1st Source Corporation Reports Second Quarter Results, Cash Dividend Declared
1st Source Corporation (NASDAQ: SRCE) reported Q2 2025 results with net income of $37.32 million ($1.51 per diluted share), showing a slight decrease from Q1 but a 1.43% increase year-over-year. The company declared a quarterly cash dividend of $0.38 per share, up 5.56% from the previous year.
Key highlights include average loan and lease growth of $169.51 million (2.49% quarterly increase), tax-equivalent net interest income of $85.35 million (up 5.25% quarterly), and a net interest margin of 4.01%. The company recorded a provision for credit losses of $7.69 million, with nonperforming assets ratio increasing to 1.06% from 0.63% in Q1 2025.
The quarter included $1.00 million in pre-tax losses from the sale of available-for-sale securities, while maintaining strong capital ratios with a Common Equity Tier 1 ratio of 14.60%.
1st Source Corporation (NASDAQ: SRCE) ha riportato i risultati del secondo trimestre 2025 con un utile netto di 37,32 milioni di dollari (1,51 dollari per azione diluita), mostrando una leggera diminuzione rispetto al primo trimestre ma un aumento dell'1,43% su base annua. La società ha dichiarato un dividendo trimestrale in contanti di 0,38 dollari per azione, in crescita del 5,56% rispetto all'anno precedente.
Tra i punti salienti figurano una crescita media di prestiti e leasing di 169,51 milioni di dollari (incremento trimestrale del 2,49%), un reddito netto da interessi al netto delle tasse di 85,35 milioni di dollari (in aumento del 5,25% rispetto al trimestre precedente) e un margine di interesse netto del 4,01%. La società ha registrato una accantonamento per perdite su crediti di 7,69 milioni di dollari, con un rapporto di attività non performanti salito all'1,06% dal 0,63% del primo trimestre 2025.
Il trimestre ha incluso perdite ante imposte di 1,00 milione di dollari derivanti dalla vendita di titoli disponibili per la vendita, mantenendo comunque solidi rapporti patrimoniali con un Common Equity Tier 1 ratio del 14,60%.
1st Source Corporation (NASDAQ: SRCE) reportó resultados del segundo trimestre de 2025 con un ingreso neto de 37,32 millones de dólares (1,51 dólares por acción diluida), mostrando una ligera disminución respecto al primer trimestre pero un aumento del 1,43% interanual. La compañía declaró un dividendo trimestral en efectivo de 0,38 dólares por acción, un incremento del 5,56% respecto al año anterior.
Los aspectos destacados incluyen un crecimiento promedio de préstamos y arrendamientos de 169,51 millones de dólares (aumento trimestral del 2,49%), un ingreso neto por intereses equivalente a impuestos de 85,35 millones de dólares (incremento trimestral del 5,25%) y un margen neto de interés del 4,01%. La empresa registró una provisión para pérdidas crediticias de 7,69 millones de dólares, con una tasa de activos no productivos que aumentó al 1,06% desde el 0,63% en el primer trimestre de 2025.
El trimestre incluyó pérdidas antes de impuestos de 1,00 millón de dólares por la venta de valores disponibles para la venta, manteniendo sólidos índices de capital con una ratio Common Equity Tier 1 del 14,60%.
1st Source Corporation (NASDAQ: SRCE)는 2025년 2분기 실적을 발표하며 순이익 3,732만 달러 (희석 주당 1.51달러)를 기록했으며, 1분기 대비 소폭 감소했으나 전년 동기 대비 1.43% 증가했습니다. 회사는 전년 대비 5.56% 증가한 주당 분기 현금 배당금 0.38달러를 선언했습니다.
주요 내용으로는 평균 대출 및 리스 증가액 1억6,951만 달러(분기별 2.49% 증가), 세금 환산 순이자수익 8,535만 달러(분기별 5.25% 증가), 순이자마진 4.01%가 포함되며, 대손충당금 769만 달러를 기록했고 부실자산 비율은 2025년 1분기 0.63%에서 1.06%로 상승했습니다.
이번 분기에는 매도가능증권 매각으로 인한 세전 손실 100만 달러가 발생했으며, 보통주 자기자본비율(Common Equity Tier 1 ratio)은 14.60%로 견고한 자본 비율을 유지했습니다.
1st Source Corporation (NASDAQ : SRCE) a annoncé ses résultats du deuxième trimestre 2025 avec un revenu net de 37,32 millions de dollars (1,51 dollar par action diluée), montrant une légère baisse par rapport au premier trimestre mais une augmentation de 1,43 % en glissement annuel. La société a déclaré un dividende trimestriel en espèces de 0,38 dollar par action, en hausse de 5,56 % par rapport à l'année précédente.
Les points clés incluent une croissance moyenne des prêts et des locations de 169,51 millions de dollars (augmentation trimestrielle de 2,49 %), un revenu net d'intérêts équivalent fiscal de 85,35 millions de dollars (en hausse de 5,25 % trimestriellement) et une marge nette d'intérêt de 4,01 %. La société a enregistré une provision pour pertes sur créances de 7,69 millions de dollars, avec un ratio d'actifs non performants passant de 0,63 % au premier trimestre 2025 à 1,06 %.
Le trimestre a inclus 1,00 million de dollars de pertes avant impôts provenant de la vente de titres disponibles à la vente, tout en maintenant de solides ratios de capital avec un ratio Common Equity Tier 1 de 14,60 %.
1st Source Corporation (NASDAQ: SRCE) meldete die Ergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 37,32 Millionen US-Dollar (1,51 US-Dollar pro verwässerter Aktie), was einen leichten Rückgang gegenüber dem ersten Quartal, aber einen Anstieg von 1,43 % im Jahresvergleich darstellt. Das Unternehmen erklärte eine vierteljährliche Bardividende von 0,38 US-Dollar je Aktie, eine Steigerung von 5,56 % gegenüber dem Vorjahr.
