,546 | |||||||||
| KEY RATIOS | ||||||||||||||
| Return on average assets | 1.42 % | 1.59 % | 1.32 % | 1.52 % | 1.48 % | |||||||||
| Return on average common shareholders' equity | 11.21 | 12.87 | 11.87 | 12.54 | 13.48 | |||||||||
| Average common shareholders' equity to average assets | 12.64 | 12.38 | 11.11 | 12.10 | 11.02 | |||||||||
| End of period tangible common equity to tangible assets(1) | 11.61 | 11.76 | 10.48 | 11.61 | 10.48 | |||||||||
| Risk-based capital - Common Equity Tier 1(4) | 14.21 | 14.18 | 13.22 | 14.21 | 13.22 | |||||||||
| Risk-based capital - Tier 1(4) | 15.82 | 15.84 | 14.99 | 15.82 | 14.99 | |||||||||
| Risk-based capital - Total(4) | 17.08 | 17.10 | 16.25 | 17.08 | 16.25 | |||||||||
| Net interest margin | 3.77 | 3.63 | 3.51 | 3.63 | 3.50 | |||||||||
| Net interest margin - FTE(1) | 3.78 | 3.64 | 3.51 | 3.64 | 3.51 | |||||||||
| Efficiency ratio: expense to revenue | 55.40 | 51.90 | 57.77 | 52.59 | 53.93 | |||||||||
| Efficiency ratio: expense to revenue (prior presentation)(5) | N/A | 50.49 | 57.95 | N/A | 54.63 | |||||||||
| Efficiency ratio: expense to revenue - adjusted(1) | 53.01 | 51.75 | 56.22 | 51.90 | 53.49 | |||||||||
| Efficiency ratio: expense to revenue - adjusted (prior presentation)(1)(5) | N/A | 50.32 | 56.40 | N/A | 54.21 | |||||||||
| Net charge-offs (recoveries) to average loans and leases | 0.04 | 0.05 | (0.10) | 0.09 | (0.04) | |||||||||
| Loan and lease loss allowance to loans and leases | 2.27 | 2.30 | 2.26 | 2.27 | 2.26 | |||||||||
| Nonperforming assets to loans and leases | 0.46 | 0.47 | 0.37 | 0.46 | 0.37 | |||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||
| END OF PERIOD BALANCES | ||||||||||||||
| Assets | $ | 8,931,938 | $ | 8,763,946 | $ | 8,878,003 | $ | 8,667,837 | $ | 8,727,958 | ||||
| Loans and leases | 6,854,808 | 6,616,100 | 6,652,999 | 6,562,772 | 6,518,505 | |||||||||
| Deposits | 7,230,035 | 7,125,944 | 7,195,924 | 7,055,311 | 7,038,581 | |||||||||
| Allowance for loan and lease losses | 155,540 | 152,324 | 150,067 | 148,024 | 147,552 | |||||||||
| Goodwill and intangible assets | 83,897 | 83,902 | 83,907 | 83,912 | 83,916 | |||||||||
| Common shareholders' equity | 1,111,068 | 1,104,253 | 1,043,515 | 1,009,886 | 989,568 | |||||||||
| Total equity | 1,181,506 | 1,175,205 | 1,114,855 | 1,081,549 | 1,068,263 | |||||||||
| ASSET QUALITY | ||||||||||||||
| Loans and leases past due 90 days or more | $ | 106 | $ | 100 | $ | 185 | $ | 26 | $ | 149 | ||||
| Nonaccrual loans and leases | 30,613 | 30,678 | 20,297 | 22,097 | 23,381 | |||||||||
| Other real estate | 460 | — | — | — | — | |||||||||
| Repossessions | 155 | 109 | 352 | 308 | 705 | |||||||||
| Total nonperforming assets | $ | 31,334 | $ | 30,887 | $ | 20,834 | $ | 22,431 | $ | 24,235 | ||||
(1) See "Reconciliation of Non-GAAP Financial Measures" for more information on this performance measure/ratio.
