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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-1.07 | -2.03% | 51.65 | 46.35 | 54.77 | 52.915 | 51.60 | 52.75 | 50,493 | 22:30:00 |
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): July 23, 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: July 23, 2015 | /s/ CHRISTOPHER J. MURPHY III | |
Christopher J. Murphy III | ||
Chairman of the Board and CEO | ||
Date: July 23, 2015 | /s/ ANDREA G. SHORT | |
Andrea G. Short | ||
Treasurer and Chief Financial Officer | ||
Principal Accounting Officer |
For: | Immediate Release | Contact: | Andrea Short |
July 23, 2015 | 574-235-2000 |
1st SOURCE CORPORATION | ||||||||||||||||||
2nd QUARTER 2015 FINANCIAL HIGHLIGHTS | ||||||||||||||||||
(Unaudited - Dollars in thousands, except per share data) | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||||
Assets | $ | 5,014,023 | $ | 4,925,727 | ||||||||||||||
Loans and leases | 3,852,699 | 3,723,535 | ||||||||||||||||
Deposits | 3,962,585 | 3,815,735 | ||||||||||||||||
Reserve for loan and lease losses | 86,588 | 88,776 | ||||||||||||||||
Intangible assets | 84,967 | 85,796 | ||||||||||||||||
Common shareholders’ equity | 631,631 | 594,218 | ||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||
Assets | $ | 4,956,246 | $ | 4,831,313 | $ | 4,888,724 | $ | 4,765,107 | ||||||||||
Earning assets | 4,634,091 | 4,539,093 | 4,573,117 | 4,477,086 | ||||||||||||||
Investments | 791,569 | 835,755 | 790,073 | 833,688 | ||||||||||||||
Loans and leases | 3,800,120 | 3,662,156 | 3,737,449 | 3,603,016 | ||||||||||||||
Deposits | 3,927,077 | 3,764,043 | 3,872,320 | 3,717,259 | ||||||||||||||
Interest bearing liabilities | 3,450,830 | 3,451,752 | 3,407,965 | 3,396,660 | ||||||||||||||
Common shareholders’ equity | 632,300 | 599,292 | 627,873 | 597,002 | ||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||
Net interest income | $ | 41,665 | $ | 40,162 | $ | 81,101 | $ | 78,780 | ||||||||||
Net interest income - FTE | 42,072 | 40,622 | 81,926 | 79,709 | ||||||||||||||
Provision for loan and lease losses | 811 | 2,543 | 1,168 | 3,347 | ||||||||||||||
Noninterest income | 21,531 | 19,221 | 41,282 | 38,619 | ||||||||||||||
Noninterest expense | 38,241 | 34,424 | 76,302 | 70,396 | ||||||||||||||
Net income | 15,630 | 14,494 | 29,141 | 28,126 | ||||||||||||||
PER SHARE DATA* | ||||||||||||||||||
Basic net income per common share | $ | 0.59 | $ | 0.54 | $ | 1.10 | $ | 1.04 | ||||||||||
Diluted net income per common share | 0.59 | 0.54 | 1.10 | 1.04 | ||||||||||||||
Common cash dividends declared | 0.164 | 0.164 | 0.327 | 0.318 | ||||||||||||||
Book value per common share | 24.11 | 22.63 | 24.11 | 22.63 | ||||||||||||||
Tangible book value per common share | 20.87 | 19.36 | 20.87 | 19.36 | ||||||||||||||
Market value - High | 31.75 | 30.19 | 31.75 | 30.19 | ||||||||||||||
Market value - Low | 27.69 | 26.15 | 26.95 | 25.05 | ||||||||||||||
Basic weighted average common shares outstanding | 26,212,999 | 26,485,789 | 26,235,511 | 26,616,762 | ||||||||||||||
Diluted weighted average common shares outstanding | 26,212,999 | 26,485,789 | 26,235,511 | 26,616,762 | ||||||||||||||
KEY RATIOS | ||||||||||||||||||
Return on average assets | 1.26 | % | 1.20 | % | 1.20 | % | 1.19 | % | ||||||||||
Return on average common shareholders’ equity | 9.91 | 9.70 | 9.36 | 9.50 | ||||||||||||||
Average common shareholders’ equity to average assets | 12.76 | 12.40 | 12.84 | 12.53 | ||||||||||||||
End of period tangible common equity to tangible assets | 11.09 | 10.50 | 11.09 | 10.50 | ||||||||||||||
