1st Source Income up 36.72 Percent in First Quarter, Dividend Reported.SOUTH BEND South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. . -- 1st Source Corporation (Nasdaq:SRCE SRCE Source )(Nasdaq:SRCEO), parent company of 1st Source Bank today reported net income of $6.94 million for the first quarter of 2005, up 36.72 percent over the $5.08 million in the first quarter of 2004. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share of common stock Net income per share of common stock See: Earnings per share for the first quarter of 2005 amounted to $0.33 compared with $0.24 for the first quarter of 2004, an increase of 37.50 percent. Return on average common shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. for 1st Source Corporation was 8.60 percent compared to 6.43 percent for the first quarter of 2004, and return on average total assets was 0.84 percent compared to 0.63 percent a year ago. At its April meeting, the Board of Directors approved a first quarter cash dividend of $0.12 per common share, an increase of 20.00 percent over the first quarter cash dividend in 2004. The cash dividend will be payable on May 16, 2005, to shareholders of record May 9, 2005. Christopher J. Murphy III, Chairman and Chief Executive Officer, commented on the first quarter by saying, "Our credit quality continues to show improvement and this quarter is no exception. Over the last three years, we have taken back 71 aircraft in repossession The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it. For example, if an individual fails to render prompt payments on a new car, the car might be subject to repossession by the finance company, , and are pleased that 70 of them have been sold in an orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. manner, leaving us with only one left for disposition. Interest rate margin compression continues but recent changes in short term rates could lead to some improvement in subsequent quarters." Mr. Murphy continued, "This is also a time of growth in our community banking markets. We have opened three new banking centers in Northern Indiana Northern Indiana is the region of Indiana including 26 counties bordering parts of Illinois, Michigan, and Ohio. The area is generally sub-classified into other regions. The northwest is economically and culturally intertwined with Chicago, and is considered part of the Chicago so far this year including replacement facilities in Chesterton and on the Saint Mary's College Saint Mary's College, at Notre Dame, Ind., near South Bend; Roman Catholic; for women; est. 1844 as St. Mary's Academy, chartered 1850 at Bertrand, Mich.; moved and chartered 1855. The school shares certain programs and facilities with the Univ. campus, as well as a new in-store banking center in the Martin's Super Market in Granger. All in all, it has been a productive first quarter." As of March 31, 2005, the common equity-to-assets ratio for 1st Source was 9.78 percent, down from 9.93 percent a year ago. Common shareholders' equity was $326.63 million, up 2.12 percent from March 31, 2004. At the end of the first quarter of 2005, total assets were $3.34 billion, up 3.68 percent from a year ago. Loans and leases increased 4.73 percent and deposits increased 7.74 percent from a year ago. For the first quarter of 2005, 1st Source's provision for loan and lease losses was $(0.42) million as compared to $0.10 million for the first quarter of 2004. Net charge-offs were $0.60 million for the first quarter of 2005 compared to $0.10 million in the first quarter of 2004. The resulting reserve for loan and lease losses as of March 31, 2005, was 2.75 percent of total loans and leases, compared to 3.22 percent as of March 31, 2004. The ratio of nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. to net loans and leases was 1.10 percent on March 31, 2005, compared to 1.45 percent for the same period last year. Tax-equivalent net interest income was $24.25 million for the first quarter, down 8.39 percent from 2004's first quarter, and the net interest margin was 3.15 percent versus 3.53 percent in the first quarter of 2004. Noninterest income for the first quarter 2005 was $17.70 million, up 26.22 percent from the first quarter of 2004. The predominant pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. factor behind the increase in 2005 was an increase in mortgage banking income, primarily due to mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. rights recovery of $1.09 million in the first quarter of 2005 versus mortgage servicing rights impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of $3.23 million for the same period in 2004. Other factors affecting noninterest income include decreased equipment rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time and increased investment security and other investment gains. Noninterest expense was $31.67 million for the first quarter 2005, down 2.07 percent from the first quarter of 2004, primarily due to decreased loan collection and repossession expense, offset by increased salaries and employee benefits and net occupancy expense. 