(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
1st SOURCE CORPORATION | ||||||||
(Registrant) | ||||||||
Date: April 21, 2022 | /s/ BRETT A. BAUER | |||||||
Brett A. Bauer | ||||||||
Treasurer and Chief Financial Officer | ||||||||
Principal Accounting Officer |
For: | Immediate Release | Contact: | Brett Bauer | ||||||||
April 21, 2022 | 574-235-2000 |
1st SOURCE CORPORATION | ||||||||||||||||||||
1st QUARTER 2022 FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(Unaudited - Dollars in thousands, except per share data) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||||||||
2022 | 2021 | 2021 | ||||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Assets | $ | 8,008,738 | $ | 8,111,055 | $ | 7,350,413 | ||||||||||||||
Earning assets | 7,620,248 | 7,715,838 | 6,960,551 | |||||||||||||||||
Investments | 1,887,055 | 1,715,227 | 1,230,977 | |||||||||||||||||
Loans and leases | 5,324,344 | 5,311,964 | 5,499,009 | |||||||||||||||||
Deposits | 6,616,869 | 6,700,575 | 5,980,471 | |||||||||||||||||
Interest bearing liabilities | 4,913,453 | 4,959,322 | 4,577,664 | |||||||||||||||||
Common shareholders’ equity | 910,793 | 918,950 | 894,553 | |||||||||||||||||
Total equity | 964,156 | 966,063 | 938,451 | |||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||
Net interest income | $ | 59,618 | $ | 60,067 | $ | 57,412 | ||||||||||||||
Net interest income - FTE(1) | 59,726 | 60,176 | 57,533 | |||||||||||||||||
Provision (recovery of provision) for credit losses | 2,233 | (1,117) | 2,398 | |||||||||||||||||
Noninterest income | 23,145 | 23,828 | 25,869 | |||||||||||||||||
Noninterest expense | 45,336 | 48,746 | 44,140 | |||||||||||||||||
Net income | 27,401 | 27,735 | 28,106 | |||||||||||||||||
Net income available to common shareholders | 27,390 | 27,723 | 28,105 | |||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic net income per common share | $ | 1.10 | $ | 1.11 | $ | 1.10 | ||||||||||||||
Diluted net income per common share | 1.10 | 1.11 | 1.10 | |||||||||||||||||
Common cash dividends declared | 0.31 | 0.31 | 0.29 | |||||||||||||||||
Book value per common share(2) | 34.97 | 37.04 | 35.27 | |||||||||||||||||
Tangible book value per common share(1) | 31.57 | 33.64 | 31.95 | |||||||||||||||||
Market value - High | 52.70 | 51.20 | 50.38 | |||||||||||||||||
Market value - Low | 45.78 | 45.91 | 38.73 | |||||||||||||||||
Basic weighted average common shares outstanding | 24,743,790 | 24,775,288 | 25,320,930 | |||||||||||||||||
Diluted weighted average common shares outstanding | 24,743,790 | 24,775,288 | 25,320,930 | |||||||||||||||||
KEY RATIOS | ||||||||||||||||||||
Return on average assets | 1.39 | % | 1.36 | % | 1.55 | % | ||||||||||||||
Return on average common shareholders’ equity | 12.20 | 11.97 | 12.74 | |||||||||||||||||
Average common shareholders’ equity to average assets | 11.37 | 11.33 | 12.17 | |||||||||||||||||
End of period tangible common equity to tangible assets(1) | 9.85 | 10.39 | 10.87 | |||||||||||||||||
Risk-based capital - Common Equity Tier 1(3) | 13.88 | 13.72 | 13.43 | |||||||||||||||||
Risk-based capital - Tier 1(3) | 15.67 | 15.50 | 15.12 | |||||||||||||||||
Risk-based capital - Total(3) | 16.93 | 16.76 | 16.39 | |||||||||||||||||
Net interest margin | 3.17 | 3.09 | 3.35 | |||||||||||||||||
Net interest margin - FTE(1) | 3.18 | 3.09 | 3.35 | |||||||||||||||||
Efficiency ratio: expense to revenue | 54.78 | 58.10 | 53.00 | |||||||||||||||||
Efficiency ratio: expense to revenue - adjusted(1) | 53.29 | 56.60 | 50.99 | |||||||||||||||||
Net charge offs to average loans and leases | (0.02) | 0.38 | 0.26 | |||||||||||||||||
Loan and lease loss allowance to loans and leases | 2.41 | 2.38 | 2.53 | |||||||||||||||||
Nonperforming assets to loans and leases | 0.66 | 0.77 | 1.12 | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||||||
Assets | $ | 8,012,463 | $ | 8,096,289 | $ | 7,964,092 | $ | 7,718,694 | $ | 7,511,931 | ||||||||||
