Press Release

1st Source Corporation Reports Record Second Quarter Results, Cash Dividend Increased

Company Release -
7/22/2021 4:00 PM ET

QUARTERLY HIGHLIGHTS  

  • Net income was a record $30.22 million for the quarter, up 63.35% from the second quarter of 2020. Diluted net income per common share was also a record at $1.19, up from the prior year’s second quarter of $0.72.
  • Cash dividend of $0.31 per common share approved, up 10.71% from the $0.28 per common share declared a year ago.
  • Return on average assets of 1.58% and return on average common shareholders’ equity of 13.49% compared to 1.04% and 8.63%, respectively in the second quarter of 2020.
  • Excluding the Paycheck Protection Program (PPP) loans, average loans and leases increased slightly from the previous quarter and decreased slightly from the second quarter of 2020. With PPP loans, average loans and leases were relatively flat from the previous quarter and were down $49.77 million or 0.89% from the second quarter of 2020.
  • Average deposits increased $298.18 million, up 4.99% from the previous quarter and grew $468.08 million or 8.06% from the second quarter of 2020.
  • Net charge-offs were $0.16 million and nonperforming assets to loans and leases were 1.06% compared to $0.11 million of net recoveries and 1.20%, respectively in the second quarter of 2020.
  • Recovery of provision for credit losses of $3.03 million compared to a provision for credit losses of $10.38 million in the second quarter of 2020.
  • Net interest income increased $2.93 million, or 5.43% from the second quarter of 2020.
  • Noninterest income decreased $0.34 million, or 1.36% from the second quarter of 2020. Excluding leased equipment depreciation, noninterest income increased 6.21%.
  • Noninterest expenses increased $0.37 million, or 0.83% from the second quarter of 2020. Excluding leased equipment depreciation, noninterest expense increased 4.95%.

 

SOUTH BEND, Ind.--(BUSINESS WIRE)-- 1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported record quarterly net income of $30.22 million for the second quarter of 2021, up 63.35% from the $18.50 million reported in the second quarter a year ago, bringing the 2021 year-to-date net income to $58.33 million compared to $34.92 million in 2020, an increase of 67.06%. Diluted net income per common share for the second quarter of 2021 was up 65.28% to $1.19 versus $0.72 in the second quarter of 2020. Diluted net income per common share for the first half of 2021 was $2.29 compared to $1.36 a year earlier, a 68.38% increase.

Year-to-date net income and earnings per share were positively impacted by providing $22.36 million less in the provision for credit losses compared to the provision for the prior year. This is a result of improved economic conditions this year compared to the extraordinarily uncertain circumstances presented by the pandemic a year ago.

At its July 2021 meeting, the Board of Directors approved a cash dividend of $0.31 per common share, up 10.71% from the $0.28 per common share declared a year ago. The cash dividend is payable to shareholders of record on August 3, 2021 and will be paid on August 13, 2021.

Christopher J. Murphy III, Chairman and Chief Executive Officer, commented, “We are pleased to have achieved record net income for the second consecutive quarter. Credit uncertainty continues to improve substantially which resulted in a reduction to our provision for credit losses. In addition, our clients continued to receive Paycheck Protection Program (PPP) loan forgiveness during the second quarter. Total PPP loans forgiven during 2021 were $291.32 million which provided $5.68 million in accelerated fee income. We are optimistic that continued vaccination adoption among the communities and businesses we serve will sustain the positive economic momentum we have seen over the last three months.

“Throughout the pandemic, our focus has remained on keeping our clients, our colleagues and families safe so we can deliver the highest level of service. Vaccination rates among our colleagues has grown steadily, and as an organization, we have reached a high level of inoculation. As mentioned last quarter, our lobbies are open, and once again our bankers are able to more freely meet with business and consumer clients (following CDC guidelines with masking and social distancing recommendations) than was the case in the last year. We’re confident we are doing our best to ensure the safety and well-being of all those we serve and employ while also getting back to a sense of ‘business as usual’ for all our clients. As new variants of COVID develop, we will continue to review and analyze data from local health departments to make the best decisions possible for the health and safety of our team members, clients and communities.

“We were very pleased to learn during the second quarter that 1st Source had been named among the Keefe, Bruyette & Woods, Inc. (KBW) Bank Honor Roll for the third consecutive year. We are proud to be one of the 16 honorees to earn this recognition out of 365 banking institutions analyzed. To be considered, banks must be publicly traded institutions with more than $500 million in total assets and must have had 10 consecutive years of increased earnings per share. For the 2021 list, to account for the impact that the adoption of the current expected credit loss (CECL) accounting methodology had on 2020 earnings, KBW modified some inclusion criteria. Banks that met the annual earnings per share growth requirements for all years save 2020 were eligible for inclusion, if in 2020, they reported an annual profit and annual pre-tax, pre-provision net income per share growth. It is a focus on quality earnings, investing for the future, building a strong balance sheet, capital, and reserves that earned 1st Source this recognition and has allowed us to continue to meet the challenges that the pandemic has presented. Receiving this recognition for the third year in a row is a great honor, and it’s a welcome confirmation, after a year of unprecedented challenges, that our focus on the long-term has been successful.