(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.
| 1st SOURCE CORPORATION | |||||||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||
| (Unaudited - Dollars in thousands) | |||||||||||
| December 31, | September 30, | June 30, | December 31, | ||||||||
| 2024 | 2024 | 2024 | 2023 | ||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 76,837 | $ | 99,900 | $ | 89,592 | $ | 77,474 | |||
| Federal funds sold and interest bearing deposits with other banks | 47,989 | 69,461 | 179,651 | 52,194 | |||||||
| Investment securities available-for-sale, at fair value | 1,536,299 | 1,563,461 | 1,523,548 | 1,622,600 | |||||||
| Other investments | 23,855 | 23,855 | 24,585 | 25,075 | |||||||
| Mortgages held for sale | 2,569 | 3,690 | 2,763 | 1,442 | |||||||
| Loans and leases, net of unearned discount: | |||||||||||
| Commercial and agricultural | 772,974 | 723,176 | 721,235 | 766,223 | |||||||
| Renewable energy | 487,266 | 479,947 | 459,441 | 399,708 | |||||||
| Auto and light truck | 948,435 | 949,473 | 1,009,967 | 966,912 | |||||||
| Medium and heavy duty truck | 289,623 | 299,208 | 315,157 | 311,947 | |||||||
| Aircraft | 1,123,797 | 1,065,801 | 1,058,591 | 1,078,172 | |||||||
| Construction equipment | 1,203,912 | 1,141,367 | 1,132,556 | 1,084,752 | |||||||
| Commercial real estate | 1,215,265 | 1,156,823 | 1,164,598 | 1,129,861 | |||||||
| Residential real estate and home equity | 680,071 | 664,581 | 654,357 | 637,973 | |||||||
| Consumer | 133,465 | 135,724 | 137,097 | 142,957 | |||||||
| Total loans and leases | 6,854,808 | 6,616,100 | 6,652,999 | 6,518,505 | |||||||
| Allowance for loan and lease losses | (155,540) | (152,324) | (150,067) | (147,552) | |||||||
| Net loans and leases | 6,699,268 | 6,463,776 | 6,502,932 | 6,370,953 | |||||||
| Equipment owned under operating leases, net | 11,483 | 13,011 | 13,886 | 20,366 | |||||||
| Premises and equipment, net | 53,456 | 48,185 | 48,201 | 46,159 | |||||||
| Goodwill and intangible assets | 83,897 | 83,902 | 83,907 | 83,916 | |||||||
| Accrued income and other assets | 396,285 | 394,705 | 408,938 | 427,779 | |||||||
| Total assets | $ | 8,931,938 | $ | 8,763,946 | $ | 8,878,003 | $ | 8,727,958 | |||
| LIABILITIES | |||||||||||
| Deposits: | |||||||||||
| Noninterest bearing demand | $ | 1,639,101 | $ | 1,635,981 | $ | 1,578,762 | $ | 1,655,728 | |||
| Interest-bearing deposits: | |||||||||||
| Interest-bearing demand | 2,544,839 | 2,404,805 | 2,543,724 | 2,430,833 | |||||||
| Savings | 1,256,370 | 1,242,551 | 1,255,154 | 1,213,334 | |||||||
| Time | 1,789,725 | 1,842,607 | 1,818,284 | 1,738,686 | |||||||
| Total interest-bearing deposits | 5,590,934 | 5,489,963 | 5,617,162 | 5,382,853 | |||||||
| Total deposits | 7,230,035 | 7,125,944 | 7,195,924 | 7,038,581 | |||||||
| Short-term borrowings: | |||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 72,346 | 63,553 | 70,767 | 55,809 | |||||||
| Other short-term borrowings | 176,852 | 102,124 | 217,450 | 256,550 | |||||||
| Total short-term borrowings | 249,198 | 165,677 | 288,217 | 312,359 | |||||||