1st Source is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). area. While delivering a comprehensive range of consumer and commercial banking services, 1st Source Bank has distinguished itself with highly personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. services. 1st Source Bank also competes for business nationally by offering specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. financing services for new and used private and cargo aircraft A cargo aircraft is an airplane designed and used for the carriage of goods, rather than passengers. This role demands a number of features that makes a cargo aircraft instantly identifiable; a "fat" looking fuselage, a high-wing to allow the cargo area to sit near the ground, a , automobiles No invention has so transformed the landscape of the United States as the automobile, and no other country has so thoroughly adopted the automobile as its favorite means of transportation. for leasing and rental agencies, medium and heavy duty trucks, construction and environmental equipment. The corporation includes 63 banking centers in 15 counties, 5 Trustcorp Mortgage offices in Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). and Ohio, and 23 locations nationwide for the 1st Source Bank Specialty Finance Group. With a history dating back to 1863, 1st Source Bank has a tradition of providing superior service to customers while playing a leadership role in the continued development of the communities in which it serves. 1st Source may be accessed on its home page at "www.1stsource.com." Its common stock is traded on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under "SRCE" and appears in the National Market System tables in many daily newspapers under the code name "1st Src." Marketmakers in 1st Source common shares are Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. Global Markets, Incorporated; Crowell Crowell can refer to: People
Places: In England:
FTN Family Television Network FTN Fido Technology Networks FTN FeedThe.Net (website) FTN Franja Transversal del Norte (Guatemala region) Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians Securities; Goldman Gold·man , Emma 1869-1940. Russian-born American anarchist. Jailed repeatedly for her advocacy of birth control and opposition to military conscription, she was deported to the Soviet Union in 1919. , Sachs Sachs , Hans 1494-1576. German writer and Meistersinger noted for his many dramas, poems, and songs. His life inspired Wagner's opera Die Meistersinger von Nürnberg (1868). & Company; Keefe, Bruyette & Woods, Inc.; Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. , Incorporated; Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Company, Inc.;
Prudential Prudential is the name of two different companies and buildings named after them:Companies:
Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC:
In science:
UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Capital Markets. 1st Source's floating rate cumulative trust preferred security is traded on the Nasdaq stock market under the symbol "SRCEO." The rate for the second quarter, 2005 is 5.09 percent. Marketmakers in those securities are Stifel, Nicolaus & Company, Incorporated and UBS Capital Markets. Except for historical information contained herein, the matters discussed in this document express "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," "should," 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which filings are available from the SEC. 1st Source undertakes no obligation to publicly update or revise any forward-looking statements.
1st SOURCE CORPORATION
1st QUARTER 2005 FINANCIAL HIGHLIGHTS
(Unaudited - Dollars in thousands, except for per share data)
Three Months Ended
March 31
2005 2004
----------- -----------
END OF PERIOD BALANCES
Assets $ 3,341,453 $ 3,222,713
Loans and leases 2,278,995 2,176,113
Deposits 2,589,939 2,403,990
Reserve for loan and lease losses 62,647 70,045
Intangible assets 22,931 25,561
Common shareholders' equity 326,629 319,860
AVERAGE BALANCES
Assets $ 3,338,667 $ 3,250,559
Earning assets 3,124,749 3,016,130
Investments 777,542 740,804
Loans and leases 2,278,249 2,199,040
Deposits 2,589,092 2,413,793
Interest bearing liabilities 2,580,918 2,514,040
Common shareholders' equity 327,535 317,571
INCOME STATEMENT DATA
Net interest income $ 23,604 $ 25,762
Net interest income - FTE 24,253 26,475
(Recovery of)/provision for loan and
lease losses (421) 101
Noninterest income 17,695 14,019
Noninterest expense 31,674 32,342
Net income 6,944 5,079
PER SHARE DATA
Basic net income per common share $ 0.34 $ 0.25
Diluted net income per common share 0.33 0.24
Cash dividends per common share 0.120 0.100
Book value per common share 15.77 15.42
Market value - High 25.840 24.900
Market value - Low 20.390 20.960
Basic weighted average common shares
outstanding 20,719,596 20,727,035
