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1ST SOURCE CORPORATION REPORTS INCREASED EARNINGS FOR FIRST QUARTER

 1ST SOURCE CORPORATION REPORTS INCREASED EARNINGS FOR FIRST QUARTER
 SOUTH BEND, Ind., April 21 /PRNewswire/ -- 1st Source Corporation (NASDAQ-NMS: SRCE) today reported net income of $3.3 million for the first quarter of 1992, a 13.4-percent increase over the $2.9 million reported for the first quarter of 1991. It was the 18th consecutive quarter in which net income exceeded that of the comparable quarter a year earlier.
 Net income for the first quarter of 1992, adjusted for a 5-for-4 stock split declared Jan. 28, 1992, represented a 13.66-percent return on average common shareholders' equity and amounted to $0.68 per share compared to $0.60 per share for the first quarter of 1991.
 Earnings, asset and deposit totals for the first three months of 1992 reflect the Dec. 31, 1991, acquisition of a banking center in LaPaz, Ind., with a deposit base of $22 million.
 Ernestine M. Raclin, chairman of the board, and Christopher J. Murphy III, president, noted that "... despite the continued weakness of the economy, 1st Source has increased its earnings, improved its balance sheet and, most importantly for its long-term success, continued to enhance the quality of its service to customers."
 Raclin said the 1st Source board approved a cash dividend for the first quarter of $0.12 per share payable May 15, 1992, to shareholders of record May 5, 1992. This is 15.4 percent higher than the cash dividend for the first quarter of 1991.
 As of March 31, 1992, common shareholders' equity was $98.8 million, up 10.7 percent from a year earlier, and the equity-to-assets ratio, an indicator of balance sheet strength, was 7.61 percent. Return on average total assets for the first quarter of 1992 was 1.05 percent, up from 0.99 percent in the first quarter of 1991.
 At the end of the first quarter of 1992, total assets were up 10.0 percent, deposits 9.7 percent and total loans 9.3 percent over the comparable figures at the end of the first quarter of 1991.
 1st Source's reserve for loan losses as of March 31, 1992, was 1.98 percent of total loans, compared to 1.99 percent as of Dec. 31, 1991. The ratio of non-performing assets to loans declined slightly from 1.00 percent at year-end 1991 to 0.99 percent on March 31, 1992.
 1st Source Corporation has five subsidiaries: 1st Source Bank; 1st Source Bank of Starke County; 1st Source Capital Corporation; 1st Source Leasing; and 1st Source Insurance. In addition to its NASDAQ listing, 1st Source stock appears in the National Market System tables in many daily newspapers under the code name "FstSource".
 Marketmakers in 1st Source shares are William Blair & Company; The Chicago Corporation; City Securities Corporation; Edward D. Jones & Company; Herzog, Heine, Geduld, Inc.; McDonald & Company; Raffensperger, Hughes & Company, Inc. and Roney & Company.
 1st SOURCE CORPORATION
 ($ in thousands except per-share data - unaudited)
 Three Months Ended
 March 31,
 1992 1991
 End of Period Balances:
 Assets $1,297,269 $1,179,244
 Deposits 1,049,758 957,060
 Total loans (net of unearned) 854,081 781,384
 Common shareholders' equity 98,783 89,206
 Book value per share(a) 20.62 18.40
 Shares outstanding(a) 4,790,034 4,847,008
 Income Data:
 Net interest income 13,221 12,353
 Net income 3,305 2,913
 Net income per share(a) .68 .60
 Per-Share Data:(a)
 Cash dividends .112 .099
 Market value - high 30.75 17.50
 Market value - low 23.75 11.75
 Average Balances:
 Assets 1,269,330 1,192,327
 Deposits 1,044,292 995,055
 Total loans (net of unearned) 833,106 779,608
 Common shareholders' equity 97,293 87,968
 Average earning assets 1,190,643 1,117,469
 Key Ratios (based on average):
 Return on assets 1.05 pct .99 pct
 Return on common equity 13.66 pct 13.43 pct
 Common equity to assets 7.66 pct 7.38 pct
 Net interest margin 4.73 pct 4.77 pct
 Net charge offs to average net loans .21 pct .36 pct
 Non-performing assets to net loans
 (end of period) .99 pct 1.03 pct
 (a) -- Per-share figures have been adjusted for a 5-percent stock dividend declared Jan. 29, 1991, and a 5-for-4 stock split declared Jan. 28, 1992.
 -0- 4/21/92
 /CONTACT: Linda Krzyzaniak of 1st Source Corporation, 219-235-2643/
 (SRCE) CO: 1st Source Corporation ST: Indiana IN: FIN SU: ERN


SM -- DE014 -- 0641 04/21/92 12:18 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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