| Long-term debt and mandatorily redeemable securities | 39,156 | 39,220 | 39,136 | 47,911 | |||||||
| Subordinated notes | 58,764 | 58,764 | 58,764 | 58,764 | |||||||
| Accrued expenses and other liabilities | 173,279 | 199,136 | 181,107 | 202,080 | |||||||
| Total liabilities | 7,750,432 | 7,588,741 | 7,763,148 | 7,659,695 | |||||||
| 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 December 31, 2024, September 30, 2024, June 30, 2024, and December 31, 2023, respectively | 436,538 | 436,538 | 436,538 | 436,538 | |||||||
| Retained earnings | 890,937 | 868,075 | 841,790 | 789,842 | |||||||
| Cost of common stock in treasury (3,685,512, 3,691,291, 3,698,651, and | |||||||||||
| 3,771,070 shares at December 31, 2024, September 30, 2024, June 30, 2024, and December 31, 2023, respectively) | (129,175) | (129,134) | (129,248) | (130,489) | |||||||
| Accumulated other comprehensive loss | (87,232) | (71,226) | (105,565) | (106,323) | |||||||
| Total shareholders' equity | 1,111,068 | 1,104,253 | 1,043,515 | 989,568 | |||||||
| Noncontrolling interests | 70,438 | 70,952 | 71,340 | 78,695 | |||||||
| Total equity | 1,181,506 | 1,175,205 | 1,114,855 | 1,068,263 | |||||||
| Total liabilities and equity | $ | 8,931,938 | $ | 8,763,946 | $ | 8,878,003 | $ | 8,727,958 |
| 1st SOURCE CORPORATION | ||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
| (Unaudited - Dollars in thousands, except per share amounts) | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Interest income: | ||||||||||||||
| Loans and leases | $ | 113,826 | $ | 115,200 | $ | 107,103 | $ | 451,329 | $ | 387,298 | ||||
| Investment securities, taxable | 7,621 | 6,120 | 5,989 | 25,720 | 24,501 | |||||||||
| Investment securities, tax-exempt | 278 | 251 | 314 | 1,043 | 1,445 | |||||||||
| Other | 1,425 | 1,659 | 1,165 | 5,925 | 3,663 | |||||||||
| Total interest income | 123,150 | 123,230 | 114,571 | 484,017 | 416,907 | |||||||||
| Interest expense: | ||||||||||||||
| Deposits | 40,221 | 43,782 | 38,624 | 166,842 | 123,162 | |||||||||
| Short-term borrowings | 2,207 | 1,509 | 1,878 | 8,976 | 7,032 | |||||||||
| Subordinated notes | 1,041 | 1,054 | 1,066 | 4,217 | 4,174 | |||||||||
| Long-term debt and mandatorily redeemable securities | 315 | 1,399 | 1,673 | 3,165 | 3,892 | |||||||||
| Total interest expense | 43,784 | 47,744 | 43,241 | 183,200 | 138,260 | |||||||||
| Net interest income | 79,366 | 75,486 | 71,330 | 300,817 | 278,647 | |||||||||
| Provision for credit losses: | ||||||||||||||
| Provision for credit losses — loans and leases | 3,904 | 3,108 | 1,911 | 13,663 | 5,866 | |||||||||
| (Recovery of) provision for credit losses - unfunded loan commitments | (324) | (1,385) | 163 | (1,197) | 2,566 | |||||||||
| Total provision for credit losses | 3,580 | 1,723 | 2,074 | 12,466 | 8,432 | |||||||||
| Net interest income after provision for credit losses | 75,786 | 73,763 | 69,256 | 288,351 | 270,215 | |||||||||
| Noninterest income: | ||||||||||||||
| Trust and wealth advisory | 6,817 | 6,524 | 5,912 | 26,709 | 23,706 | |||||||||