Zu den wichtigsten Highlights zählen ein durchschnittliches Wachstum von Krediten und Leasing in Höhe von 169,51 Millionen US-Dollar (ein Anstieg von 2,49 % im Quartal), steueräquivalente Nettozinserträge von 85,35 Millionen US-Dollar (ein Anstieg von 5,25 % im Quartal) und eine Nettozinsmarge von 4,01 %. Das Unternehmen verbuchte eine Rückstellung für Kreditausfälle von 7,69 Millionen US-Dollar, wobei die Quote notleidender Vermögenswerte von 0,63 % im ersten Quartal 2025 auf 1,06 % anstieg.
Im Quartal wurden vorsteuerliche Verluste in Höhe von 1,00 Million US-Dollar aus dem Verkauf von zum Verkauf verfügbaren Wertpapieren verbucht, während weiterhin solide Kapitalquoten mit einer Common Equity Tier 1-Ratio von 14,60 % aufrechterhalten wurden.
- Net interest income increased 15.03% year-over-year to $85.35 million
- Net interest margin improved to 4.01%, up 42 basis points from previous year
- Average loans and leases grew $362.25 million (5.48%) year-over-year
- Quarterly dividend increased 5.56% from previous year
- Strong capital position with Common Equity Tier 1 ratio of 14.60%
- Net income decreased 0.54% from previous quarter
- Provision for credit losses increased to $7.69 million from $3.27 million in Q1
- Nonperforming assets ratio rose to 1.06% from 0.63% in Q1
- $1.00 million pre-tax losses from securities sale
- Net charge-offs of $1.87 million compared to net recoveries of $1.99 million year-ago
Insights
1st Source delivered solid Q2 results with expanding NIM and loan growth, though credit quality shows some deterioration.
1st Source Corporation posted another quarter of resilient performance despite economic uncertainties. Net income reached
The standout metric is the net interest margin (NIM), which expanded by
Loan growth remains healthy at
However, credit quality shows concerning signals. The provision for credit losses jumped substantially to
The bank maintains a solid capital position with a Common Equity Tier 1 ratio of
In a strategic move, management executed
The efficiency and expense management picture is mixed. Noninterest expenses decreased
Overall, 1st Source delivered solid operational performance, though the deteriorating credit metrics bear watching as they could signal emerging stress in the loan portfolio. The bank's healthy capital and liquidity positions provide adequate buffers against potential future credit challenges.
QUARTERLY HIGHLIGHTS
Net income was
$37.32 million for the quarter, down slightly from the previous quarter and up$0.53 million or1.43% from the second quarter of 2024. Diluted net income per common share was$1.51 , down$0.01 or0.66% from the previous quarter and up$0.02 or1.34% from the prior year's second quarter of$1.49 . These results include$1.00 million in pre-tax losses from the sale of approximately$26 million available-for-sale securities executed in the second quarter.Return on average assets decreased to
1.67% from1.72% in the previous quarter and1.69% in the second quarter of 2024. Return on average common shareholders' equity decreased to12.61% from13.33% in the previous quarter and14.41% in the second quarter of 2024.Cash dividend of
$0.38 per common share for the quarter was approved, up5.56% from the cash dividend declared a year ago.Average loans and leases grew
$169.51 million in the second quarter, up2.49% from the previous quarter and increased$362.25 million , up5.48% from the second quarter of 2024.Tax-equivalent net interest income was
$85.35 million , up$4.26 million or5.25% from the previous quarter and up$11.15 million , or15.03% from the second quarter a year ago. Tax-equivalent net interest margin was4.01% , up 11 basis points from the previous quarter and up 42 basis points from the second quarter a year ago.Provision for credit losses of
$7.69 million was recorded during the quarter compared to$3.27 million in the previous quarter and a recovery of provision for credit losses of$0.31 million during the previous year's second quarter. The allowance for loan and lease losses as a percentage of total loans and leases remained consistent with historical levels, rising to2.30% at June 30, 2025, up from2.29% at March 31, 2025, and2.26% at June 30, 2024.
South Bend, Indiana--(Newsfile Corp. - July 24, 2025) - 1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported quarterly net income of
At its July 2025 meeting, the Board of Directors approved a cash dividend of
Christopher J. Murphy III, Chairman and Chief Executive Officer, commented, "We are pleased that the strong start in 2025 continued through the second quarter. In spite of the noise in the economy and the uncertainty in the market, we are proud to have achieved a sixth consecutive quarter of margin expansion resulting from higher rates on investment securities, increased average loan and lease balances, and lower deposit costs.
"While still very good, credit was challenged during the quarter with elevated net charge-offs, the majority of which were from one Auto and Light Truck account. Nonperforming assets to loans and leases at June 30, 2025 was
"Our balance sheet remained healthy during the quarter and is well positioned to handle the continued economic uncertainty, which is impacting our customers and their businesses. Our liquidity position is solid and our historically conservative capital position has been maintained.
"During the second quarter of 2025, we were pleased to learn that 1st Source was named to the annual Bank Honor Roll by Keefe, Bruyette & Woods, Inc. for the seventh consecutive year. We were among just 16 U.S. Banks on the list, placing our long-term performance among the top
"Additionally, we were honored with the Indiana Banker's Association's (IBA) Commitment to Community award in the category of banks with
"And finally, our recently opened Carmel Indiana Banking Center celebrated its Grand Opening and Ribbon Cutting in May. This new banking center showcases the Bank's side-by-side banking model. Side-by-side banking invites the client behind the "teller line," enabling the Bank's clients and bankers to have a more transparent and inclusive experience and relationship. We are thrilled to have expanded into Hamilton County, Indiana and are pleased to be able to serve new and existing clients in that market and are welcoming them to come and experience the high level of convenience and service from our banking team right in their hometown," Mr. Murphy concluded.