“Lastly, we announced the election of Tracy D. Graham, Managing Principal of Graham Allen Partners, LLC and Chief Executive Officer of Aunalytics, Inc., and Ronda Shrewsbury, President and Chief Executive Officer of RealAmerica, LLC to our Board of Directors. We are pleased our shareholders voted to add these strong leaders to our Board of Directors and we are certain they will help the Company deliver on its mission to help our clients achieve security, build wealth and realize their dreams by living our values and keeping our clients’ best interest in mind for the long-term. Their backgrounds and experience blend well with our already strong Board, and their strategic guidance, and diversity of thought and perspective will add value to the future of our organization. Also, two current members, Melody Birmingham, who serves as Senior Vice President and Chief Administrative Officer of Duke Energy, and Mark D. Schwabero, retired Chairman, Chief Executive Officer and Director of Brunswick Corporation in 2018, were reelected to the Board of 1st Source Corporation. All four directors have been elected to terms that end April 2024 and will be subject to reelection at that time,” Mr. Murphy concluded.

SECOND QUARTER 2021 FINANCIAL RESULTS

Loans

Average loans and leases of $5.52 billion decreased $49.77 million, or 0.89% in the second quarter of 2021 from the year ago quarter and were relatively flat from the previous quarter. Year-to-date average loans and leases of $5.51 billion increased $175.46 million, up 3.29% from the first six months of 2020. Loan runoff is primarily from SBA forgiveness of PPP loans offset by growth in the solar and aircraft portfolios when compared to the second quarter of 2020. During the second quarter 2021, SBA forgiveness totaled $158.41 million which was offset by PPP originations of $29.02 million. During the first six months of 2021, SBA forgiveness totaled $291.32 million which was offset by PPP originations of $261.46 million. PPP loans amounted to $315.09 million as of June 30, 2021.

Deposits

Average deposits of $6.28 billion grew $468.08 million for the quarter ended June 30, 2021, up 8.06% from the year ago quarter and increased $298.18 million, up 4.99% from the previous quarter. Average deposits for the first six months of 2021 were $6.13 billion, an increase of $588.91 million, up 10.63% from the same period a year ago. Deposit growth is primarily from PPP loan fundings, increased consumer deposit levels compared to 2020 and seasonal public fund activity.

Net Interest Income and Net Interest Margin

Second quarter 2021 tax-equivalent net interest income of $57.05 million increased $2.92 million, or 5.38% from the second quarter a year ago and decreased $0.48 million, or 0.83% from the first quarter of 2021. For the first six months of 2021, tax-equivalent net interest income was $114.59 million, an increase of $5.45 million, or 5.00% compared to the same period a year ago.

Second quarter 2021 net interest margin was 3.14%, a decrease of nine basis points from the 3.23% for the same period in 2020 and a decrease of 21 basis points from the previous quarter. Second quarter 2021 net interest margin on a fully tax-equivalent basis was 3.15%, a decrease of nine basis points from the 3.24% for the same period in 2020 and was lower by 20 basis points compared to the previous quarter. The margin continues to experience pressure from the low interest rate environment and excess liquidity. PPP loans had a positive impact on the net interest margin of one basis point for the quarter due to accelerated PPP loan origination fee amortization as a result of SBA forgiveness compared to a negative impact of four basis points in the same period a year ago. We recognized $2.59 million in PPP loan fees during the second quarter of 2021. During the prior quarter, PPP loans had a positive impact on the net interest margin of 10 basis points and we recognized $3.98 million in PPP loan fees.

Net interest margin for the first six months of 2021 was 3.24%, a decrease of 15 basis points from the 3.39% for the same period in 2020. Net interest margin on a fully-taxable-equivalent basis for the first half of 2021 was 3.25%, a decrease of 15 basis points from the 3.40% for the first half of 2020. The margin continues to experience pressure from the low interest rate environment and excess liquidity. PPP loans had a positive impact on the net interest margin of five basis points for the first half of 2021 compared to a negative impact of five basis points during the first half of 2020.

Noninterest Income

Second quarter 2021 noninterest income of $24.90 million decreased $0.34 million, or 1.36% from the second quarter a year ago and decreased $0.97 million, or 3.75% from the first quarter of 2021. For the first six months of 2021, noninterest income was $50.77 million, an increase of $0.90 million, up 1.81% from the same period a year ago.

Noninterest income was lower compared to the second quarter a year ago mainly from less equipment rental income as demand for leases declined, realized losses on the sale of available-for-sale debt securities due to repositioning in the investment portfolio and reduced mortgage banking income resulting from a lower sales volume offset by increased debit card income as transaction levels improved, higher trust and wealth advisory fees as market values improved on assets under management, and a rise in service charges on deposit accounts.

The decrease in noninterest income from the prior quarter was mainly due to reduced mortgage banking income resulting from lower sales volume, realized losses on the sale of available-for-sale debt securities due to repositioning in the investment portfolio and fewer contingent insurance commissions offset by higher trust and wealth advisory fees as market values improved on assets under management and a rise in debit card income as transaction levels improved.

Additionally, we recognized $0.59 million in impairment recoveries on our mortgage servicing rights during 2021.

Noninterest Expense

Second quarter 2021 noninterest expense was relatively flat from the second quarter a year ago and increased $1.06 million, or 2.40% from the prior quarter. Excluding depreciation on leased equipment, noninterest expenses were up 4.95% from the second quarter a year ago and up 3.17% from the prior quarter. For the first six months of 2021, noninterest expense was $89.34 million, a decrease of $2.02 million, down 2.21% compared to the same period a year ago.

The increase in noninterest expense from the prior quarter was primarily the result of a higher valuation provision for interest rate swaps with customers, higher salaries and wages due to incentive awards and normal merit increases, and a rise in legal and consulting fees offset by a decrease in the provision for unfunded loan commitments and lower leased equipment depreciation as the average equipment rental portfolio continues to decline.

