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Share Name | Share Symbol | Market | Type |
---|---|---|---|
1st Source Corporation | NASDAQ:SRCE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.19 | -0.37% | 51.45 | 46.35 | 86.13 | 52.05 | 51.29 | 52.05 | 43,792 | 01:00:00 |
UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
FORM 8-K | ||
CURRENT REPORT | ||
PURSUANT TO SECTION 13 OR 15(d) OF | ||
THE SECURITIES EXCHANGE ACT OF 1934 | ||
Date of Report (Date of earliest event reported): January 21, 2015 | ||
1st Source Corporation | ||
(Exact name of registrant as specified in its charter) | ||
Indiana | 0-6233 | 35-1068133 |
(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
100 North Michigan Street, South Bend, Indiana 46601 | ||
(Address of principal executive offices) (Zip Code) | ||
574-235-2000 | ||
(Registrant's telephone number, including area code) | ||
Not Applicable | ||
(Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
1st SOURCE CORPORATION | ||
(Registrant) | ||
Date: January 21, 2015 | /s/ CHRISTOPHER J. MURPHY III | |
Christopher J. Murphy III | ||
Chairman of the Board and CEO | ||
Date: January 21, 2015 | /s/ ANDREA G. SHORT | |
Andrea G. Short | ||
Treasurer and Chief Financial Officer | ||
Principal Accounting Officer |
For: | Immediate Release | Contact: | Andrea Short |
January 21, 2015 | 574-235-2000 |
1st SOURCE CORPORATION | ||||||||||||||||||
4th QUARTER 2014 FINANCIAL HIGHLIGHTS | ||||||||||||||||||
(Unaudited - Dollars in thousands, except per share amounts) | ||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||||
Assets | $ | 4,829,958 | $ | 4,722,826 | ||||||||||||||
Loans and leases | 3,688,574 | 3,549,324 | ||||||||||||||||
Deposits | 3,802,860 | 3,653,650 | ||||||||||||||||
Reserve for loan and lease losses | 85,068 | 83,505 | ||||||||||||||||
Intangible assets | 85,371 | 86,343 | ||||||||||||||||
Common shareholders' equity | 614,473 | 585,378 | ||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||
Assets | $ | 4,839,479 | $ | 4,649,245 | $ | 4,806,805 | $ | 4,607,949 | ||||||||||
Earning assets | 4,536,441 | 4,362,005 | 4,513,631 | 4,325,907 | ||||||||||||||
Investments | 812,497 | 837,180 | 822,021 | 840,798 | ||||||||||||||
Loans and leases | 3,651,994 | 3,487,900 | 3,639,985 | 3,433,938 | ||||||||||||||
Deposits | 3,844,239 | 3,720,299 | 3,777,743 | 3,700,509 | ||||||||||||||
Interest bearing liabilities | 3,361,111 | 3,281,486 | 3,395,591 | 3,286,558 | ||||||||||||||
Common shareholders' equity | 611,960 | 587,442 | 601,892 | 575,662 | ||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||
Net interest income | $ | 40,839 | $ | 39,034 | $ | 160,329 | $ | 156,817 | ||||||||||
Net interest income - FTE | 41,285 | 39,495 | 162,168 | 158,643 | ||||||||||||||
(Recovery of) provision for loan and lease losses | (820 | ) | (859 | ) | 3,733 | 772 | ||||||||||||
Noninterest income | 19,876 | 17,985 | 77,887 | 77,212 | ||||||||||||||
Noninterest expense | 41,991 | 38,590 | 150,040 | 149,314 | ||||||||||||||
Net income | 14,996 | 13,716 | 58,069 | 54,958 | ||||||||||||||
PER SHARE DATA | ||||||||||||||||||
Basic net income per common share | $ | 0.62 | $ | 0.56 | $ | 2.39 | $ | 2.23 | ||||||||||
Diluted net income per common share | 0.62 | 0.56 | 2.39 | 2.23 | ||||||||||||||
Common cash dividends declared | 0.18 | 0.17 | 0.71 | 0.68 | ||||||||||||||
Book value per common share | 25.75 | 24.07 | 25.75 | 24.07 | ||||||||||||||
Tangible book value per common share | 22.17 | 20.52 | 22.17 | 20.52 | ||||||||||||||
Market value - High | 35.22 | 32.92 | 35.22 | 32.92 | ||||||||||||||
Market value - Low | 28.00 | 25.64 | 27.56 | 21.88 | ||||||||||||||
Basic weighted average common shares outstanding | 23,862,382 | 24,322,516 | 24,031,608 | 24,344,623 | ||||||||||||||