SECOND QUARTER 2025 FINANCIAL RESULTS
Loans and Leases
Second quarter average loans and leases were
Deposits
Second quarter average deposits were
Net Interest Income and Net Interest Margin
Second quarter 2025 tax-equivalent net interest income increased
Second quarter 2025 net interest margin was
Net interest margin for the first six months of 2025 was
Noninterest Income
Second quarter 2025 noninterest income of
Total noninterest income was lower by
The increase in noninterest income compared to the first six months of 2024 was mainly the result of gains on the sale of renewable energy tax equity investments and gains from a small business capital investment, increased insurance commissions, higher brokerage and commission fees and increased interest rate swap fees. These increases were offset by reduced equipment rental income as demand for operating leases continued to decline, available-for-sale securities losses of
Noninterest Expense
Second quarter 2025 noninterest expense of
The decrease in noninterest expense compared to the prior quarter, was the result of reduced group insurance claims, and lower leased equipment depreciation offset by higher salaries from normal merit increases and higher incentive compensation, increased furniture and equipment costs and higher data processing costs.
The increase in noninterest expense compared to the second quarter and first six months of 2024 was the result of higher salaries and wages from normal merit increases, increased incentive compensation and higher group insurance claims. Additionally, we saw increased data processing costs from technology projects, fewer gains on the sale of fixed assets and off-lease equipment, and increased furniture, equipment and occupancy expenses. These increases were offset by lower leased equipment depreciation and decreased blanket insurance premiums.
Credit
The allowance for loan and lease losses increased to
The provision for credit losses was
Capital
As of June 30, 2025, the common equity-to-assets ratio was
Capital accretion over the last twelve months has been driven primarily by growth in retained earnings and a reduction in unrealized losses in our short-duration investment securities available-for-sale portfolio.
During the second quarter of 2025, 47,428 shares were repurchased for treasury reducing common shareholders' equity by
ABOUT 1ST SOURCE CORPORATION
1st Source common stock is traded on the NASDAQ Global Select Market under "SRCE" and appears in the National Market System tables in many daily newspapers under the code name "1st Src." Since 1863, 1st Source has been committed to the success of its clients, individuals, businesses and the communities it serves. For more information, visit www.1stsource.com.
1st Source serves the northern half of Indiana and southwest Michigan and is the largest locally controlled financial institution headquartered in the area. While delivering a comprehensive range of consumer and commercial banking services through its community bank offices, 1st Source has distinguished itself with highly personalized services. 1st Source Bank also competes for business nationally by offering specialized financing services for new and used private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy-duty trucks, and construction equipment. The Corporation includes 78 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, nine Wealth Advisory Services locations, 10 1st Source Insurance offices, and three loan production offices.
FORWARD-LOOKING STATEMENTS
Except for historical information contained herein, the matters discussed in this document express "forward-looking statements." Generally, the words "believe," "contemplate," "seek," "plan," "possible," "assume," "hope," "expect," "intend," "targeted," "continue," "remain," "estimate," "anticipate," "project," "will," "should," "indicate," "would," "may" 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 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; 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, which filings are available from the SEC. 1st Source undertakes no obligation to publicly update or revise any forward-looking statements.
NON-GAAP FINANCIAL MEASURES
The accounting and reporting policies of 1st Source conform to generally accepted accounting principles ("GAAP") in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures are used by management to evaluate and measure the Company's performance. Although these non-GAAP financial measures are frequently used by investors to evaluate a financial institution, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. These include taxable-equivalent net interest income (including its individual components), net interest margin (including its individual components), the efficiency ratio, tangible common equity-to-tangible assets ratio and tangible book value per common share. Management believes that these measures provide users of the Company's financial information a more meaningful view of the performance of the interest-earning assets and interest-bearing liabilities and of the Company's operating efficiency. Other financial holding companies may define or calculate these measures differently.
Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent ("FTE") basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company's efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses and lease depreciation), measures how much it costs to produce one dollar of revenue. Securities gains or losses and lease depreciation are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity-to-tangible assets ratio and tangible book value per common share as useful measurements of the Company's equity.