Credit

The allowance for loan and lease losses as of June 30, 2021 was 2.49% of total loans and leases compared to 2.53% at March 31, 2021 and 2.31% at June 30, 2020 (incurred loss method). The allowance calculation includes PPP loans which are guaranteed by the SBA. Excluding these loans from the calculation results in an allowance of 2.63% at June 30, 2021, compared to 2.74% at March 31, 2021 and 2.73% at December 31, 2020. Net charge-offs of $0.16 million were recorded for the second quarter of 2021 compared with net recoveries of $0.11 million in the same quarter a year ago and $3.50 million of net charge-offs in the prior quarter. The majority of charge-offs in 2021 were related to the bus division of the auto and light truck portfolio which continues to be impacted by the lingering impact the pandemic has had on events and tourism.

The provision for credit losses was a recovery of $3.03 million for the second quarter of 2021, a decrease of $13.40 million compared with the same period in 2020 and a decrease of $5.42 million from the first quarter of 2021. The ratio of nonperforming assets to loans and leases was 1.06% as of June 30, 2021, compared to 1.12% on March 31, 2021 and 1.20% on June 30, 2020. Excluding PPP loans, the ratio of non-performing assets to loans and leases was 1.13% at June 30, 2021, 1.22% at March 31, 2021 and 1.33% at June 30, 2020.

Capital

As of June 30, 2021, the common equity-to-assets ratio was 11.68%, compared to 11.87% at March 31, 2021 and 11.74% a year ago. The tangible common equity-to-tangible assets ratio was 10.70% at June 30, 2021 compared to 10.87% at March 31, 2021 and 10.73% a year earlier. The Common Equity Tier 1 ratio, calculated under banking regulatory guidelines, was 13.62% at June 30, 2021 compared to 13.43% at March 31, 2021 and 12.76% a year ago. During the second quarter of 2021, 283,759 shares were repurchased for treasury reducing common shareholders’ equity by $13.78 million. On July 22, 2021, the Board of Directors authorized the repurchase of 2,000,000 common shares under the Company’s stock repurchase plan when favorable conditions exist on the open market.

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 79 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, nine Wealth Advisory Services locations and 10 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.

Category: Earnings

 

1st SOURCE CORPORATION

2nd QUARTER 2021 FINANCIAL HIGHLIGHTS

(Unaudited - Dollars in thousands, except per share data)

 

Three Months Ended

 

Six Months Ended

 

June 30,

March 31,

June 30,

 

June 30,

June 30,

 

2021

2021

2020

 

2021

2020

AVERAGE BALANCES

 

 

 

 

 

 

Assets

$

7,657,276

 

$

7,350,413

 

$

7,185,406

 

 

$

7,504,692

 

$

6,898,264

 

Earning assets

7,264,886

 

6,960,551

 

6,727,011

 

 

7,113,559

 

6,454,403

 

Investments

1,339,551

 

1,230,977

 

1,045,310

 

 

1,285,564

 

1,037,975

 

Loans and leases

5,515,387

 

5,499,009

 

5,565,160

 

 

5,507,243

 

5,331,779

 

Deposits

6,278,654

 

5,980,471

 

5,810,578

 

 

6,130,386

 

5,541,477

 

Interest bearing liabilities

4,785,800

 

4,577,664

 

4,580,419

 

 

4,682,307

 

4,497,986

 

Common shareholders’ equity

898,388

 

894,553

 

862,209

 

 

896,481

 

853,467

 

Total equity

942,821

 

938,451

 

891,606

 

 

940,648

 

879,605

 

INCOME STATEMENT DATA

 

 

 

 

 

 

Net interest income

$

56,935

 

$

57,412

 

$

54,001

 

 

$

114,347

 

$

108,845

 

Net interest income - FTE(1)

57,053

 

57,533

 

54,138

 

 

114,586

 

109,133

 

(Recovery of) provision for credit losses

(3,025)

 

2,398

 

10,375

 

 

(627)

 

21,728

 

Noninterest income

24,898

 

25,869

 

25,241

 

 

50,767

 

49,863

 

Noninterest expense

45,198

 

44,140

 

44,825

 

 

89,338

 

91,360

 

Net income

30,235

 

28,106

 

18,526

 

 

58,341

 

34,944

 

Net income available to common shareholders

30,223

 

28,105

 

18,502

 

 

58,328

 

34,915

 

PER SHARE DATA

 

 

 

 

 

 

Basic net income per common share

$

1.19

 

$

1.10

 

$

0.72

 

 

$

2.29

 

$

1.36

 

Diluted net income per common share

1.19

 

1.10

 

0.72

 

 

2.29

 

1.36

 

Common cash dividends declared

0.30

 

0.29

 

0.28

 

 

0.59

 

0.57

 

Book value per common share(2)

36.05

 

35.27

 

33.85

 

 

36.05

 

33.85

 

Tangible book value per common share(1)

32.69

 

31.95

 

30.57

 

 

32.69

 

30.57

 

Market value - High

51.02

 

50.38

 

38.70

 

 

51.02

 

52.16

 

Market value - Low

45.22

 

38.73

 

26.72

 

 

38.73

 

26.07

 

Basic weighted average common shares outstanding

25,143,712

 

25,320,930

 

25,540,855

 

 

25,231,789

 

25,532,105

 

Diluted weighted average common shares outstanding

25,143,712

 

25,320,930

 

25,540,855

 

 

25,231,789

 

25,532,105

 

KEY RATIOS

 

 

 

 

 

 

Return on average assets

1.58

%

1.55

%

1.04

%

 

1.57

%

1.02

%

Return on average common shareholders’ equity

13.49

 