Risk-based capital - Common Equity Tier 1 | 12.72 | N/A | 12.72 | N/A | ||||||||||||||
Risk-based capital - Tier 1 | 14.05 | 13.97 | 14.05 | 13.97 | ||||||||||||||
Risk-based capital - Total | 15.36 | 15.28 | 15.36 | 15.28 | ||||||||||||||
Net interest margin | 3.64 | 3.59 | 3.61 | 3.59 | ||||||||||||||
Efficiency: expense to revenue | 57.74 | 55.59 | 59.85 | 57.01 | ||||||||||||||
Net charge offs to average loans and leases | (0.07 | ) | (0.13 | ) | (0.02 | ) | (0.11 | ) | ||||||||||
Loan and lease loss reserve to loans and leases | 2.25 | 2.38 | 2.25 | 2.38 | ||||||||||||||
Nonperforming assets to loans and leases | 0.55 | 1.08 | 0.55 | 1.08 | ||||||||||||||
ASSET QUALITY | ||||||||||||||||||
Loans and leases past due 90 days or more | $ | 278 | $ | 475 | ||||||||||||||
Nonaccrual loans and leases | 15,082 | 32,486 | ||||||||||||||||
Other real estate | 301 | 1,853 | ||||||||||||||||
Former bank premises held for sale | 626 | 801 | ||||||||||||||||
Repossessions | 5,433 | 5,455 | ||||||||||||||||
Equipment owned under operating leases | — | 23 | ||||||||||||||||
Total nonperforming assets | $ | 21,720 | $ | 41,093 | ||||||||||||||
*Per share figures have been adjusted for 10% stock dividend declared July 22, 2015. |
1st SOURCE CORPORATION | ||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||
(Unaudited - Dollars in thousands) | ||||||||
June 30, 2015 | June 30, 2014 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 66,302 | $ | 110,933 | ||||
Federal funds sold and interest bearing deposits with other banks | 11,396 | 6,445 | ||||||
Investment securities available-for-sale (amortized cost of $773,195 and $798,708 at June 30, 2015 and 2014, respectively) | 786,471 | 815,056 | ||||||
Other investments | 20,743 | 23,597 | ||||||
Trading account securities | 211 | 198 | ||||||
Mortgages held for sale | 14,782 | 19,034 | ||||||
Loans and leases, net of unearned discount: | ||||||||
Commercial and agricultural | 719,972 | 720,226 | ||||||
Auto and light truck | 446,731 | 471,080 | ||||||
Medium and heavy duty truck | 250,045 | 243,358 | ||||||
Aircraft financing | 751,665 | 733,194 | ||||||
Construction equipment financing | 445,479 | 369,755 | ||||||
Commercial real estate | 641,205 | 602,321 | ||||||
Residential real estate | 454,730 | 454,845 | ||||||
Consumer | 142,872 | 128,756 | ||||||
Total loans and leases | 3,852,699 | 3,723,535 | ||||||
Reserve for loan and lease losses | (86,588 | ) | (88,776 | ) | ||||
Net loans and leases | 3,766,111 | 3,634,759 | ||||||
Equipment owned under operating leases, net | 93,875 | 63,350 | ||||||
Net premises and equipment | 50,931 | 45,840 | ||||||
Goodwill and intangible assets | 84,967 | 85,796 | ||||||
Accrued income and other assets | 118,234 | 120,719 | ||||||
Total assets | $ | 5,014,023 | $ | 4,925,727 | ||||
LIABILITIES | ||||||||
Deposits: | ||||||||
Noninterest bearing | $ | 857,079 | $ | 768,710 | ||||
Interest bearing | 3,105,506 | 3,047,025 | ||||||
Total deposits | 3,962,585 | 3,815,735 | ||||||
Short-term borrowings: | ||||||||
Federal funds purchased and securities sold under agreements to repurchase | 122,658 | 191,545 | ||||||
Other short-term borrowings | 139,529 | 158,457 | ||||||
Total short-term borrowings | 262,187 | 350,002 | ||||||
Long-term debt and mandatorily redeemable securities | 57,488 | 59,726 | ||||||
Subordinated notes | 58,764 | 58,764 | ||||||
Accrued expenses and other liabilities | 41,368 | 47,282 | ||||||
Total liabilities | 4,382,392 | 4,331,509 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred stock; no par value | — | — | ||||||
Common stock; no par value* | 436,538 | 346,535 | ||||||
