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 SOUTH BEND, Ind., Oct. 20 /PRNewswire/ -- 1st Source Corporation (NASDAQ-NMS: SRCE) today reported net income of $4.3 million for the third quarter of 1993, an increase of 13.0 percent over the $3.8 million reported for the third quarter of 1992. Return on average total assets for the third quarter of 1993 was 1.17 percent compared to 1.10 percent for the third quarter a year ago. The 1993 net income figure represents a 14.48-percent return on average shareholders' equity.
 For the first nine months of 1993, net income for 1st Source Corporation, parent company of 1st Source Bank, was $12.2 million, an increase of 15.9 percent over the $10.6 million of 1992's first nine months.
 On a per share of common stock basis after adjustment for stock splits, net income for the third quarter of 1993 was $0.58, an increase of 11.5 percent over the $0.52 of the third quarter of 1992.
 Net income per share of common stock for the first nine months of 1993 was $1.67, up 15.2 percent from the $1.45 of the comparable period 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 for implementation of Statement of Financial Accounting Standards (SFAS) 106 by 1st Source.
 Ernestine M. Raclin, chairman of the board, announced that the 1st Source Board of Directors has approved a cash dividend of $0.10 per share payable Nov. 15, 1993, to shareholders of record Nov. 5, 1993. When stock splits are taken into account, the $0.10 dividend is 15 percent higher than the dividend for the third quarter of 1992.
 Raclin said, "The people of 1st Source clearly deserve credit for extending our record of outstanding performance. By building mutually rewarding partnerships with businesses and individuals, they are doing a remarkable job of strengthening our regional economy."
 Christopher J. Murphy III, 1st Source president and chief executi ?officer, said, "Our continued growth, improved earnings and strengthened financial position is a direct result of our determination to build 1st Source one customer at a time. Our focus on partnership with our customers in the Michiana community and careful growth of our national businesses has driven this performance."
 As of Sept. 30, 1993, common shareholders' equity was $119.3 million, up 14.3 percent from a year earlier, and the equity-to- assets ratio was 8.2 percent. Total assets were $1.45 billion, up 7.0 percent from a year earlier, while deposits were up 5.4 percent and total loans up 7.4 percent.
 The 1st Source reserve for loan losses as of Sept. 30, 1993, was 2.17 percent of total loans and the ratio of nonperforming assets to total loans was 0.71 percent at the end of the first nine months of 1993 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 Insurance; and 1st Source Leasing. 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; Hamilton Investments, Inc.; Herzog, Heine, Geduld, Inc.; Howe, Barnes Investments, Inc.; Raffensperger Hughes & Co., Inc.; Roney and Company; and Stifel, Nicolaus Company, Incorporated.
 (Unaudited; $ in Thousands Except Per Share Data)
 3 Months Ended 9 Months Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 End of Period Balances:
 Assets --- --- $1,451,561 $1,356,633
 Deposits --- --- 1,173,884 1,113,793
 Total loans (net of
 unearned) --- --- 989,483 921,116
 Shareholders' equity --- --- 119,275 104,383
 Book value per share(A) --- --- 16.42 14.49
 Shares outstanding(A) --- --- 7,263,845 7,201,548
 Income Data:
 Net interest income $14,841 $14,322 $44,492 $41,623
 Net income(B) 4,279 3,786 12,236 10,556
 Per Share Data(A):
 Net income per share(B) .58 .52 1.67 1.45
 Cash dividends .100 .080 .280 .235
 Market value - high 25.50 22.00 27.00 22.00
 Market value - low 22.00 18.50 21.75 15.75
 Average Balances:
 Assets 1,446,305 1,364,636 1,431,110 1,311,738
 Deposits 1,180,150 1,110,219 1,163,184 1,076,151
 Total loans (net of
 unearned) 990,603 929,376 984,222 879,604
 Shareholders' equity 117,229 102,640 113,152 99,611
 Average earning assets 1,346,896 1,277,482 1,334,659 1,228,840
 Key Ratios (based on average):
 Return on assets(pct)(B) 1.17 1.10 1.14 1.07
 Return on equity(pct)(B) 14.48 14.68 14.46 14.06
 Equity to assets(pct) 8.11 7.52 7.91 7.59
 Net interest margin(pct) 4.67 4.72 4.73 4.79
 Net charge offs to average
 net loans(pct) .07 .04 .06 .15
 Loan loss reserve to total
 loans (end of period)(pct) 2.17 2.05 2.17 2.05
 Nonperforming assets to net
 loans (end of period)(pct) .71 1.05 .71 1.05
 (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 nonrecurring 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. Year-to-date figures after the charge are as follows:
 Net Income $9,860
 Net Income Per Share $ 1.36
 Return on Assets 1.00 percent
 Return on Equity 13.22 percent
 -0- 10/20/93
 /CONTACT: Linda Krzyzaniak of 1st Source, 219-235-2643/

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

SM-ML -- DE005 -- 4426 10/20/93 09:24 EDT
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Publication:PR Newswire
Date:Oct 20, 1993

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