12.74

 

8.63

 

 

13.12

 

8.23

 

Average common shareholders’ equity to average assets

11.73

 

12.17

 

12.00

 

 

11.95

 

12.37

 

End of period tangible common equity to tangible assets(1)

10.70

 

10.87

 

10.73

 

 

10.70

 

10.73

 

Risk-based capital - Common Equity Tier 1(3)

13.62

 

13.43

 

12.76

 

 

13.62

 

12.76

 

Risk-based capital - Tier 1(3)

15.32

 

15.12

 

14.32

 

 

15.32

 

14.32

 

Risk-based capital - Total(3)

16.58

 

16.39

 

15.58

 

 

16.58

 

15.58

 

Net interest margin

3.14

 

3.35

 

3.23

 

 

3.24

 

3.39

 

Net interest margin - FTE(1)

3.15

 

3.35

 

3.24

 

 

3.25

 

3.40

 

Efficiency ratio: expense to revenue

55.23

 

53.00

 

56.57

 

 

54.11

 

57.56

 

Efficiency ratio: expense to revenue - adjusted(1)

52.89

 

50.99

 

53.63

 

 

51.94

 

54.71

 

Net charge offs to average loans and leases

0.01

 

0.26

 

(0.01)

 

 

0.13

 

0.06

 

Loan and lease loss allowance to loans and leases

2.49

 

2.53

 

2.31

 

 

2.49

 

2.31

 

Nonperforming assets to loans and leases

1.06

 

1.12

 

1.20

 

 

1.06

 

1.20

 

 

 

 

 

 

 

 

 

June 30,

March 31,

December 31,

 

September 30,

June 30,

 

2021

2021

2020

 

2020

2020

END OF PERIOD BALANCES

 

 

 

 

 

 

Assets

$

7,718,694

 

$

7,511,931

 

$

7,316,411

 

 

$

7,290,949

 

$

7,365,146

 

Loans and leases

5,483,045

 

5,523,085

 

5,489,301

 

 

5,627,036

 

5,692,322

 

Deposits

6,345,410

 

6,131,341

 

5,946,028

 

 

5,896,855

 

5,993,456

 

Allowance for loan and lease losses

136,361

 

139,550

 

140,654

 

 

136,817

 

131,283

 

Goodwill and intangible assets

83,937

 

83,942

 

83,948

 

 

83,953

 

83,959

 

Common shareholders’ equity

901,226

 

891,295

 

886,845

 

 

877,754

 

864,995

 

Total equity

945,457

 

935,759

 

930,670

 

 

915,015

 

901,653

 

ASSET QUALITY

 

 

 

 

 

 

Loans and leases past due 90 days or more

$

44

 

$

66

 

$

115

 

 

$

81

 

$

256

 

Nonaccrual loans and leases

55,864

 

58,513

 

60,388

 

 

70,595

 

62,800

 

Other real estate

 

369

 

359

 

 

303

 

303

 

Repossessions

1,213

 

2,214

 

1,976

 

 

4,639

 

6,132

 

Equipment owned under operating leases

1,728

 

1,647

 

1,695

 

 

136

 

57

 

Total nonperforming assets

$

58,849

 

$

62,809

 

$

64,533

 

 

$

75,754

 

$

69,548

 

(1) See “Reconciliation of Non-GAAP Financial Measures” for more information on this performance measure/ratio.

(2) Calculated as common shareholders’ equity divided by common shares outstanding at the end of the period.

(3) Calculated under banking regulatory guidelines.

 

1st SOURCE CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited - Dollars in thousands)

 

June 30,

 

March 31,

 

December 31,

 

June 30,

 

2021

 

2021

 

2020

 

2020

ASSETS

 

 

 

 

 

 

 

Cash and due from banks

$

69,101

 

 

$

69,683

 

 

$

74,186

 

 

$

67,591

 

Federal funds sold and interest bearing deposits with other banks

400,346

 

 

266,271

 

 

168,861

 

 

112,645

 

Investment securities available-for-sale

1,413,022

 

 

1,291,340

 

 

1,197,467

 

 

1,055,797

 

Other investments

27,429

 

 

27,429

 

 

27,429

 

 

30,619

 

Mortgages held for sale

6,453

 

 

9,351

 

 

12,885

 

 

36,508

 

Loans and leases, net of unearned discount:

 

 

 

 

 

 

 

Commercial and agricultural

1,125,965

 

 

1,238,708

 

 

1,186,118

 

 

1,469,839

 

Solar

305,250

 

 

296,124

 

 

292,604

 

 

240,873

 

Auto and light truck

595,326

 

 

552,676

 

 

542,369

 

 

563,606

 

Medium and heavy duty truck

256,169

 

 

268,636

 

 

279,172

 

 

284,432

 

Aircraft

883,559

 

 

873,770

 

 

861,460

 

 

782,160

 

Construction equipment

729,055

 

 

705,744

 

 

714,888

 

 

739,027

 

Commercial real estate

966,171

 

 

975,383

 

 

969,864

 

 

942,971

 

Residential real estate and home equity

492,552

 

 

486,156

 

 

511,379

 

 

531,972

 

Consumer

128,998

 

 

125,888

 

 

131,447

 

 

137,442

 

Total loans and leases

5,483,045

 

 

5,523,085

 

 

5,489,301

 

 

5,692,322

 

Allowance for loan and lease losses*

(136,361)

 

 

(139,550)

 

 

(140,654)

 

 

(131,283)

 

Net loans and leases

5,346,684

 

 

5,383,535

 

 

5,348,647

 

 

5,561,039

 

Equipment owned under operating leases, net

56,011

 

 

61,395

 

 

65,040

 

 

86,183

 

Net premises and equipment

47,617

 

 

48,288

 

 

49,373

 

 

51,486

 

Goodwill and intangible assets

83,937

 

 

83,942

 

 

83,948

 

 

83,959

 

Accrued income and other assets

268,094

 

 

270,697

 

 

288,575

 

 

279,319

 

Total assets

$

7,718,694

 

 

$

7,511,931

 

 

$

7,316,411

 

 

$

7,365,146

 

LIABILITIES

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing demand

$

1,851,932

 

 

$

1,833,116

 

 

$

1,636,684

 

 

$

1,684,102

 

Interest-bearing deposits:

 

 

 

 

 

 

 

Interest-bearing demand

2,318,210

 

 

2,068,382

 

 

2,059,139

 

 

1,866,415

 

Savings

1,182,643

 

 

1,148,823

 

 

1,082,848

 

 

942,891

 

Time

992,625

 

 

1,081,020

 

 

1,167,357

 

 

1,500,048

 

Total interest-bearing deposits

4,493,478

 

 

4,298,225

 

 

4,309,344

 

 

4,309,354

 

Total deposits

6,345,410

 

 

6,131,341

 

 

5,946,028

 

 

5,993,456

 

Short-term borrowings:

 

 

 

 

 

 

 

Federal funds purchased and securities sold under agreements to repurchase

167,097

 

 

173,302

 

 

143,564

 

 

169,483

 

Other short-term borrowings

5,247

 

 

7,299

 

 

7,077

 

 

7,536

 

Total short-term borrowings

172,344

 

 

180,601

 

 

150,641

 

 

177,019

 

Long-term debt and mandatorily redeemable securities

81,330

 

 

81,722

 

 

81,864

 

 

81,760

 

Subordinated notes

58,764

 

 

58,764

 

 

58,764

 

 

58,764

 

Accrued expenses and other liabilities

115,389

 

 

123,744

 

 

148,444

 

 

152,494

 

Total liabilities

6,773,237

 

 

6,576,172

 

 

6,385,741

 

 

6,463,493

 

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 June 30, 2021, March 31, 2021, December 31, 2020, and June 30, 2020, respectively

436,538

 

 

436,538

 

 

436,538

 

 

436,538

 

Retained earnings

558,795

 

 

535,737

 

 

514,176

 

 

484,491

 

Cost of common stock in treasury (3,204,947, 2,936,987, 2,816,557, and 2,655,319 shares at June 30, 2021, March 31, 2021, December 31, 2020, and

June 30, 2020, respectively)

(101,711)

 

 

(88,223)

 

 

(82,240)

 

 

(75,922)

 

Accumulated other comprehensive income

7,604

 

 

7,243

 

 

18,371

 

 

19,888

 

Total shareholders’ equity

901,226

 

 

891,295

 

 

886,845

 

 

864,995

 

Noncontrolling interests

44,231

 

 

44,464

 

 

43,825

 

 

36,658

 

Total equity

945,457

 

 

935,759

 

 

930,670

 

 

901,653

 

Total liabilities and equity

$

7,718,694

 

 

$

7,511,931

 

 

$

7,316,411

 

 

$

7,365,146

 

*ASU 2016-13 adopted during the fourth quarter of 2020 therefore June 30, 2020 allowance amount reflects the incurred loss method.

1st SOURCE CORPORATION

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

(Unaudited - Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

 

2021

 

2021

 

2020

 

2021

 

2020

Interest income:

 

 

 

 

 

 

 

 

 

Loans and leases

$

57,144

 

 

$

57,864

 

 

$

58,815

 

 

$

115,008

 

 

$

120,341

 

Investment securities, taxable

4,155

 

 

3,988

 

 

4,487

 

 

8,143

 

 

10,037

 

Investment securities, tax-exempt

154

 

 

174

 

 

232

 

 

328

 

 

496

 

Other

317

 

 

266

 

 

316

 

 

583

 

 

662

 

Total interest income

61,770

 

 

62,292

 

 

63,850

 

 

124,062

 

 

131,536

 

Interest expense:

 

 

 

 

 

 

 

 

 

Deposits

3,202

 

 

3,526

 

 

8,265

 

 

6,728

 

 

19,116

 

Short-term borrowings

29

 

 

36

 

 

90

 

 

65

 

 

344

 

Subordinated notes

814

 

 

818

 

 

835

 

 

1,632

 

 

1,719

 

Long-term debt and mandatorily redeemable securities

790

 

 

500

 

 

659

 

 

1,290

 

 

1,512

 

Total interest expense

4,835

 

 

4,880

 

 

9,849

 

 

9,715

 

 

22,691

 

Net interest income

56,935

 

 

57,412

 

 

54,001

 

 

114,347

 

 

108,845

 

(Recovery of) provision for credit losses*

(3,025)

 

 

2,398

 

 

10,375

 

 

(627)

 

 

21,728

 

Net interest income after provision for loan and lease losses

59,960

 

 

55,014

 

 

43,626

 

 

114,974

 

 

87,117

 

Noninterest income:

 

 

 

 

 

 

 

 

 

Trust and wealth advisory

6,466

 

 

5,481

 

 

5,589

 

 

11,947

 

 

10,437

 

Service charges on deposit accounts

2,508

 

 

2,447

 

 

1,910

 

 

4,955

 

 

4,515

 

Debit card

4,754

 

 

4,182

 

 

3,601

 

 

8,936

 

 

6,974

 

Mortgage banking

2,859

 

