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1ST SOURCE CORPORATION REPORTS HIGHER EARNINGS FOR 1993 SECOND QUARTER AND FIRST HALF

 SOUTH BEND, Ind., July 21 /PRNewswire/ -- 1st Source Corporation (NASDAQ-NMS: SRCE) today (July 21, 1993) reported net income of $4.1 million for the second quarter of 1993, an increase of 17.3 percent over the $3.5 million reported for the second quarter of 1992.
 On a per share of common stock basis after adjustment for stock splits, net income for the second quarter of 1993 was $0.56, up 16.7 percent from the $0.48 of the second quarter a year earlier. Net income for the second quarter of 1993 represented a 14.44 percent return on average shareholders' equity compared to 14.00 percent for the comparable period of 1992.
 For the first six months of 1993, net income of 1st Source Corporation, parent company of 1st Source Bank, was $8.0 million, up 17.5 percent from the $6.8 million reported for the first six months of 1992. Net income per share after adjustment for stock splits was $1.09 for the first half of 1992, up 17.2 percent from the $0.93 of the first half of 1992. The 1992 year to date results reported here do not include a non-recurring charge of $696,000 made in the first quarter of 1992 related to the implementation by 1st Source of Statement of Financial Accounting Standards (SFAS) 106.
 For the second quarter of 1993, return on average total assets was 1.14 percent compared to 1.07 percent a year ago.
 Ernestine M. Raclin, chairman of the board, announced that the 1st Source Board of Directors has approved an increase of $0.01 in the quarterly cash dividend. This raises the cash dividend to $0.10 for the second quarter of 1993 and is 25.0 percent higher than the second quarter of 1992. The 1993 cash dividend is payable August 16 to shareholders of record August 5.
 Raclin said, "1st Source's strong performance during the second quarter of 1993 demonstrates our success in building core businesses that can effectively respond to the needs of customers in an uncertain economy.
 Christopher J. Murphy II, president, said, "Our continued focus on customer service, loan quality and expense control has strengthened our financial position and enhances our ability to carry out our traditional role as community bankers and to effectively compete for business in our nationwide niche markets."
 As of June 30, 1993, shareholders' equity was $115.7 million, an increase of 14.3 percent from a year earlier, and the equity-to-assets ratio was 8.0 percent.
 As of June 30, 1993, total assets were $1.44 billion, up 3.5 percent from a year earlier. Deposits were up 2.6 percent and total loans were up 6.3 percent from a year earlier.
 1st Source's reserve for loan losses as of June 30, 1993, was 2.10 percent of total loans and compared very favorably to the ratio of nonperforming assets to total loans, which was 0.72 percent at the end of 1993's first half compared to 1.00 percent at the end of 1992.
 1st Source Corporation has five subsidiaries: 1st Source Bank; 1st Source Bank of Starke County; 1st Source Capital Corporation; 1st Source Leasing; and 1st Source Insurance. In addition to its NASDAQ Listing, 1st Source stock appears in the national market system tables in many daily newspapers under the code name "1stSrc".
 Marketmakers in 1st Source shares include: The Chicago Corporation; City Securities Corporation; Edward D. Jones & Company; Herzog, Heine, Geduld, Inc.; Raffensperger Hughes & Co., Inc.; Roney and Company; and Stifel, Nicolaus & Company, Incorporated.
 1ST SOURCE CORPORATION
 FINANCIAL HIGHLIGHTS (unaudited)
 ($ in Thousands Except Per Share Data)
 3 Months Ended 6 Months Ended
 June 30 June 30
 1993 1992 1993 1992
 End of Period Balances:
 Assets $1,442,839 $1,394,494
 Deposits 1,159,684 1,130,259
 Total Loans (net
 of unearned) 997,418 938,338
 Shareholders' Equity 115,704 101,256
 Book Value Per Share(a) 15.93 14.05
 Shares Outstanding(a) 7,263,022 7,205,757
 Income Data:
 Net Interest Income $14,946 $14,080 $29,651 $27,301
 Net Income(b) 4,063 3,465 7,957 6,770
 Per Share Data(a):
 Net Income Per Share(b) .56 .48 1.09 .93
 Cash Dividends .090 .080 .180 .155
 Market Value - High 26.75 21.50 27.00 21.50
 Market Value - Low 21.75 18.25 21.75 15.75
 Average Balances:
 Assets 1,435,332 1,300,667 1,423,387 1,284,999
 Deposits 1,157,435 1,073,568 1,154,560 1,058,930
 Total Loans (net
 of unearned) 998,891 875,784 980,979 854,445
 Shareholders'
 Equity 112,827 99,563 111,079 98,080
 Average Earning
 Assets 1,337,367 1,217,860 1,328,440 1,204,251
 Key Ratios (based
 on average):
 Return on Assets(b) 1.14 pct 1.07 pct 1.13 pct 1.06 pct
 Return on
 Equity(b) 14.44 pct 14.00 pct 14.45 pct 13.78 pct
 Equity to Assets 7.86 pct 7.65 pct 7.80 pct 7.63 pct
 Net Interest
 Margin 4.75 pct 4.92 pct 4.77 pct 4.82 pct
 Net Charge Offs
 to Average Net
 Loans .01 pct .22 pct .06 pct .22 pct
 Loan Loss Reserve
 to Total Loans
 (end of period) 2.10 pct 1.92 pct 2.10 pct 1.92 pct
 Nonperforming Assets
 to Net Loans (end
 of period) .72 pct 1.25 pct .72 pct 1.25 pct
 (a) Per share figures have been adjusted for a 3 for 2 stock split declared January 25, 1993.
 (b) Year-to-date 1992 figures do not reflect a non-recurring after- tax charge of $696 thousand for employee retirement insurance benefits as required under SFAS 106. The charge was recorded as of the first quarter of 1992. Year-to-date figures after the charge are as follows:
 Net Income $6,074
 Net Income Per Share $.84
 Return on Assets .95 pct
 Return on Equity 12.45 pct
 -0- 7/21/93
 /CONTACT: Linda Krzyzaniak of 1st Source Corporation, 219-235-2643/
 (SRCE)


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

DD-ML -- DE001 -- 3762 07/21/93 08:43 EDT
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Date:Jul 21, 1993
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