Diluted weighted average common shares outstanding | 23,862,382 | 24,323,158 | 24,031,608 | 24,345,209 | ||||||||||||||
KEY RATIOS | ||||||||||||||||||
Return on average assets | 1.23 | % | 1.17 | % | 1.21 | % | 1.19 | % | ||||||||||
Return on average common shareholders' equity | 9.72 | 9.26 | 9.65 | 9.55 | ||||||||||||||
Average common shareholders' equity to average assets | 12.65 | 12.64 | 12.52 | 12.49 | ||||||||||||||
End of period tangible common equity to tangible assets | 11.15 | 10.76 | 11.15 | 10.76 | ||||||||||||||
Risk-based capital - Tier 1 | 14.57 | 14.54 | 14.57 | 14.54 | ||||||||||||||
Risk-based capital - Total | 15.89 | 15.86 | 15.89 | 15.86 | ||||||||||||||
Net interest margin | 3.61 | 3.59 | 3.59 | 3.67 | ||||||||||||||
Efficiency: expense to revenue | 67.56 | 66.25 | 60.62 | 62.44 | ||||||||||||||
Net charge offs to average loans and leases | 0.16 | 0.02 | 0.06 | 0.02 | ||||||||||||||
Loan and lease loss reserve to loans and leases | 2.31 | 2.35 | 2.31 | 2.35 | ||||||||||||||
Nonperforming assets to loans and leases | 1.13 | 1.29 | 1.13 | 1.29 | ||||||||||||||
ASSET QUALITY | ||||||||||||||||||
Loans and leases past due 90 days or more | $ | 981 | $ | 287 | ||||||||||||||
Nonaccrual loans and leases | 34,602 | 36,707 | ||||||||||||||||
Other real estate | 1,109 | 4,539 | ||||||||||||||||
Former bank premises held for sale | 626 | 951 | ||||||||||||||||
Repossessions | 5,156 | 4,262 | ||||||||||||||||
Equipment owned under operating leases | 6 | — | ||||||||||||||||
Total nonperforming assets | $ | 42,480 | $ | 46,746 |
1st SOURCE CORPORATION | ||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||
(Unaudited - Dollars in thousands) | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 64,834 | $ | 77,568 | ||||
Federal funds sold and interest bearing deposits with other banks | 1,356 | 2,484 | ||||||
Investment securities available-for-sale (amortized cost of $776,057 and $822,163 at December 31, 2014 and 2013, respectively) | 791,118 | 832,700 | ||||||
Other investments | 20,801 | 22,400 | ||||||
Trading account securities | 205 | 192 | ||||||
Mortgages held for sale | 13,604 | 6,079 | ||||||
Loans and leases, net of unearned discount: | ||||||||
Commercial and agricultural loans | 710,758 | 679,492 | ||||||
Auto and light truck | 397,902 | 391,649 | ||||||
Medium and heavy duty truck | 247,153 | 237,854 | ||||||
Aircraft financing | 727,665 | 738,133 | ||||||
Construction equipment financing | 399,940 | 333,088 | ||||||
Commercial real estate | 616,587 | 583,997 | ||||||
Residential real estate | 445,759 | 460,981 | ||||||
Consumer loans | 142,810 | 124,130 | ||||||
Total loans and leases | 3,688,574 | 3,549,324 | ||||||
Reserve for loan and lease losses | (85,068 | ) | (83,505 | ) | ||||
Net loans and leases | 3,603,506 | 3,465,819 | ||||||
Equipment owned under operating leases, net | 74,143 | 60,967 | ||||||
Net premises and equipment | 50,328 | 46,630 | ||||||
Goodwill and intangible assets | 85,371 | 86,343 | ||||||
Accrued income and other assets | 124,692 | 121,644 | ||||||
Total assets | $ | 4,829,958 | $ | 4,722,826 | ||||
LIABILITIES | ||||||||
Deposits: | ||||||||
Noninterest bearing | $ | 796,241 | $ | 735,212 | ||||
Interest bearing | 3,006,619 | 2,918,438 | ||||||
Total deposits | 3,802,860 | 3,653,650 | ||||||
Short-term borrowings: | ||||||||
Federal funds purchased and securities sold under agreements to repurchase | 138,843 | 181,120 | ||||||
Other short-term borrowings | 106,979 | 133,011 | ||||||
Total short-term borrowings | 245,822 | 314,131 | ||||||
Long-term debt and mandatorily redeemable securities | 56,232 | 58,335 | ||||||
Subordinated notes | 58,764 | 58,764 | ||||||