 

3,901

 

 

3,315

 

 

6,760

 

 

5,651

 

Insurance commissions

1,684

 

 

2,152

 

 

1,695

 

 

3,836

 

 

3,576

 

Equipment rental

4,255

 

 

4,629

 

 

5,990

 

 

8,884

 

 

12,620

 

(Losses) gains on investment securities available-for-sale

(680)

 

 

 

 

(1)

 

 

(680)

 

 

279

 

Other

3,052

 

 

3,077

 

 

3,142

 

 

6,129

 

 

5,811

 

Total noninterest income

24,898

 

 

25,869

 

 

25,241

 

 

50,767

 

 

49,863

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

25,510

 

 

25,196

 

 

23,999

 

 

50,706

 

 

48,400

 

Net occupancy

2,527

 

 

2,719

 

 

2,504

 

 

5,246

 

 

5,225

 

Furniture and equipment

6,337

 

 

6,458

 

 

6,258

 

 

12,795

 

 

12,665

 

Depreciation – leased equipment

3,550

 

 

3,773

 

 

5,142

 

 

7,323

 

 

10,569

 

Professional fees

2,146

 

 

1,613

 

 

1,258

 

 

3,759

 

 

2,700

 

Supplies and communication

1,430

 

 

1,475

 

 

1,390

 

 

2,905

 

 

3,024

 

FDIC and other insurance

772

 

 

665

 

 

599

 

 

1,437

 

 

887

 

Business development and marketing

1,351

 

 

997

 

 

1,121

 

 

2,348

 

 

2,480

 

Loan and lease collection and repossession

486

 

 

129

 

 

838

 

 

615

 

 

1,601

 

Other

1,089

 

 

1,115

 

 

1,716

 

 

2,204

 

 

3,809

 

Total noninterest expense

45,198

 

 

44,140

 

 

44,825

 

 

89,338

 

 

91,360

 

Income before income taxes

39,660

 

 

36,743

 

 

24,042

 

 

76,403

 

 

45,620

 

Income tax expense

9,425

 

 

8,637

 

 

5,516

 

 

18,062

 

 

10,676

 

Net income

30,235

 

 

28,106

 

 

18,526

 

 

58,341

 

 

34,944

 

Net (income) loss attributable to noncontrolling interests

(12)

 

 

(1)

 

 

(24)

 

 

(13)

 

 

(29)

 

Net income available to common shareholders

$

30,223

 

 

$

28,105

 

 

$

18,502

 

 

$

58,328

 

 

$

34,915

 

Per common share:

 

 

 

 

 

 

 

 

 

Basic net income per common share

$

1.19

 

 

$

1.10

 

 

$

0.72

 

 

$

2.29

 

 

$

1.36

 

Diluted net income per common share

$

1.19

 

 

$

1.10

 

 

$

0.72

 

 

$

2.29

 

 

$

1.36

 

Cash dividends

$

0.30

 

 

$

0.29

 

 

$

0.28

 

 

$

0.59

 

 

$

0.57

 

Basic weighted average common shares outstanding

25,143,712

 

 

25,320,930

 

 

25,540,855

 

 

25,231,789

 

 

25,532,105

 

Diluted weighted average common shares outstanding

25,143,712

 

 

25,320,930

 

 

25,540,855

 

 

25,231,789

 

 

25,532,105

 

*ASU 2016-13 adopted during the fourth quarter of 2020 therefore June 30, 2020 provision amount reflects the incurred loss method.

1st SOURCE CORPORATION

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY

INTEREST RATES AND INTEREST DIFFERENTIAL

(Unaudited - Dollars in thousands)

 

 

 

Three Months Ended

 

 

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

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

$

1,305,988

 

 

$

4,156

 

 

1.28

%

 

$

1,193,583

 

 

$

3,987

 

 

1.35

%

 

$

995,776

 

 

$

4,487

 

 

1.81

%

Tax exempt(1)

33,563

 

 

192

 

 

2.29

%

 

37,394

 

 

214

 

 

2.32

%

 

49,534

 

 

286

 

 

2.32

%

Mortgages held for sale

7,208

 

 

54

 

 

3.00

%

 

14,285

 

 

86

 

 

2.44

%

 

27,016

 

 

198

 

 

2.95

%

Loans and leases, net of unearned discount(1)

5,515,387

 

 

57,169

 

 

4.16

%

 

5,499,009

 

 

57,860

 

 

4.27

%

 

5,565,160

 

 

58,700

 

 

4.24

%

Other investments

402,740

 

 

317

 

 

0.32

%

 

216,280

 

 

266

 

 

0.50

%

 

89,525

 

 

316

 

 

1.42

%

Total earning assets(1)

7,264,886

 

 

61,888

 

 

3.42

%

 

6,960,551

 

 

62,413

 

 

3.64

%

 

6,727,011

 

 

63,987

 

 

3.83

%

Cash and due from banks

76,198

 

 

 

 

 

 

75,178

 

 

 

 

 

 

73,523

 

 

 

 

 

Allowance for loan and lease losses

(142,056)

 

 

 

 

 

 

(143,206)

 

 

 

 

 

 

(124,186)

 

 

 

 

 

Other assets

458,248

 

 

 

 

 

 

457,890

 

 

 

 

 

 

509,058

 

 

 

 

 

Total assets

$

7,657,276

 

 

 

 

 

 

$

7,350,413

 

 

 

 

 

 

$

7,185,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

$

4,458,915

 

 

$

3,202

 

 

0.29

%

 

$

4,261,207

 

 

$

3,526

 

 

0.34

%

 