| Service charges on deposit accounts | 3,325 | 3,279 | 3,331 | 12,877 | 12,749 | |||||||||
| Debit card | 4,424 | 4,598 | 4,395 | 17,785 | 17,980 | |||||||||
| Mortgage banking | 938 | 1,042 | 772 | 4,210 | 3,471 | |||||||||
| Insurance commissions | 1,702 | 1,641 | 1,527 | 6,730 | 6,911 | |||||||||
| Equipment rental | 1,102 | 1,141 | 1,907 | 5,171 | 8,837 | |||||||||
| Losses on investment securities available-for-sale | (3,889) | — | (2,882) | (3,889) | (2,926) | |||||||||
| Other | 4,063 | 4,223 | 5,114 | 16,714 | 19,895 | |||||||||
| Total noninterest income | 18,482 | 22,448 | 20,076 | 86,307 | 90,623 | |||||||||
| Noninterest expense: | ||||||||||||||
| Salaries and employee benefits | 31,825 | 31,274 | 29,913 | 121,909 | 115,612 | |||||||||
| Net occupancy | 3,024 | 3,011 | 2,925 | 11,939 | 11,090 | |||||||||
| Furniture and equipment | 1,702 | 1,496 | 1,715 | 5,612 | 5,653 | |||||||||
| Data processing | 7,353 | 7,002 | 6,341 | 27,567 | 25,055 | |||||||||
| Depreciation - leased equipment | 879 | 907 | 1,523 | 4,073 | 7,093 | |||||||||
| Professional fees | 2,112 | 1,928 | 2,556 | 7,098 | 6,705 | |||||||||
| FDIC and other insurance | 1,435 | 1,423 | 1,624 | 6,142 | 5,926 | |||||||||
| Business development and marketing | 1,435 | 1,671 | 2,335 | 6,876 | 7,157 | |||||||||
| Other | 4,443 | 2,116 | 3,877 | 12,385 | 14,867 | |||||||||
| Total noninterest expense | 54,208 | 50,828 | 52,809 | 203,601 | 199,158 | |||||||||
| Income before income taxes | 40,060 | 45,383 | 36,523 | 171,057 | 161,680 | |||||||||
| Income tax expense | 8,623 | 10,469 | 8,106 | 38,439 | 36,746 | |||||||||
| Net income | 31,437 | 34,914 | 28,417 | 132,618 | 124,934 | |||||||||
| Net loss (income) attributable to noncontrolling interests | 1 | 23 | 12 | 5 | (7) | |||||||||
| Net income available to common shareholders | $ | 31,438 | $ | 34,937 | $ | 28,429 | $ | 132,623 | $ | 124,927 | ||||
| Per common share: | ||||||||||||||
| Basic net income per common share | $ | 1.27 | $ | 1.41 | $ | 1.15 | $ | 5.36 | $ | 5.03 | ||||
| Diluted net income per common share | $ | 1.27 | $ | 1.41 | $ | 1.15 | $ | 5.36 | $ | 5.03 | ||||
| Basic weighted average common shares outstanding | 24,515,454 | 24,514,144 | 24,430,477 | 24,496,148 | 24,615,546 | |||||||||
| Diluted weighted average common shares outstanding | 24,515,454 | 24,514,144 | 24,430,477 | 24,496,148 | 24,615,546 | |||||||||
| 1st SOURCE CORPORATION | |||||||||||||||||||||||||||||||||||||||||||
| DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||
| INTEREST RATES AND INTEREST DIFFERENTIAL | |||||||||||||||||||||||||||||||||||||||||||
| (Unaudited - Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| 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 | $ | 1,548,340 | $ | 7,621 | 1.96 % | $ | 1,510,162 | $ | 6,120 | 1.61 % | $ | 1,559,351 | $ | 5,989 | 1.52 % | ||||||||||||||||||||||||||||
| Tax-exempt(1) | 31,676 | 350 | 4.40 % | 29,057 | 316 | 4.33 % | 37,251 | 392 | 4.17 % | ||||||||||||||||||||||||||||||||||