See the table marked "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of certain non-GAAP financial measures used by the Company with their most closely related GAAP measures.
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(charts attached)
| 1st SOURCE CORPORATION | ||||||||||||||||
| 2nd QUARTER 2025 FINANCIAL HIGHLIGHTS | ||||||||||||||||
| (Unaudited - Dollars in thousands, except per share data) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| AVERAGE BALANCES | ||||||||||||||||
| Assets | $ | 8,962,134 | $ | 8,856,278 | $ | 8,761,006 | $ | 8,909,499 | $ | 8,706,575 | ||||||
| Earning assets | 8,543,938 | 8,434,790 | 8,303,518 | 8,489,665 | 8,242,841 | |||||||||||
| Investments | 1,476,621 | 1,519,177 | 1,554,362 | 1,497,782 | 1,581,228 | |||||||||||
| Loans and leases | 6,968,463 | 6,798,952 | 6,606,209 | 6,884,176 | 6,555,139 | |||||||||||
| Deposits | 7,349,084 | 7,333,542 | 7,183,678 | 7,341,356 | 7,097,391 | |||||||||||
| Interest bearing liabilities | 5,997,624 | 5,920,255 | 5,922,916 | 5,959,154 | 5,853,199 | |||||||||||
| Common shareholders' equity | 1,187,076 | 1,141,922 | 1,027,138 | 1,164,624 | 1,016,712 | |||||||||||
| Total equity | 1,246,121 | 1,208,236 | 1,098,740 | 1,227,283 | 1,091,697 | |||||||||||
| INCOME STATEMENT DATA | ||||||||||||||||
| Net interest income | $ | 85,192 | $ | 80,938 | $ | 74,050 | $ | 166,130 | $ | 145,965 | ||||||
| Net interest income - FTE(1) | 85,345 | 81,085 | 74,194 | 166,430 | 146,257 | |||||||||||
| Provision (recovery of provision) for credit losses | 7,690 | 3,265 | (314) | 10,955 | 7,163 | |||||||||||
| Noninterest income | 23,057 | 23,103 | 23,221 | 46,160 | 45,377 | |||||||||||
| Noninterest expense | 52,430 | 53,076 | 49,861 | 105,506 | 98,565 | |||||||||||
| Net income | 37,326 | 37,523 | 36,805 | 74,849 | 66,267 | |||||||||||
| Net income available to common shareholders | 37,319 | 37,520 | 36,793 | 74,839 | 66,248 | |||||||||||
| PER SHARE DATA | ||||||||||||||||
| Basic net income per common share | $ | 1.51 | $ | 1.52 | $ | 1.49 | $ | 3.02 | $ | 2.68 | ||||||
| Diluted net income per common share | 1.51 | 1.52 | 1.49 | 3.02 | 2.68 | |||||||||||
| Common cash dividends declared | 0.38 | 0.36 | 0.34 | 0.74 | 0.68 | |||||||||||
| Book value per common share(2) | 48.86 | 47.29 | 42.58 | 48.86 | 42.58 | |||||||||||
| Tangible book value per common share(1) | 45.44 | 43.87 | 39.16 | 45.44 | 39.16 | |||||||||||
| Market value - High | 63.90 | 67.77 | 53.74 | 67.77 | 55.25 | |||||||||||
| Market value - Low | 52.14 | 53.23 | 47.30 | 52.14 | 47.30 | |||||||||||
| Basic weighted average common shares outstanding | 24,541,385 | 24,546,819 | 24,495,495 | 24,544,120 | 24,477,292 | |||||||||||
| Diluted weighted average common shares outstanding | 24,541,385 | 24,546,819 | 24,495,495 | 24,544,120 | 24,477,292 | |||||||||||
| KEY RATIOS | ||||||||||||||||
| Return on average assets | 1.67 % | | 1.69 % | 1.69 % | 1.53 % | |||||||||||
| Return on average common shareholders' equity | 12.61 | 13.33 | 14.41 | 12.96 | 13.10 | |||||||||||
| Average common shareholders' equity to average assets | 13.25 | 12.89 | 11.72 | 13.07 | 11.68 | |||||||||||
| End of period tangible common equity to tangible assets(1) | 12.38 | 12.14 | 10.91 | 12.38 | 10.91 | |||||||||||
| Risk-based capital - Common Equity Tier 1(3) | 14.60 | 14.71 | 13.74 | 14.60 | 13.74 | |||||||||||
| Risk-based capital - Tier 1(3) | 16.04 | 16.20 | 15.38 | 16.04 | 15.38 | |||||||||||
| Risk-based capital - Total(3) | 17.30 | 17.46 | 16.64 | 17.30 | 16.64 | |||||||||||
| Net interest margin | 4.00 | 3.89 | 3.59 | 3.95 | 3.56 | |||||||||||
| Net interest margin - FTE(1) | 4.01 | 3.90 | 3.59 | 3.95 | 3.57 | |||||||||||
| Efficiency ratio: expense to revenue | 48.43 | 51.01 | 51.26 | 49.70 | 51.51 | |||||||||||
| Efficiency ratio: expense to revenue - adjusted(1) | 48.40 | 51.31 | 51.17 | 49.82 | 51.38 | |||||||||||
| Net charge-offs to average loans and leases | 0.11 | 0.01 | (0.12) | 0.06 | 0.13 | |||||||||||
| Loan and lease loss allowance to loans and leases | 2.30 | 2.29 | 2.26 | 2.30 | 2.26 | |||||||||||
| Nonperforming assets to loans and leases | 1.06 | 0.63 | 0.31 | 1.06 | 0.31 | |||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||||
| END OF PERIOD BALANCES | ||||||||||||||||
| Assets | $ | 9,087,162 | $ | 8,963,114 | $ | 8,931,938 | $ | 8,763,946 | $ | 8,878,003 | ||||||
| Loans and leases | 7,097,969 | 6,863,393 | 6,854,808 | 6,616,100 | 6,652,999 | |||||||||||
| Deposits | 7,442,669 | 7,417,765 | 7,230,035 | 7,125,944 | 7,195,924 | |||||||||||
| Allowance for loan and lease losses | 163,484 | 157,470 | 155,540 | 152,324 | 150,067 | |||||||||||
| Goodwill and intangible assets | 83,895 | 83,895 | 83,897 | 83,902 | 83,907 | |||||||||||
| Common shareholders' equity | 1,198,589 | 1,161,459 | 1,111,068 | 1,104,253 | 1,043,515 | |||||||||||
| Total equity | 1,257,424 | 1,220,542 | 1,181,506 | 1,175,205 | 1,114,855 | |||||||||||
| ASSET QUALITY | ||||||||||||||||
| Loans and leases past due 90 days or more | $ | 198 | $ | 122 | $ | 106 | $ | 100 | $ | 185 | ||||||
| Nonaccrual loans and leases | 71,732 | 40,540 | 30,613 | 30,678 | 20,297 | |||||||||||
| Other real estate | — | — | 460 | — | — | |||||||||||
| Repossessions | 3,549 | 2,410 | 155 | 109 | 352 | |||||||||||
| Equipment owned under operating leases | 62 | — | — | — | — | |||||||||||
| Total nonperforming assets | $ | 75,541 | $ | 43,072 | $ | 31,334 | $ | 30,887 | $ | 20,834 | ||||||
(1) See "Reconciliation of Non-GAAP Financial Measures" for more information on this performance measure/ratio.
(2) Calculated as common shareholders' equity divided by common shares outstanding at the end of the period.
(3) Calculated under banking regulatory guidelines.
| 1st SOURCE CORPORATION | ||||||||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||||
| (Unaudited - Dollars in thousands) | ||||||||||||
| June 30, | March 31, | December 31, | June 30, | |||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 88,810 | $ | 87,816 | $ | 89,592 | ||||||
| Federal funds sold and interest bearing deposits with other banks | 60,298 | 135,003 | 47,989 | 179,651 | ||||||||
| Investment securities available-for-sale, at fair value (amortized cost of | 1,456,157 | 1,501,877 | 1,536,299 | 1,523,548 | ||||||||
| Other investments | 22,140 | 23,855 | 23,855 | 24,585 | ||||||||
| Mortgages held for sale | 4,334 | 2,305 | 2,569 | 2,763 | ||||||||
| Loans and leases, net of unearned discount: | ||||||||||||
| Commercial and agricultural | 835,826 | 775,118 | 772,974 | 721,235 | ||||||||
| Renewable energy | 573,226 | 505,413 | 487,266 | 459,441 | ||||||||
| Auto and light truck | 972,461 | 955,945 | 948,435 | 1,009,967 | ||||||||
| Medium and heavy duty truck | 282,875 | 289,837 | 289,623 | 315,157 | ||||||||
| Aircraft | 1,134,838 | 1,118,099 | 1,123,797 | 1,058,591 | ||||||||
| Construction equipment | 1,207,209 | 1,171,934 | 1,203,912 | 1,132,556 | ||||||||
| Commercial real estate | 1,252,750 | 1,230,760 | 1,215,265 | 1,164,598 | ||||||||
| Residential real estate and home equity | 714,026 | 689,101 | 680,071 | 654,357 | ||||||||
| Consumer | 124,758 | 127,186 | 133,465 | 137,097 | ||||||||
| Total loans and leases | 7,097,969 | 6,863,393 | 6,854,808 | 6,652,999 | ||||||||
| Allowance for loan and lease losses | (163,484) | (157,470) | (155,540) | (150,067) | ||||||||
| Net loans and leases | 6,934,485 | 6,705,923 | 6,699,268 | 6,502,932 | ||||||||
| Equipment owned under operating leases, net | 8,653 | 9,864 | 11,483 | 13,886 | ||||||||
| Premises and equipment, net | 55,602 | 54,778 | 53,456 | 48,201 | ||||||||
| Goodwill and intangible assets | 83,895 | 83,895 | 83,897 | 83,907 | ||||||||
| Accrued income and other assets | 372,788 | 357,798 | 396,285 | 408,938 | ||||||||
| Total assets | $ | 9,087,162 | $ | 8,963,114 | $ | 8,931,938 | $ | 8,878,003 | ||||
| LIABILITIES | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing demand | $ | 1,583,621 | $ | 1,651,479 | $ | 1,639,101 | $ | 1,578,762 | ||||
| Interest-bearing deposits: | ||||||||||||
| Interest-bearing demand | 2,601,353 | 2,451,169 | 2,544,839 | 2,543,724 | ||||||||
| Savings | 1,359,841 | 1,392,391 | 1,256,370 | 1,255,154 | ||||||||
| Time | 1,897,854 | 1,922,726 | 1,789,725 | 1,818,284 | ||||||||
| Total interest-bearing deposits | 5,859,048 | 5,766,286 | 5,590,934 | 5,617,162 | ||||||||
| Total deposits | 7,442,669 | 7,417,765 | 7,230,035 | 7,195,924 | ||||||||
| Short-term borrowings: | ||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 58,242 | 60,025 | 72,346 | 70,767 | ||||||||
| Other short-term borrowings | 51,816 | 1,152 | 176,852 | 217,450 | ||||||||
| Total short-term borrowings | 110,058 | 61,177 | 249,198 | 288,217 | ||||||||
| Long-term debt and mandatorily redeemable securities | 41,850 | 41,210 | 39,156 | 39,136 | ||||||||
| Subordinated notes | 58,764 | 58,764 | 58,764 | 58,764 | ||||||||
| Accrued expenses and other liabilities | 176,397 | 163,656 | 173,279 | 181,107 | ||||||||
| Total liabilities | 7,829,738 | 7,742,572 | 7,750,432 | 7,763,148 | ||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||
| Preferred stock; no par value | ||||||||||||
| Authorized 10,000,000 shares; none issued or outstanding | — | — | — | — | ||||||||
| Common stock; no par value | ||||||||||||
| Authorized 40,000,000 shares; issued 28,205,674 shares at June 30, 2025, March 31, 2025, December 31, 2024, and June 30, 2024, respectively | 436,538 | 436,538 | 436,538 | 436,538 | ||||||||
| Retained earnings | 950,363 | 921,717 | 890,937 | 841,790 | ||||||||
| Cost of common stock in treasury (3,674,878, 3,643,063, 3,685,512, and 3,698,651 shares at June 30, 2025, March 31, 2025, December 31, 2024, and June 30, 2024, respectively) | (131,551) | (128,912) | (129,175) | (129,248) | ||||||||
| Accumulated other comprehensive loss | (56,761) | (67,884) | (87,232) | (105,565) | ||||||||
| Total shareholders' equity | 1,198,589 | 1,161,459 | 1,111,068 | 1,043,515 | ||||||||
| Noncontrolling interests | 58,835 | 59,083 | 70,438 | 71,340 | ||||||||
| Total equity | 1,257,424 | 1,220,542 | 1,181,506 | 1,114,855 | ||||||||
| Total liabilities and equity | $ | 9,087,162 | $ | 8,963,114 | $ | 8,931,938 | $ | 8,878,003 |
| 1st SOURCE CORPORATION | |||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| (Unaudited - Dollars in thousands, except per share amounts) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Interest income: | |||||||||||||||
| Loans and leases | $ | 117,230 | $ | 113,560 | $ | 113,101 | $ | 230,790 | $ | 222,303 | |||||
| Investment securities, taxable | 8,602 | 8,153 | 5,900 | 16,755 | 11,979 | ||||||||||
| Investment securities, tax-exempt | 297 | 277 | 254 | 574 | 514 | ||||||||||
| Other | 1,087 | 1,314 | 1,914 | 2,401 | 2,841 | ||||||||||
| Total interest income | 127,216 | 123,304 | 121,169 | 250,520 | 237,637 | ||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 39,106 | 39,846 | 43,095 | 78,952 | 82,839 | ||||||||||
| Short-term borrowings | 809 | 232 | 2,158 | 1,041 | 5,260 | ||||||||||
| Subordinated notes | 1,007 | 1,014 | 1,061 | 2,021 | 2,122 | ||||||||||
| Long-term debt and mandatorily redeemable securities | 1,102 | 1,274 | 805 | 2,376 | 1,451 | ||||||||||
| Total interest expense | 42,024 | 42,366 | 47,119 | 84,390 | 91,672 | ||||||||||
| Net interest income | 85,192 | 80,938 | 74,050 | 166,130 | 145,965 | ||||||||||
| Provision for credit losses: | |||||||||||||||
| Provision for credit losses — loans and leases | 7,884 | 2,112 | 56 | 9,996 | 6,651 | ||||||||||
| (Recovery of) provision for credit losses — unfunded loan commitments | (194) | 1,153 | (370) | 959 | 512 | ||||||||||
| Total provision (recovery of provision) for credit losses | 7,690 | 3,265 | (314) | 10,955 | 7,163 | ||||||||||
| Net interest income after provision for credit losses | 77,502 | 77,673 | 74,364 | 155,175 | 138,802 | ||||||||||
| Noninterest income: | |||||||||||||||
| Trust and wealth advisory | 7,266 | 6,666 | 7,081 | 13,932 | 13,368 | ||||||||||
| Service charges on deposit accounts | 3,189 | 3,071 | 3,203 | 6,260 | 6,273 | ||||||||||
| Debit card | 4,567 | 4,149 | 4,562 | 8,716 | 8,763 | ||||||||||
| Mortgage banking | 1,116 | 853 | 1,280 | 1,969 | 2,230 | ||||||||||
| Insurance commissions | 1,685 | 2,440 | 1,611 | 4,125 | 3,387 | ||||||||||
| Equipment rental | 779 | 899 | 1,257 | 1,678 | 2,928 | ||||||||||
| Losses on investment securities available-for-sale | (997) | - | - | (997) | - | ||||||||||
| Other | 5,452 | 5,025 | 4,227 | 10,477 | 8,428 | ||||||||||
| Total noninterest income | 23,057 | 23,103 | 23,221 | 46,160 | 45,377 | ||||||||||
| Noninterest expense: | |||||||||||||||
| Salaries and employee benefits | 31,800 | 32,115 | 29,238 | 63,915 | 58,810 | ||||||||||
| Net occupancy | 3,035 | 3,224 | 2,908 | 6,259 | 5,904 | ||||||||||
| Furniture and equipment | 1,684 | 1,347 | 1,265 | 3,031 | 2,414 | ||||||||||
| Data processing | 7,410 | 7,291 | 6,712 | 14,701 | 13,212 | ||||||||||
| Depreciation - leased equipment | 619 | 718 | 999 | 1,337 | 2,287 | ||||||||||
| Professional fees | 1,499 | 1,668 | 1,713 | 3,167 | 3,058 | ||||||||||
| FDIC and other insurance | 1,438 | 1,440 | 1,627 | 2,878 | 3,284 | ||||||||||
| Business development and marketing | 1,884 | 1,925 | 2,026 | 3,809 | 3,770 | ||||||||||
| Other | 3,061 | 3,348 | 3,373 | 6,409 | 5,826 | ||||||||||
| Total noninterest expense | 52,430 | 53,076 | 49,861 | 105,506 | 98,565 | ||||||||||
| Income before income taxes | 48,129 | 47,700 | 47,724 | 95,829 | 85,614 | ||||||||||
| Income tax expense | 10,803 | 10,177 | 10,919 | 20,980 | 19,347 | ||||||||||
| Net income | 37,326 | 37,523 | 36,805 | 74,849 | 66,267 | ||||||||||
| Net (income) loss attributable to noncontrolling interests | (7) | (3) | (12) | (10) | (19) | ||||||||||
| Net income available to common shareholders | $ | 37,319 | $ | 37,520 | $ | 36,793 | $ | 74,839 | $ | 66,248 | |||||
| Per common share: | |||||||||||||||
| Basic net income per common share | $ | 1.51 | $ | 1.52 | $ | 1.49 | $ | 3.02 | $ | 2.68 | |||||
| Diluted net income per common share | $ | 1.51 | $ | 1.52 | $ | 1.49 | $ | 3.02 | $ | 2.68 | |||||
| Basic weighted average common shares outstanding | 24,541,385 | 24,546,819 | 24,495,495 | 24,544,120 | 24,477,292 | ||||||||||
| Diluted weighted average common shares outstanding | 24,541,385 | 24,546,819 | 24,495,495 | 24,544,120 | 24,477,292 | ||||||||||
1st SOURCE CORPORATION
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY
INTEREST RATES AND INTEREST DIFFERENTIAL
(Unaudited - Dollars in thousands)
| Three Months Ended | |||||||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||||||||||||||||
| Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||
| ASSETS | |||||||||||||||||||||||
| Investment securities available-for-sale: | |||||||||||||||||||||||
| Taxable | $ | 1,444,203 | $ | 8,602 | 2.39 % | $ | 1,488,005 | $ | 8,153 | 2.22 % | $ | 1,524,751 | $ | 1.56 % | |||||||||
| Tax exempt(1) | 32,418 | 375 | 4.64 % | 31,172 | 349 | 4.54 % | 29,611 | 319 | 4.33 % | ||||||||||||||
| Mortgages held for sale | 3,385 | 55 | 6.52 % | 2,409 | 39 | 6.57 % | 4,179 | 65 | 6.26 % | ||||||||||||||
| Loans and leases, net of unearned discount(1) | 6,968,463 | 117,250 | 6.75 % | 6,798,952 | 113,596 | 6.78 % | 6,606,209 | 113,115 | 6.89 % | ||||||||||||||
| Other investments | 95,469 | 1,087 | 4.57 % | 114,252 | 1,314 | 4.66 % | 138,768 | 1,914 | 5.55 % | ||||||||||||||
| Total earning assets(1) | 8,543,938 | 127,369 | 5.98 % | 8,434,790 | 123,451 | 5.94 % | 8,303,518 | 121,313 | 5.88 % | ||||||||||||||
| Cash and due from banks | 67,535 | 64,009 | 60,908 | ||||||||||||||||||||