$

4,248,478

 

 

$

8,265

 

 

0.78

%

Short-term borrowings

186,605

 

 

29

 

 

0.06

%

 

176,726

 

 

36

 

 

0.08

%

 

191,411

 

 

90

 

 

0.19

%

Subordinated notes

58,764

 

 

814

 

 

5.56

%

 

58,764

 

 

818

 

 

5.65

%

 

58,764

 

 

835

 

 

5.71

%

Long-term debt and mandatorily redeemable securities

81,516

 

 

790

 

 

3.89

%

 

80,967

 

 

500

 

 

2.50

%

 

81,766

 

 

659

 

 

3.24

%

Total interest-bearing liabilities

4,785,800

 

 

4,835

 

 

0.41

%

 

4,577,664

 

 

4,880

 

 

0.43

%

 

4,580,419

 

 

9,849

 

 

0.86

%

Noninterest-bearing deposits

1,819,739

 

 

 

 

 

 

1,719,264

 

 

 

 

 

 

1,562,100

 

 

 

 

 

Other liabilities

108,916

 

 

 

 

 

 

115,034

 

 

 

 

 

 

151,281

 

 

 

 

 

Shareholders’ equity

898,388

 

 

 

 

 

 

894,553

 

 

 

 

 

 

862,209

 

 

 

 

 

Noncontrolling interests

44,433

 

 

 

 

 

 

43,898

 

 

 

 

 

 

29,397

 

 

 

 

 

Total liabilities and equity

$

7,657,276

 

 

 

 

 

 

$

7,350,413

 

 

 

 

 

 

$

7,185,406

 

 

 

 

 

Less: Fully tax-equivalent adjustments

 

 

(118)

 

 

 

 

 

 

(121)

 

 

 

 

 

 

(137)

 

 

 

Net interest income/margin (GAAP-derived)(1)

 

 

$

56,935

 

 

3.14

%

 

 

 

$

57,412

 

 

3.35

%

 

 

 

$

54,001

 

 

3.23

%

Fully tax-equivalent adjustments

 

 

118

 

 

 

 

 

 

121

 

 

 

 

 

 

137

 

 

 

Net interest income/margin - FTE(1)

 

 

$

57,053

 

 

3.15

%

 

 

 

$

57,533

 

 

3.35

%

 

 

 

$

54,138

 

 

3.24

%

(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)

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

June 30, 2021

 

June 30, 2020

 

Average

Balance

 

Interest Income/Expense

 

Yield/

Rate

 

Average

Balance

 

Interest Income/Expense

 

Yield/

Rate

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

Taxable

$

1,250,096

 

 

$

8,143

 

 

1.31

%

 

$

984,598

 

 

$

10,037

 

 

2.05

%

Tax exempt(1)

35,468

 

 

406

 

 

2.31

%

 

53,377

 

 

611

 

 

2.30

%

Mortgages held for sale

10,727

 

 

140

 

 

2.63

%

 

19,155

 

 

294

 

 

3.09

%

Loans and leases, net of unearned discount(1)

5,507,243

 

 

115,029

 

 

4.21

%

 

5,331,779

 

 

120,220

 

 

4.53

%

Other investments

310,025

 

 

583

 

 

0.38

%

 

65,494

 

 

662

 

 

2.03

%

Total earning assets(1)

7,113,559

 

 

124,301

 

 

3.52

%

 

6,454,403

 

 

131,824

 

 

4.11

%

Cash and due from banks

75,691

 

 

 

 

 

 

69,465

 

 

 

 

 

Allowance for loan and lease losses

(142,628)

 

 

 

 

 

 

(118,212)

 

 

 

 

 

Other assets

458,070

 

 

 

 

 

 

492,608

 

 

 

 

 

Total assets

$

7,504,692

 

 

 

 

 

 

$

6,898,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

4,360,607

 

 

6,728

 

 

0.31

%

 

4,162,374

 

 

19,116

 

 

0.92

%

Short-term borrowings

181,693

 

 

65

 

 

0.07

%

 

196,978

 

 

344

 

 

0.35

%

Subordinated notes

58,764

 

 

1,632

 

 

5.60

%

 

58,764

 

 

1,719

 

 

5.88

%

Long-term debt and mandatorily redeemable securities

81,243

 

 

1,290

 

 

3.20

%

 

79,870

 

 

1,512

 

 

3.81

%

Total interest-bearing liabilities

4,682,307

 

 

9,715

 

 

0.42

%

 

4,497,986

 

 

22,691

 

 

1.01

%

Noninterest-bearing deposits

1,769,779

 

 

 

 

 

 

1,379,103

 

 

 

 

 

Other liabilities

111,958

 

 

 

 

 

 

141,570

 

 

 

 

 

Shareholders’ equity

896,481

 

 

 

 

 

 

853,467

 

 

 

 

 

Noncontrolling interests

44,167

 

 

 

 

 

 

26,138

 

 

 

 

 

Total liabilities and equity

$

7,504,692

 

 

 

 

 

 

$

6,898,264

 

 

 

 

 

Less: Fully tax-equivalent adjustments

 

 

(239)

 

 

 

 

 

 

(288)

 

 

 

Net interest income/margin (GAAP-derived)(1)

 

 

$

114,347

 

 

3.24

%

 

 

 

$

108,845

 

 

3.39

%

Fully tax-equivalent adjustments

 

 

239

 

 

 

 

 

 

288

 

 

 

Net interest income/margin - FTE(1)

 

 

$

114,586

 

 

3.25

%

 

 

 

$

109,133

 

 

3.40

%

(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

 