Diluted weighted average common shares
outstanding 21,041,812 21,035,918
KEY RATIOS
Return on average assets 0.84% 0.63%
Return on average common shareholders'
equity 8.60 6.43
Average common shareholders' equity to
average assets 9.81 9.77
End of period tangible common equity to
tangible assets 9.15 9.21
Net interest margin 3.15 3.53
Efficiency: expense to revenue 74.51 76.79
Net charge-offs to average loans and
leases 0.11 0.02
Loan and lease loss reserve to loans and
leases 2.75 3.22
Nonperforming assets to loans and leases 1.10 1.45
ASSET QUALITY
Loans and leases past due 90 days or more $ 206 $ 230
Nonaccrual and restructured loans and
leases 21,281 23,356
Other real estate 1,438 2,541
Repossessions 1,459 6,234
Equipment owned under operating leases 1,282 280
Total nonperforming assets 25,666 32,641
1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
1st Source Corporation and Subsidiaries
(Unaudited - Dollars in thousands)
March 31, 2005 March 31, 2004
-------------- --------------
ASSETS
------
Cash and due from banks $ 86,955 $ 78,134
Federal funds sold and interest bearing
deposits with other banks 26,252 1,055
Investment securities available-for-
sale, at fair value (amortized cost of
$740,662 and $723,011 at March 31, 2005
and 2004, respectively) 733,786 729,924
Mortgages held for sale 79,591 81,650
Loans and leases, net of unearned
discount:
Commercial and agricultural loans 431,750 407,166
Auto, light truck and environmental
equipment 269,361 244,444
Medium and heavy duty truck 274,097 224,912
Aircraft financing 423,017 458,788
Construction equipment financing 200,601 211,388
Loans secured by real estate 579,388 538,066
Consumer loans 100,781 91,349
-------------- --------------
Total loans and leases 2,278,995 2,176,113
Reserve for loan and lease losses (62,647) (70,045)
-------------- --------------
Net loans and leases 2,216,348 2,106,068
Equipment owned under operating leases
(net of accumulated depreciation) 44,552 62,994
Premises and equipment 37,581 38,093
Accrued income and other assets 116,388 124,795
-------------- --------------
Total assets $ 3,341,453 $ 3,222,713
============== ==============
LIABILITIES
-----------
Deposits:
Noninterest bearing $ 402,004 $ 378,209
Interest bearing 2,187,935 2,025,781
-------------- --------------
Total deposits 2,589,939 2,403,990
Federal funds purchased and securities
sold under agreements to purchase 194,247 248,779
Other short-term borrowings 97,401 109,842
Long-term debt and mandatorily
redeemable securities 18,027 23,181
Subordinated notes 59,022 56,444
Accrued expenses and other liabilities 56,188 60,617
-------------- --------------
Total liabilities 3,014,824 2,902,853
SHAREHOLDERS' EQUITY
--------------------
Preferred stock; no par value - -
Common stock; no par value 7,578 7,578
Capital surplus 214,001 214,001
Retained earnings 120,387 103,529
Cost of common stock in treasury (11,096) (9,512)
Accumulated other comprehensive
(loss)/income (4,241) 4,264
-------------- --------------
Total shareholders' equity 326,629 319,860
-------------- --------------
Total liabilities and shareholders'
equity $ 3,341,453 $ 3,222,713
============== ==============
1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited - Dollars in thousands)
Three Months Ended
March 31
2005 2004
---------- ----------
Interest income:
Loans and leases $ 33,637 $ 32,454
Investment securities, taxable 3,818 4,289
Investment securities, tax-exempt 1,264 1,317
Other 77 65
---------- ----------
Total interest income 38,796 38,125
Interest expense:
Deposits 12,316 9,823
Short-term borrowings 1,702 1,257
Subordinated notes 964 961
Long-term debt and mandatorily redeemable
securities 210 322
---------- ----------
Total interest expense 15,192 12,363
---------- ----------
Net interest income 23,604 25,762
(Recovery of)/provision for loan and lease losses (421) 101
---------- ----------
Net interest income after provision for loan and
lease losses 24,025 25,661
Noninterest income:
Trust fees 3,246 3,090
Service charges on deposit accounts 3,963 3,706
Mortgage banking income 2,767 (891)
Equipment rental income 4,015 5,824
Other income 2,800 2,542
Investment securities and other investment
gains (losses) 904 (252)
---------- ----------
Total noninterest income 17,695 14,019
---------- ----------
Noninterest expense:
Salaries and employee benefits 18,544 15,754
Net occupancy expense 2,102 1,833
Furniture and equipment expense 2,642 2,584
Depreciation - leased equipment 3,323 4,536
Supplies and communication 1,343 1,432
Loan and lease collection and repossession
expense (134) 1,055
Other expense 3,854 5,148
---------- ----------
Total noninterest expense 31,674 32,342
---------- ----------
Income before income taxes 10,046 7,338
Income tax expense 3,102 2,259
---------- ----------
Net income $ 6,944 $ 5,079
========== ==========
The NASDAQ Stock Market National Market Symbol:
"SRCE" (CUSIP #336901 10 3)
Please contact us at shareholder@1stsource.com
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion