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1ST SOURCE REPORTS RECORD THIRD-QUARTER EARNINGS

 1ST SOURCE REPORTS RECORD THIRD-QUARTER EARNINGS
 SOUTH BEND, Ind., Oct. 21 /PRNewswire/ -- 1st Source Corporation


(NASDAQ-NMS: SRCE) today reported net income of $3.8 million for the third quarter of 1992, the highest of any quarter in 1st Source history. Return on average total assets for the quarter was a record 1.10 percent and the return on average shareholders' equity was 14.58 percent.
 Net income for the quarter was up 16.1 percent from the $3.3 million reported for the third quarter of 1991. Return on average total assets was 1.07 percent for the third quarter a year ago.
 For the first nine months of 1992, net income of 1st Source Corporation, parent company of 1st Source Bank, was $10.6 million, an increase of 12.9 percent from the $9.4 million of 1991's first nine months.
 On a per share of common stock basis, net income for the third quarter of 1992 was $0.78, an increase of 16.4 percent over the $0.67 of the third quarter of 1991. Net income per share of common stock for the first nine months of 1992 was $2.18, up 13.5 percent from the $1.92 of the comparable period of 1991. The net income per share figures for 1991 have been adjusted for a 5-for-4 stock split declared Jan. 28, 1992.
 Christopher Murphy III, president, said, "The performance of 1st Source during the quarter is a result of the strength of our primary geographic region and the niche markets we serve across the country. We have continued to build our financial reserves in light of this strength."
 "Ernestine Raclin, chairman, said, "1st Source continues to benefit from its identification as a locally controlled institution in the local region." She added that the board of directors has approved a cash dividend for the third quarter of $0.13 per share payable Nov. 16, 1992, to shareholders of record Nov. 6, 1992.
 As of Sept. 30, 1992, shareholders' equity was $105.1 million, up 12.5 percent from a year earlier, and the equity-to-assets ratio, an indicator of balance sheet strength was 7.75 percent. Total assets were $1.36 billion, up 11.1 percent from a year earlier, while deposits were up 12.5 percent and total loans 14.4 percent.
 1st Source's reserve for loan losses as of Sept. 30, 1992, was 2.05 percent of net loans, the highest in 1st Source history. The ratio of nonperforming assets to net loans was 1.05 percent at the end of the third quarter of 1992 compared to 1.00 percent at the end of 1991.
 1st Source Corporation has five subsidiaries: 1st Source Bank; 1st Source Bank of Starke County; 1st Source Capital Corporation; 1st Sources 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.; Raffensperger, Hughes & Co., Inc.; and Roney and Company.
 1ST SOURCE CORPORATION
 FINANCIAL HIGHLIGHTS
 (Unaudited -- $ in thousands except per-share data)
 3 Months Ended 9 Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 End of Period Balances:
 Assets $1,356,633 $1,221,565
 Deposits 1,113,793 989,706
 Total loans (net of unearned) 921,116 805,262
 Shareholders' equity 105,079 93,421
 Book value per share(a) 21.89 19.48
 Shares outstanding(a) 4,802,757 4,795,195
 Income Data:
 Net interest income $14,322 $12,508 $41,623 $37,585
 Net income 3,786 3,261 10,556 9,352
 Net income per share .78 .67 2.18 1.92
 Per Share Data:(a)
 Cash dividends .120 .112 .352 .315
 Market value - high 33.00 24.50 33.00 24.50
 Market value - low 27.75 21.50 23.75 11.75
 Average Balances:
 Assets $1,364,636 $1,210,977 $1,311,738 $1,204,525
 Deposits 1,110,219 1,012,736 1,076,151 1,006,068
 Total loans (net
 of unearned) 929,376 794,330 879,604 786,120
 Shareholders' equity 103,336 92,575 100,307 90,273
 Average earning
 assets 1,277,482 1,132,990 1,228,840 1,127,541
 Key Ratios (based on average):
 (percent)
 Return on assets 1.10 1.07 1.07 1.04
 Return on equity 14.58 13.97 14.06 13.85
 Equity to assets 7.57 7.64 7.65 7.49
 Net interest margin 4.72 4.66 4.79 4.74
 Net charge offs to
 average net loans .04 .16 .15 .27
 Nonperforming assets to
 net loans (end of period) 1.05 1.30 1.05 1.30
 (a) Per-share figures have been adjusted for a 5-for-4 stock split declared Jan. 28, 1992.
 -0- 10/21/92
 /CONTACT: Linda Krzyzaniak of 1st Source Corporation, 219-235-2643/
 (SRCE) CO: 1st Source Corporation ST: Michigan IN: FIN SU: ERN


ML-DH -- DE006 -- 2759 10/21/92 10:06 EDT
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Date:Oct 21, 1992
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