| Allowance for loan and lease losses | (159,418) | (157,318) | (149,688) | ||||||||||||||||||||
| Other assets | 510,079 | 514,797 | 546,268 | ||||||||||||||||||||
| Total assets | $ | 8,962,134 | $ | 8,856,278 | $ | 8,761,006 | |||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
| Interest-bearing deposits | $ | 5,774,752 | $ | 39,106 | 2.72 % | $ | 5,745,134 | $ | 39,846 | 2.81 % | $ | 5,603,880 | $ | 43,095 | 3.09 % | ||||||||
| Short-term borrowings: | |||||||||||||||||||||||
| Securities sold under agreements to repurchase | 60,863 | 121 | 0.80 % | 58,232 | 104 | 0.72 % | 61,729 | 146 | 0.95 % | ||||||||||||||
| Other short-term borrowings | 61,917 | 688 | 4.46 % | 18,450 | 128 | 2.81 % | 159,953 | 2,012 | 5.06 % | ||||||||||||||
| Subordinated notes | 58,764 | 1,007 | 6.87 % | 58,764 | 1,014 | 7.00 % | 58,764 | 1,061 | 7.26 % | ||||||||||||||
| Long-term debt and mandatorily redeemable securities | 41,328 | 1,102 | 10.70 % | 39,675 | 1,274 | 13.02 % | 38,590 | 805 | 8.39 % | ||||||||||||||
| Total interest-bearing liabilities | 5,997,624 | 42,024 | 2.81 % | 5,920,255 | 42,366 | 2.90 % | 5,922,916 | 47,119 | 3.20 % | ||||||||||||||
| Noninterest-bearing deposits | 1,574,332 | 1,588,408 | 1,579,798 | ||||||||||||||||||||
| Other liabilities | 144,057 | 139,379 | 159,552 | ||||||||||||||||||||
| Shareholders' equity | 1,187,076 | 1,141,922 | 1,027,138 | ||||||||||||||||||||
| Noncontrolling interests | 59,045 | 66,314 | 71,602 | ||||||||||||||||||||
| Total liabilities and equity | $ | 8,962,134 | $ | 8,856,278 | $ | 8,761,006 | |||||||||||||||||
| Less: Fully tax-equivalent adjustments | (153) | (147) | (144) | ||||||||||||||||||||
| Net interest income/margin (GAAP-derived)(1) | $ | 85,192 | 4.00 % | $ | 80,938 | 3.89 % | $ | 74,050 | 3.59 % | ||||||||||||||
| Fully tax-equivalent adjustments | 153 | 147 | 144 | ||||||||||||||||||||
| Net interest income/margin - FTE(1) | $ | 85,345 | 4.01 % | $ | 81,085 | 3.90 % | $ | 74,194 | 3.59 % | ||||||||||||||
(1) See “Reconciliation of Non-GAAP Financial Measures” for more information on this performance measure/ratio.
| 1st SOURCE CORPORATION | ||||||||||||||||
| DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
| INTEREST RATES AND INTEREST DIFFERENTIAL | ||||||||||||||||
| (Unaudited - Dollars in thousands) | ||||||||||||||||
| Six Months Ended | ||||||||||||||||
| June 30, 2025 | June 30, 2024 | |||||||||||||||
| Average Balance | Interest Income/Expense | Yield/ Rate | Average Balance | Interest Income/Expense | Yield/ Rate | |||||||||||
| ASSETS | ||||||||||||||||
| Investment securities available-for-sale: | ||||||||||||||||
| Taxable | $ | 1,465,984 | $ | 16,755 | 2.30 % | $ | 1,550,665 | $ | 11,979 | 1.55 % | ||||||
| Tax exempt(1) | 31,798 | 724 | 4.59 % | 30,563 | 646 | 4.25 % | ||||||||||
| Mortgages held for sale | 2,899 | 94 | 6.54 % | 3,004 | 99 | 6.63 % | ||||||||||
| Loans and leases, net of unearned discount(1) | 6,884,176 | 230,846 | 6.76 % | 6,555,139 | 222,364 | 6.82 % | ||||||||||
| Other investments | 104,808 | 2,401 | 4.62 % | 103,470 | 2,841 | 5.52 % | ||||||||||
| Total earning assets(1) | 8,489,665 | 250,820 | 5.96 % | 8,242,841 | 237,929 | 5.80 % | ||||||||||
| Cash and due from banks | 65,782 | 61,399 | ||||||||||||||
| Allowance for loan and lease losses | (158,374) | (149,335) | ||||||||||||||
| Other assets | 512,426 | 551,670 | ||||||||||||||
| Total assets | $ | 8,909,499 | $ | 8,706,575 | ||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
| Interest-bearing deposits | 5,760,025 | 78,952 | 2.76 % | 5,499,367 | 82,839 | 3.03 % | ||||||||||
| Short-term borrowings: | ||||||||||||||||
| Securities sold under agreements to repurchase | 59,555 | 225 | 0.76 % | 54,851 | 193 | 0.71 % | ||||||||||
| Other short-term borrowings | 40,304 | 816 | 4.08 % | 197,313 | 5,067 | 5.16 % | ||||||||||
| Subordinated notes | 58,764 | 2,021 | 6.94 % | 58,764 | 2,122 | 7.26 % | ||||||||||
| Long-term debt and mandatorily redeemable securities | 40,506 | 2,376 | 11.83 % | 42,904 | 1,451 | 6.80 % | ||||||||||
| Total interest-bearing liabilities | 5,959,154 | 84,390 | 2.86 % | 5,853,199 | 91,672 | 3.15 % | ||||||||||
| Noninterest-bearing deposits | 1,581,331 | 1,598,024 | ||||||||||||||
| Other liabilities | 141,731 | 163,655 | ||||||||||||||
| Shareholders' equity | 1,164,624 | 1,016,712 | ||||||||||||||
| Noncontrolling interests | 62,659 | 74,985 | ||||||||||||||
| Total liabilities and equity | $ | 8,909,499 | $ | 8,706,575 | ||||||||||||
| Less: Fully tax-equivalent adjustments | (300) | (292) | ||||||||||||||
| Net interest income/margin (GAAP-derived)(1) | $ | 166,130 | 3.95 % | $ | 145,965 | 3.56 % | ||||||||||
| Fully tax-equivalent adjustments | 300 | 292 | ||||||||||||||
| Net interest income/margin - FTE(1) | $ | 166,430 | 3.95 % | $ | 146,257 | 3.57 % | ||||||||||
(1) See “Reconciliation of Non-GAAP Financial Measures” for more information on this performance measure/ratio.