| Mortgages held for sale | 3,159 | 52 | 6.55 % | 3,758 | 63 | 6.67 % | 2,010 | 41 | 8.09 % | ||||||||||||||||||||||||||||||||||
| Loans and leases, net of unearned discount(1) | 6,676,421 | 113,852 | 6.78 % | 6,605,677 | 115,216 | 6.94 % | 6,387,858 | 107,150 | 6.65 % | ||||||||||||||||||||||||||||||||||
| Other investments | 118,468 | 1,425 | 4.79 % | 124,647 | 1,659 | 5.29 % | 85,391 | 1,165 | 5.41 % | ||||||||||||||||||||||||||||||||||
| Total earning assets(1) | 8,378,064 | 123,300 | 5.85 % | 8,273,301 | 123,374 | 5.93 % | 8,071,861 | 114,737 | 5.64 % | ||||||||||||||||||||||||||||||||||
| Cash and due from banks | 74,243 | 64,014 | 70,352 | ||||||||||||||||||||||||||||||||||||||||
| Allowance for loan and lease losses | (153,798) | (151,693) | (146,076) | ||||||||||||||||||||||||||||||||||||||||
| Other assets | 525,955 | 534,202 | 557,363 | ||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 8,824,464 | $ | 8,719,824 | $ | 8,553,500 | |||||||||||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 5,506,501 | $ | 40,221 | 2.91 % | $ | 5,534,358 | $ | 43,782 | 3.15 % | $ | 5,383,925 | $ | 38,624 | 2.85 % | ||||||||||||||||||||||||||||
| Short-term borrowings: | |||||||||||||||||||||||||||||||||||||||||||
| Securities sold under agreements to repurchase | 67,697 | 176 | 1.03 % | 64,032 | 173 | 1.07 % | 52,278 | 29 | 0.22 % | ||||||||||||||||||||||||||||||||||
| Other short-term borrowings | 169,133 | 2,031 | 4.78 % | 110,710 | 1,336 | 4.80 % | 136,814 | 1,849 | 5.36 % | ||||||||||||||||||||||||||||||||||
| Subordinated notes | 58,764 | 1,041 | 7.05 % | 58,764 | 1,054 | 7.14 % | 58,764 | 1,066 | 7.20 % | ||||||||||||||||||||||||||||||||||
| Long-term debt and mandatorily redeemable securities | 39,001 | 315 | 3.21 % | 39,119 | 1,399 | 14.23 % | 46,765 | 1,673 | 14.19 % | ||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 5,841,096 | 43,784 | 2.98 % | 5,806,983 | 47,744 | 3.27 % | 5,678,546 | 43,241 | 3.02 % | ||||||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 1,639,648 | 1,600,068 | 1,684,743 | ||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 157,383 | 161,978 | 177,097 | ||||||||||||||||||||||||||||||||||||||||
| Shareholders' equity | 1,115,473 | 1,079,543 | 949,939 | ||||||||||||||||||||||||||||||||||||||||
| Noncontrolling interests | 70,864 | 71,252 | 63,175 | ||||||||||||||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 8,824,464 | $ | 8,719,824 | $ | 8,553,500 | |||||||||||||||||||||||||||||||||||||
| Less: Fully tax-equivalent adjustments | (150) | (144) | (166) | ||||||||||||||||||||||||||||||||||||||||
| Net interest income/margin (GAAP-derived)(1) | $ | 79,366 | 3.77 % | $ | 75,486 | 3.63 % | $ | 71,330 | 3.51 % | ||||||||||||||||||||||||||||||||||
| Fully tax-equivalent adjustments | 150 | 144 | 166 | ||||||||||||||||||||||||||||||||||||||||
| Net interest income/margin - FTE(1) | $ | 79,516 | 3.78 % | $ | 75,630 | 3.64 % | $ | 71,496 | 3.51 % | ||||||||||||||||||||||||||||||||||
(1) See "Reconciliation of Non-GAAP Financial Measures" for more information on this performance measure/ratio.