Accrued expenses and other liabilities | 51,807 | 52,568 | ||||||
Total liabilities | 4,215,485 | 4,137,448 | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Preferred stock; no par value | — | — | ||||||
Common stock; no par value | 346,535 | 346,535 | ||||||
Retained earnings | 302,242 | 261,626 | ||||||
Cost of common stock in treasury | (43,711 | ) | (29,364 | ) | ||||
Accumulated other comprehensive income | 9,407 | 6,581 | ||||||
Total shareholders' equity | 614,473 | 585,378 | ||||||
Total liabilities and shareholders' equity | $ | 4,829,958 | $ | 4,722,826 |
1st SOURCE CORPORATION | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(Unaudited - Dollars in thousands) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest income: | |||||||||||||||
Loans and leases | $ | 40,781 | $ | 39,463 | $ | 161,215 | $ | 161,137 | |||||||
Investment securities, taxable | 3,346 | 3,640 | 13,054 | 14,414 | |||||||||||
Investment securities, tax-exempt | 803 | 799 | 3,269 | 3,094 | |||||||||||
Other | 266 | 228 | 1,016 | 940 | |||||||||||
Total interest income | 45,196 | 44,130 | 178,554 | 179,585 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 2,626 | 3,561 | 11,356 | 16,604 | |||||||||||
Short-term borrowings | 101 | 62 | 541 | 211 | |||||||||||
Subordinated notes | 1,055 | 1,055 | 4,220 | 4,220 | |||||||||||
Long-term debt and mandatorily redeemable securities | 575 | 418 | 2,108 | 1,733 | |||||||||||
Total interest expense | 4,357 | 5,096 | 18,225 | 22,768 | |||||||||||
Net interest income | 40,839 | 39,034 | 160,329 | 156,817 | |||||||||||
(Recovery of) provision for loan and lease losses | (820 | ) | (859 | ) | 3,733 | 772 | |||||||||
Net interest income after provision for loan and lease losses | 41,659 | 39,893 | 156,596 | 156,045 | |||||||||||
Noninterest income: | |||||||||||||||
Trust fees | 4,581 | 3,583 | 18,511 | 17,383 | |||||||||||
Service charges on deposit accounts | 2,186 | 2,249 | 8,684 | 9,177 | |||||||||||
Debit card income | 2,508 | 2,130 | 9,585 | 8,882 | |||||||||||
Mortgage banking income | 1,420 | 1,277 | 5,381 | 5,944 | |||||||||||
Insurance commissions | 1,388 | 1,361 | 5,556 | 5,492 | |||||||||||
Equipment rental income | 4,615 | 4,131 | 17,156 | 16,229 | |||||||||||
Gains (losses) on investment securities available-for-sale | — | (140 | ) | 963 | (168 | ) | |||||||||
Other income | 3,178 | 3,394 | 12,051 | 14,273 | |||||||||||
Total noninterest income | 19,876 | 17,985 | 77,887 | 77,212 | |||||||||||
Noninterest expense: | |||||||||||||||
Salaries and employee benefits | 21,389 | 20,230 | 80,488 | 79,783 | |||||||||||
Net occupancy expense | 2,387 | 2,220 | 9,311 | 8,700 | |||||||||||
Furniture and equipment expense | 4,592 | 4,610 | 17,657 | 16,895 | |||||||||||
Depreciation - leased equipment | 3,783 | 3,310 | 13,893 | 13,055 | |||||||||||
Professional fees | 1,698 | 1,478 | 5,046 | 5,321 | |||||||||||
Supplies and communication | 1,436 | 1,325 | 5,589 | 5,690 | |||||||||||
FDIC and other insurance | 814 | 783 | 3,384 | 3,462 | |||||||||||
Business development and marketing expense | 2,248 | 1,927 | 6,049 | 4,938 | |||||||||||
Loan and lease collection and repossession expense | 962 | 648 | 1,102 | 4,030 | |||||||||||
Other expense | 2,682 | 2,059 | 7,521 | 7,440 | |||||||||||
Total noninterest expense | 41,991 | 38,590 | 150,040 | 149,314 | |||||||||||
Income before income taxes | 19,544 | 19,288 | 84,443 | 83,943 | |||||||||||
Income tax expense | 4,548 | 5,572 | 26,374 | 28,985 | |||||||||||
Net income | $ | 14,996 | $ | 13,716 | $ | 58,069 | $ | 54,958 | |||||||
The NASDAQ Stock Market National Market Symbol: "SRCE" (CUSIP #336901 10 3) | |||||||||||||||
Please contact us at shareholder@1stsource.com |
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