| 1st SOURCE CORPORATION | |||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
| (Unaudited - Dollars in thousands, except per share data) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Calculation of Net Interest Margin | |||||||||||||||||
| (A) | Interest income (GAAP) | $ | 127,216 | $ | 123,304 | $ | 121,169 | $ | 250,520 | $ | 237,637 | ||||||
| Fully tax-equivalent adjustments: | |||||||||||||||||
| (B) | – Loans and leases | 75 | 75 | 79 | 150 | 160 | |||||||||||
| (C) | – Tax exempt investment securities | 78 | 72 | 65 | 150 | 132 | |||||||||||
| (D) | Interest income - FTE (A+B+C) | 127,369 | 123,451 | 121,313 | 250,820 | 237,929 | |||||||||||
| (E) | Interest expense (GAAP) | 42,024 | 42,366 | 47,119 | 84,390 | 91,672 | |||||||||||
| (F) | Net interest income (GAAP) (A-E) | 85,192 | 80,938 | 74,050 | 166,130 | 145,965 | |||||||||||
| (G) | Net interest income - FTE (D-E) | 85,345 | 81,085 | 74,194 | 166,430 | 146,257 | |||||||||||
| (H) | Annualization factor | 4.011 | 4.056 | 4.022 | 2.017 | 2.011 | |||||||||||
| (I) | Total earning assets | $ | 8,543,938 | $ | 8,434,790 | $ | 8,303,518 | $ | $ | 8,242,841 | |||||||
| Net interest margin (GAAP-derived) (F*H)/I | 4.00 % | 3.89 % | 3.59 % | 3.95 % | 3.56 % | ||||||||||||
| Net interest margin - FTE (G*H)/I | 4.01 % | 3.90 % | 3.59 % | 3.95 % | 3.57 % | ||||||||||||
| Calculation of Efficiency Ratio | |||||||||||||||||
| (F) | Net interest income (GAAP) | $ | 85,192 | $ | 80,938 | $ | 74,050 | $ | 166,130 | $ | 145,965 | ||||||
| (G) | Net interest income - FTE | 85,345 | 81,085 | 74,194 | 166,430 | 146,257 | |||||||||||
| (J) | Plus: noninterest income (GAAP) | 23,057 | 23,103 | 23,221 | 46,160 | 45,377 | |||||||||||
| (K) | Less: (gains) losses on investment securities and partnership investments | (739) | (1,427) | (929) | (2,166) | (1,966) | |||||||||||
| (L) | Less: depreciation - leased equipment | (619) | (718) | (999) | (1,337) | (2,287) | |||||||||||
| (M) | Total net revenue (GAAP) (F+J) | 108,249 | 104,041 | 97,271 | 212,290 | 191,342 | |||||||||||
| (N) | Total net revenue - adjusted (G+J-K-L) | 107,044 | 102,043 | 95,487 | 209,087 | 187,381 | |||||||||||
| (O) | Noninterest expense (GAAP) | 52,430 | 53,076 | 49,861 | 105,506 | 98,565 | |||||||||||
| (L) | Less:depreciation – leased equipment | (619) | (718) | (999) | (1,337) | (2,287) | |||||||||||
| (P) | Noninterest expense - adjusted (O-L) | 51,811 | 52,358 | 48,862 | 104,169 | 96,278 | |||||||||||
| Efficiency ratio (GAAP-derived) (O/M) | 48.43 % | 51.01 % | 51.26 % | 49.70 % | 51.51 % | ||||||||||||
| Efficiency ratio - adjusted (P/N) | 48.40 % | 51.31 % | 51.17 % | 49.82 % | 51.38 % | ||||||||||||
| End of Period | |||||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||||
| 2025 | 2025 | 2024 | |||||||||||||||
| Calculation of Tangible Common Equity-to-Tangible Assets Ratio | |||||||||||||||||
| (Q) | Total common shareholders' equity (GAAP) | $ | 1,198,589 | $ | 1,161,459 | $ | 1,043,515 | ||||||||||
| (R) | Less: goodwill and intangible assets | (83,895) | (83,895) | (83,907) | |||||||||||||
| (S) | Total tangible common shareholders' equity (Q-R) | $ | 1,114,694 | $ | 1,077,564 | $ | 959,608 | ||||||||||
| (T) | Total assets (GAAP) | 9,087,162 | 8,963,114 | 8,878,003 | |||||||||||||
| (R) | Less: goodwill and intangible assets | (83,895) | (83,895) | (83,907) | |||||||||||||
| (U) | Total tangible assets (T-R) | $ | 9,003,267 | $ | 8,879,219 | $ | 8,794,096 | ||||||||||
| Common equity-to-assets ratio (GAAP-derived) (Q/T) | 13.19 % | 12.96 % | 11.75 % | ||||||||||||||
| Tangible common equity-to-tangible assets ratio (S/U) | 12.38 % | 12.14 % | 10.91 % | ||||||||||||||
| Calculation of Tangible Book Value per Common Share | |||||||||||||||||
| (Q) | Total common shareholders' equity (GAAP) | $ | 1,198,589 | $ | 1,161,459 | $ | 1,043,515 | ||||||||||
| (V) | Actual common shares outstanding | 24,530,796 | 24,562,611 | 24,507,023 | |||||||||||||
| Book value per common share (GAAP-derived) (Q/V)*1000 | $ | 48.86 | $ | 47.29 | $ | 42.58 | |||||||||||
| Tangible common book value per share (S/V)*1000 | $ | 45.44 | $ | 43.87 | $ | 39.16 | |||||||||||
The NASDAQ Stock Market National Market Symbol: "SRCE" (CUSIP #336901 10 3)
Please contact us at shareholder@1stsource.com.
Contact:
Brett Bauer
574-235-2000
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259943
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