| 1st SOURCE CORPORATION | |||||||||||||||||
| DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
| INTEREST RATES AND INTEREST DIFFERENTIAL | |||||||||||||||||
| (Unaudited - Dollars in thousands) | |||||||||||||||||
| Twelve Months Ended | |||||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||
| ASSETS | |||||||||||||||||
| Investment securities available-for-sale: | |||||||||||||||||
| Taxable | $ | 1,539,900 | $ | 25,720 | 1.67 % | $ | 1,632,567 | $ | 24,501 | 1.50 % | |||||||
| Tax-exempt(1) | 30,464 | 1,312 | 4.31 % | 44,083 | 1,805 | 4.09 % | |||||||||||
| Mortgages held for sale | 3,233 | 214 | 6.62 % | 2,368 | 155 | 6.55 % | |||||||||||
| Loans and leases, net of unearned discount(1) | 6,598,329 | 451,432 | 6.84 % | 6,203,857 | 387,524 | 6.25 % | |||||||||||
| Other investments | 112,563 | 5,925 | 5.26 % | 73,729 | 3,663 | 4.97 % | |||||||||||
| Total earning assets(1) | 8,284,489 | 484,603 | 5.85 % | 7,956,604 | 417,648 | 5.25 % | |||||||||||
| Cash and due from banks | 65,285 | 70,304 | |||||||||||||||
| Allowance for loan and lease losses | (151,050) | (144,183) | |||||||||||||||
| Other assets | 540,815 | 532,072 | |||||||||||||||
| Total assets | $ | 8,739,539 | $ | 8,414,797 | |||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
| Interest-bearing deposits | $ | 5,509,956 | $ | 166,842 | 3.03 % | $ | 5,204,095 | $ | 123,162 | 2.37 % | |||||||
| Short-term borrowings: | |||||||||||||||||
| Securities sold under agreements to repurchase | 60,388 | 542 | 0.90 % | 78,928 | 136 | 0.17 % | |||||||||||
| Other short-term borrowings | 168,460 | 8,434 | 5.01 % | 134,683 | 6,896 | 5.12 % | |||||||||||
| Subordinated notes | 58,764 | 4,217 | 7.18 % | 58,764 | 4,174 | 7.10 % | |||||||||||
| Long-term debt and mandatorily redeemable securities | 40,971 | 3,165 | 7.72 % | 46,323 | 3,892 | 8.40 % | |||||||||||
| Total interest-bearing liabilities | 5,838,539 | 183,200 | 3.14 % | 5,522,793 | 138,260 | 2.50 % | |||||||||||
| Noninterest-bearing deposits | 1,609,001 | 1,753,149 | |||||||||||||||
| Other liabilities | 161,657 | 151,659 | |||||||||||||||
| Shareholders' equity | 1,057,331 | 926,935 | |||||||||||||||
| Noncontrolling interests | 73,011 | 60,261 | |||||||||||||||
| Total liabilities and equity | $ | 8,739,539 | $ | 8,414,797 | |||||||||||||
| Less: Fully tax-equivalent adjustments | (586) | (741) | |||||||||||||||
| Net interest income/margin (GAAP-derived)(1) | $ | 300,817 | 3.63 % | $ | 278,647 | 3.50 % | |||||||||||
| Fully tax-equivalent adjustments | 586 | 741 | |||||||||||||||
| Net interest income/margin - FTE(1) | $ | 301,403 | 3.64 % | $ | 279,388 | 3.51 % | |||||||||||
(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 | Twelve Months Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Calculation of Net Interest Margin | ||||||||||||||||
| (A) | Interest income (GAAP) | $ | 123,150 | $ | 123,230 | $ | 114,571 | $ | 484,017 | $ | 416,907 | |||||
| Fully tax-equivalent adjustments: | ||||||||||||||||
| (B) | - Loans and leases | 78 | 79 | 88 | 317 | 381 | ||||||||||
| (C) | - Tax-exempt investment securities | 72 | 65 | 78 | 269 | 360 | ||||||||||
| (D) | Interest income - FTE (A+B+C) | 123,300 | 123,374 | 114,737 | 484,603 | 417,648 | ||||||||||
| (E) | Interest expense (GAAP) | 43,784 | 47,744 | 43,241 | 183,200 | 138,260 | ||||||||||
| (F) | Net interest income (GAAP) (A-E) | 79,366 | 75,486 | 71,330 | 300,817 | 278,647 | ||||||||||
| (G) | Net interest income - FTE (D-E) | 79,516 | 75,630 | 71,496 | 301,403 | 279,388 | ||||||||||