Retained earnings* | 232,507 | 280,917 | ||||||
Cost of common stock in treasury | (45,706 | ) | (43,445 | ) | ||||
Accumulated other comprehensive income | 8,292 | 10,211 | ||||||
Total shareholders’ equity | 631,631 | 594,218 | ||||||
Total liabilities and shareholders’ equity | $ | 5,014,023 | $ | 4,925,727 | ||||
*June 30, 2015 common stock and retained earnings gives retrospective recognition to a 10% stock dividend declared July 22, 2015. |
1st SOURCE CORPORATION | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(Unaudited - Dollars in thousands) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest income: | |||||||||||||||
Loans and leases | $ | 42,583 | $ | 40,401 | $ | 82,187 | $ | 79,316 | |||||||
Investment securities, taxable | 2,648 | 3,401 | 5,652 | 6,746 | |||||||||||
Investment securities, tax-exempt | 754 | 816 | 1,523 | 1,635 | |||||||||||
Other | 229 | 232 | 484 | 509 | |||||||||||
Total interest income | 46,214 | 44,850 | 89,846 | 88,206 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 2,838 | 2,994 | 5,397 | 5,965 | |||||||||||
Short-term borrowings | 131 | 169 | 234 | 306 | |||||||||||
Subordinated notes | 1,055 | 1,055 | 2,110 | 2,110 | |||||||||||
Long-term debt and mandatorily redeemable securities | 525 | 470 | 1,004 | 1,045 | |||||||||||
Total interest expense | 4,549 | 4,688 | 8,745 | 9,426 | |||||||||||
Net interest income | 41,665 | 40,162 | 81,101 | 78,780 | |||||||||||
Provision for loan and lease losses | 811 | 2,543 | 1,168 | 3,347 | |||||||||||
Net interest income after provision for loan and lease losses | 40,854 | 37,619 | 79,933 | 75,433 | |||||||||||
Noninterest income: | |||||||||||||||
Trust fees | 5,247 | 4,955 | 9,804 | 9,431 | |||||||||||
Service charges on deposit accounts | 2,367 | 2,207 | 4,564 | 4,273 | |||||||||||
Debit card income | 2,628 | 2,463 | 5,027 | 4,695 | |||||||||||
Mortgage banking income | 1,239 | 1,181 | 2,490 | 2,515 | |||||||||||
Insurance commissions | 1,382 | 1,288 | 2,687 | 2,851 | |||||||||||
Equipment rental income | 5,342 | 4,098 | 10,421 | 8,180 | |||||||||||
Gains on investment securities available-for-sale | 4 | — | 4 | 963 | |||||||||||
Other income | 3,322 | 3,029 | 6,285 | 5,711 | |||||||||||
Total noninterest income | 21,531 | 19,221 | 41,282 | 38,619 | |||||||||||
Noninterest expense: | |||||||||||||||
Salaries and employee benefits | 20,794 | 18,827 | 41,719 | 38,309 | |||||||||||
Net occupancy expense | 2,345 | 2,235 | 4,806 | 4,672 | |||||||||||
Furniture and equipment expense | 4,531 | 4,413 | 8,867 | 8,650 | |||||||||||
Depreciation - leased equipment | 4,396 | 3,290 | 8,484 | 6,539 | |||||||||||
Professional fees | 1,108 | 1,062 | 1,978 | 2,190 | |||||||||||
Supplies and communication | 1,409 | 1,337 | 2,815 | 2,729 | |||||||||||
FDIC and other insurance | 847 | 850 | 1,696 | 1,714 | |||||||||||
Business development and marketing expense | 1,214 | 899 | 2,263 | 2,583 | |||||||||||
Loan and lease collection and repossession expense | (294 | ) | (17 | ) | 69 | (512 | ) | ||||||||
Other expense | 1,891 | 1,528 | 3,605 | 3,522 | |||||||||||
Total noninterest expense | 38,241 | 34,424 | 76,302 | 70,396 | |||||||||||
Income before income taxes | 24,144 | 22,416 | 44,913 | 43,656 | |||||||||||
Income tax expense | 8,514 | 7,922 | 15,772 | 15,530 | |||||||||||
Net income | $ | 15,630 | $ | 14,494 | $ | 29,141 | $ | 28,126 | |||||||
The NASDAQ Stock Market National Market Symbol: "SRCE" (CUSIP #336901 10 3) | |||||||||||||||
Please contact us at shareholder@1stsource.com |
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