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1ST SOURCE REPORTS EARNINGS UP 17.8 PERCENT FOR FIRST QUARTER

 SOUTH BEND, Ind., April 19 /PRNewswire/ -- 1st Source Corporation (NASDAQ-NMS: SRCE) today reported net income of $3.9 million for the first quarter of 1993, a 17.8-percent increase over the $3.3 million reported for the first quarter of 1992.
 Net income per share of common stock for the first quarter of 1993 amounted to $.53, up 17.8 percent from the $.45 of the first quarter of 1992. This computation of net income per share takes into account stock splits, including the 3-for-2 split declared in January 1993.
 For the first quarter of 1993, return on average shareholders' equity for 1st Source Corporation, parent company of 1st Source Bank, was 14.45 percent compared to 13.66 percent for the first quarter of 1992. Return on average total assets was 1.12 percent compared to 1.05 percent a year ago.
 The results reported for 1992 above do not include a non-recurring charge of $696,000 related to implementation by 1st Source of Statement of Financial Accounting Standards (SFAS) 106. The non-cash charge reflects the cumulative liability for retiree insurance benefits recorded as of the first quarter of 1992. Net income for the first quarter of 1992, restated for the non-recurring charge, was $2.6 million or $.36 per common share.
 Ernestine M. Raclin, chairman of the board, told shareholders at the annual meeting here today that 1st Source "continues to be committed to achieving outstanding results for shareholders while maintaining a strong financial position." She also announced that the 1st Source board of directors approved a cash dividend for the first quarter of $.09 per share payable May 14, 1993, to shareholders of record May 4, 1993. This represents a 12.5-percent increase over the first quarter of 1992.
 Christopher J. Murphy III, president, said the strong showing for the first quarter resulted from "exceptional performances by our core businesses. 1st Source people have been taking advantage of an improving economy, working to control expenses, relentlessly focusing on loan quality and constantly improving service to customers."
 As of March 31, 1993, shareholders' equity was $111.7 million, up 13.9 percent from a year earlier, and the equity-to-assets ratio was 7.86 percent compared to 7.56 percent a year ago.
 At the end of the first quarter of 1993, total assets were up 9.6 percent, deposits up 7.8 percent and total loans up 14.4 percent over the comparable figures at the end of the first quarter of 1992.
 1st Source's reserve for loan losses as of March 31, 1993, was 2.06 percent of total loans, compared to 2.00 percent as of Dec. 31, 1992. The ratio of non-performing assets to net loans was .71 percent on March 31, 1993, and 1.00 percent on Dec. 31, 1992.
 1st Source Corporation has five subsidiaries: 1st Source Bank; 1st Source Bank of Starke County; 1st Source Capital Corporation; 1st Source Leasing and 1st Source Insurance. In addition to its NASDAQ listing, 1st Source stock appears in the National Market System tables in many daily newspapers under the code name "FstSource."
 Marketmakers in 1st Source shares include The Chicago Corporation; City Securities Corporation; Edward D. Jones & Company; Herzog, Heine, Geduld, Inc.; J.J.B. Hilliard; W.L. Lyons, Inc.; Raffensperger Hughes & Co., Inc.; Roney and Company; and Stifel, Nicolaus & Company, Incorporated.
 1ST SOURCE CORPORATION
 FINANCIAL HIGHLIGHTS
 (Unaudited; $ in thousands except per-share data)
 Three Months Ended
 March 31,
 1993 1992
 End of period balances:
 Assets $1,421,586 $1,297,269
 Deposits 1,131,942 1,049,758
 Total loans (net of unearned) 977,254 854,081
 Shareholders' equity 111,711 98,087
 Book value per share(a) 15.41 13.61
 Shares outstanding(a) 7,249,628 7,206,770
 Income data:
 Net interest income $14,705 $13,221
 Net income(b) 3,894 3,305
 Per share data(a):
 Net income per share(b) $.53 $.45
 Cash dividends .09 .075
 Market value - high 27.00 20.50
 Market value - low 23.50 15.75
 Average balances:
 Assets $1,411,309 $1,269,330
 Deposits 1,151,654 1,044,292
 Total loans (net of unearned) 962,868 833,106
 Shareholders' equity 109,313 96,597
 Average earning assets 1,319,413 1,190,643
 Key ratios (based on average) (percent):
 Return on assets(b) 1.12 1.05
 Return on equity(b) 14.45 13.66
 Equity to assets 7.75 7.61
 Net interest margin 4.79 4.73
 Net charge offs to average net loans .11 .21
 Loan loss reserve to total loans
 (end of period) 2.06 1.98
 Nonperforming assets to net loans
 (end of period) .71 .99
 (a) Per-share figures have been adjusted for a 3-for-2 stock split declared Jan. 25, 1993.
 (b) Year-to-date 1992 figures do not reflect a non-recurring after- tax charge of $696,000 for employee retirement insurance benefits as required under SFAS 106. The charge was recorded as of the first quarter of 1992. First-quarter figures after the charge are as follows:
 Net income $2,609
 Net income per share $.36
 Return on assets .83 pct
 Return on equity 10.86 pct
 -0- 4/19/93
 /CONTACT: Linda Krzyzaniak of 1st Source Corporation, 219-235-2643/
 (SRCE)


CO: 1st Source Corporation ST: Indiana IN: FIN SU: ERN

SB-ML -- DE009 -- 7300 04/19/93 10:46 EDT
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Date:Apr 19, 1993
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