| (H) | Annualization factor | 3.978 | 3.978 | 3.967 | 1.000 | 1.000 | ||||||||||
| (I) | Total earning assets | $ | 8,378,064 | $ | 8,273,301 | $ | 8,071,861 | $ | 8,284,489 | $ | 7,956,604 | |||||
| Net interest margin (GAAP-derived) (F*H)/I | 3.77 % | 3.63 % | 3.51 % | 3.63 % | 3.50 % | |||||||||||
| Net interest margin - FTE (G*H)/I | 3.78 % | 3.64 % | 3.51 % | 3.64 % | 3.51 % | |||||||||||
| Calculation of Efficiency Ratio | ||||||||||||||||
| (F) | Net interest income (GAAP) | $ | 79,366 | $ | 75,486 | $ | 71,330 | $ | 300,817 | $ | 278,647 | |||||
| (G) | Net interest income - FTE | 79,516 | 75,630 | 71,496 | 301,403 | 279,388 | ||||||||||
| (J) | Plus: noninterest income (GAAP) | 18,482 | 22,448 | 20,076 | 86,307 | 90,623 | ||||||||||
| (K) | Less: gains/losses on investment securities and partnership investments | 3,487 | (712) | 1,173 | 809 | (3,875) | ||||||||||
| (L) | Less: depreciation - leased equipment | (879) | (907) | (1,523) | (4,073) | (7,093) | ||||||||||
| (M) | Total net revenue (GAAP) (F+J) | 97,848 | 97,934 | 91,406 | 387,124 | 369,270 | ||||||||||
| (N) | Total net revenue - adjusted (G+J-K-L) | 100,606 | 96,459 | 91,222 | 384,446 | 359,043 | ||||||||||
| (O) | Noninterest expense (GAAP) | 54,208 | 50,828 | 52,809 | 203,601 | 199,158 | ||||||||||
| (L) | Less: depreciation - leased equipment | (879) | (907) | (1,523) | (4,073) | (7,093) | ||||||||||
| (P) | Noninterest expense - adjusted (O-L) | 53,329 | 49,921 | 51,286 | 199,528 | 192,065 | ||||||||||
| Efficiency ratio (GAAP-derived) (O/M) | 55.40 % | 51.90 % | 57.77 % | 52.59 % | 53.93 % | |||||||||||
| Efficiency ratio - adjusted (P/N) | 53.01 % | 51.75 % | 56.22 % | 51.90 % | 53.49 % | |||||||||||
| End of Period | ||||||||||||||||
| December 31, | September 30, | December 31, | ||||||||||||||
| 2024 | 2024 | 2023 | ||||||||||||||
| Calculation of Tangible Common Equity-to-Tangible Assets Ratio | ||||||||||||||||
| (Q) | Total common shareholders' equity (GAAP) | $ | 1,111,068 | $ | 1,104,253 | $ | 989,568 | |||||||||
| (R) | Less: goodwill and intangible assets | (83,897) | (83,902) | (83,916) | ||||||||||||
| (S) | Total tangible common shareholders' equity (Q-R) | $ | 1,027,171 | $ | 1,020,351 | $ | 905,652 | |||||||||
| (T) | Total assets (GAAP) | 8,931,938 | 8,763,946 | 8,727,958 | ||||||||||||
| (R) | Less: goodwill and intangible assets | (83,897) | (83,902) | (83,916) | ||||||||||||
| (U) | Total tangible assets (T-R) | $ | 8,848,041 | $ | 8,680,044 | $ | 8,644,042 | |||||||||
| Common equity-to-assets ratio (GAAP-derived) (Q/T) | 12.44 % | 12.60 % | 11.34 % | |||||||||||||
| Tangible common equity-to-tangible assets ratio (S/U) | 11.61 % | 11.76 % | 10.48 % | |||||||||||||
| Calculation of Tangible Book Value per Common Share | ||||||||||||||||
| (Q) | Total common shareholders' equity (GAAP) | $ | 1,111,068 | $ | 1,104,253 | $ | 989,568 | |||||||||
| (V) | Actual common shares outstanding | 24,520,162 | 24,514,383 | 24,434,604 | ||||||||||||
| Book value per common share (GAAP-derived) (Q/V)*1000 | $ | 45.31 | $ | 45.05 | $ | 40.50 | ||||||||||
| Tangible common book value per share (S/V)*1000 | $ | 41.89 | $ | 41.62 | $ | 37.06 | ||||||||||
The NASDAQ Stock Market National Market Symbol: "SRCE" (CUSIP #336901 10 3)
Please contact us at shareholder@1stsource.com
Contact:
Brett Bauer
574-235-2000
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238200
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