Six Months Ended

 

 

June 30,

March 31,

June 30,

 

June 30,

June 30,

 

 

2021

2021

2020

 

2021

2020

Calculation of Net Interest Margin

 

 

 

 

 

 

(A)

Interest income (GAAP)

$

61,770

 

$

62,292

 

$

63,850

 

 

$

124,062

 

$

131,536

 

 

Fully tax-equivalent adjustments:

 

 

 

 

 

 

(B)

– Loans and leases

80

 

81

 

83

 

 

161

 

173

 

(C)

– Tax exempt investment securities

38

 

40

 

54

 

 

78

 

115

 

(D)

Interest income – FTE (A+B+C)

61,888

 

62,413

 

63,987

 

 

124,301

 

131,824

 

(E)

Interest expense (GAAP)

4,835

 

4,880

 

9,849

 

 

9,715

 

22,691

 

(F)

Net interest income (GAAP) (A-E)

56,935

 

57,412

 

54,001

 

 

114,347

 

108,845

 

(G)

Net interest income - FTE (D-E)

57,053

 

57,533

 

54,138

 

 

114,586

 

109,133

 

(H)

Annualization factor

4.011

 

4.056

 

4.022

 

 

2.017

 

2.011

 

(I)

Total earning assets

$

7,264,886

 

$

6,960,551

 

$

6,727,011

 

 

$

7,113,559

 

$

6,454,403

 

 

Net interest margin (GAAP-derived) (F*H)/I

3.14

%

3.35

%

3.23

%

 

3.24

%

3.39

%

 

Net interest margin – FTE (G*H)/I

3.15

%

3.35

%

3.24

%

 

3.25

%

3.40

%

 

 

 

 

 

 

 

 

Calculation of Efficiency Ratio

 

 

 

 

 

 

(F)

Net interest income (GAAP)

$

56,935

 

$

57,412

 

$

54,001

 

 

$

114,347

 

$

108,845

 

(G)

Net interest income – FTE

57,053

 

57,533

 

54,138

 

 

114,586

 

109,133

 

(J)

Plus: noninterest income (GAAP)

24,898

 

25,869

 

25,241

 

 

50,767

 

49,863

 

(K)

Less: gains/losses on investment securities and partnership investments

348

 

(460)

 

(248)

 

 

(112)

 

(761)

 

(L)

Less: depreciation – leased equipment

(3,550)

 

(3,773)

 

(5,142)

 

 

(7,323)

 

(10,569)

 

(M)

Total net revenue (GAAP) (F+J)

81,833

 

83,281

 

79,242

 

 

165,114

 

158,708

 

(N)

Total net revenue – adjusted (G+J–K–L)

78,749

 

79,169

 

73,989

 

 

157,918

 

147,666

 

(O)

Noninterest expense (GAAP)

45,198

 

44,140

 

44,825

 

 

89,338

 

91,360

 

(L)

Less:depreciation – leased equipment

(3,550)

 

(3,773)

 

(5,142)

 

 

(7,323)

 

(10,569)

 

(P)

Noninterest expense – adjusted (O–L)

41,648

 

40,367

 

39,683

 

 

82,015

 

80,791

 

 

Efficiency ratio (GAAP-derived) (O/M)

55.23

%

53.00

%

56.57

%

 

54.11

%

57.56

%

 

Efficiency ratio – adjusted (P/N)

52.89

%

50.99

%

53.63

%

 

51.94

%

54.71

%

 

 

 

 

 

 

 

 

 

 

End of Period

 

 

 

 

 

June 30,

March 31,

June 30,

 

 

 

 

 

2021

2021

2020

 

 

 

Calculation of Tangible Common Equity-to-Tangible Assets Ratio

 

 

 

 

 

(Q)

Total common shareholders’ equity (GAAP)

$

901,226

 

$

891,295

 

$

864,995

 

 

 

 

(R)

Less: goodwill and intangible assets

(83,937)

 

(83,942)

 

(83,959)

 

 

 

 

(S)

Total tangible common shareholders’ equity (Q–R)

$

817,289

 

$

807,353

 

$

781,036

 

 

 

 

(T)

Total assets (GAAP)

7,718,694

 

7,511,931

 

7,365,146

 

 

 

 

(R)

Less: goodwill and intangible assets

(83,937)

 

(83,942)

 

(83,959)

 

 

 

 

(U)

Total tangible assets (T–R)

$

7,634,757

 

$

7,427,989

 

$

7,281,187

 

 

 

 

 

Common equity-to-assets ratio (GAAP-derived) (Q/T)

11.68

%

11.87

%

11.74

%

 

 

 

 

Tangible common equity-to-tangible assets ratio (S/U)

10.70

%

10.87

%

10.73

%

 

 

 

 

 

 

 

 

 

 

 

Calculation of Tangible Book Value per Common Share

 

 

 

 

 

 

(Q)

Total common shareholders’ equity (GAAP)

$

901,226

 

$

891,295

 

$

864,995

 

 

 

 

(V)

Actual common shares outstanding

25,000,727

 

25,268,687

 

25,550,355

 

 

 

 

 

Book value per common share (GAAP-derived) (Q/V)*1000

$

36.05

 

$

35.27

 

$

33.85

 

 

 

 

 

Tangible common book value per share (S/V)*1000

$

32.69

 

$

31.95

 

$

30.57

 

 

 

 

The NASDAQ Stock Market National Market Symbol: “SRCE” (CUSIP #336901 10 3)

Please contact us at shareholder@1stsource.com

Andrea Short
574-235-2000

Source: 1st Source Corporation

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