Loans and leases | 5,394,003 | 5,346,214 | 5,358,797 | 5,483,045 | 5,523,085 | |||||||||||||||
Deposits | 6,673,092 | 6,679,065 | 6,522,505 | 6,345,410 | 6,131,341 | |||||||||||||||
Allowance for loan and lease losses | 129,959 | 127,492 | 133,755 | 136,361 | 139,550 | |||||||||||||||
Goodwill and intangible assets | 83,921 | 83,926 | 83,931 | 83,937 | 83,942 | |||||||||||||||
Common shareholders’ equity | 864,850 | 916,255 | 911,333 | 901,226 | 891,295 | |||||||||||||||
Total equity | 919,470 | 969,464 | 956,397 | 945,457 | 935,759 | |||||||||||||||
ASSET QUALITY | ||||||||||||||||||||
Loans and leases past due 90 days or more | $ | 274 | $ | 249 | $ | 96 | $ | 44 | $ | 66 | ||||||||||
Nonaccrual loans and leases | 35,435 | 38,706 | 43,166 | 55,864 | 58,513 | |||||||||||||||
Other real estate | — | — | — | — | 369 | |||||||||||||||
Repossessions | 73 | 861 | 690 | 1,213 | 2,214 | |||||||||||||||
Equipment owned under operating leases | 343 | 1,518 | 1,598 | 1,728 | 1,647 | |||||||||||||||
Total nonperforming assets | $ | 36,125 | $ | 41,334 | $ | 45,550 | $ | 58,849 | $ | 62,809 |
1st SOURCE CORPORATION | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||||||||||||
(Unaudited - Dollars in thousands) | |||||||||||||||||||||||
March 31, | December 31, | September 30, | March 31, | ||||||||||||||||||||
2022 | 2021 | 2021 | 2021 | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and due from banks | $ | 69,195 | $ | 54,420 | $ | 77,740 | $ | 69,683 | |||||||||||||||
Federal funds sold and interest bearing deposits with other banks | 347,697 | 470,767 | 559,542 | 266,271 | |||||||||||||||||||
Investment securities available-for-sale | 1,857,431 | 1,863,041 | 1,583,240 | 1,291,340 | |||||||||||||||||||
Other investments | 25,538 | 27,189 | 27,189 | 27,429 | |||||||||||||||||||
Mortgages held for sale | 4,757 | 13,284 | 34,594 | 9,351 | |||||||||||||||||||
Loans and leases, net of unearned discount: | |||||||||||||||||||||||
Commercial and agricultural | 869,093 | 918,712 | 1,005,849 | 1,238,708 | |||||||||||||||||||
Solar | 337,485 | 348,302 | 303,995 | 296,124 | |||||||||||||||||||
Auto and light truck | 629,780 | 603,775 | 605,258 | 552,676 | |||||||||||||||||||
Medium and heavy duty truck | 255,277 | 259,740 | 248,604 | 268,636 | |||||||||||||||||||
Aircraft | 957,040 | 898,401 | 900,077 | 873,770 | |||||||||||||||||||
Construction equipment | 775,972 | 754,273 | 729,412 | 705,744 | |||||||||||||||||||
Commercial real estate | 920,807 | 929,341 | 939,131 | 975,383 | |||||||||||||||||||
Residential real estate and home equity | 510,537 | 500,590 | 492,893 | 486,156 | |||||||||||||||||||
Consumer | 138,012 | 133,080 | 133,578 | 125,888 | |||||||||||||||||||
Total loans and leases | 5,394,003 | 5,346,214 | 5,358,797 | 5,523,085 | |||||||||||||||||||
Allowance for loan and lease losses | (129,959) | (127,492) | (133,755) | (139,550) | |||||||||||||||||||
Net loans and leases | 5,264,044 | 5,218,722 | 5,225,042 | 5,383,535 | |||||||||||||||||||
Equipment owned under operating leases, net | 41,792 | 48,433 | 51,478 | 61,395 | |||||||||||||||||||
Net premises and equipment | 45,960 | 47,038 | 46,748 | 48,288 | |||||||||||||||||||
Goodwill and intangible assets | 83,921 | 83,926 | 83,931 | 83,942 | |||||||||||||||||||
Accrued income and other assets | 272,128 | 269,469 | 274,588 | 270,697 | |||||||||||||||||||
Total assets | $ | 8,012,463 | $ | 8,096,289 | $ | 7,964,092 | $ | 7,511,931 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,061,111 | $ | 2,052,981 | $ | 2,012,389 | $ | 1,833,116 | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
Interest-bearing demand | 2,430,979 | 2,455,580 | 2,358,512 | 2,068,382 | |||||||||||||||||||
Savings | 1,328,981 | 1,286,367 | 1,214,088 | 1,148,823 | |||||||||||||||||||
Time | 852,021 | 884,137 | 937,516 | 1,081,020 | |||||||||||||||||||
Total interest-bearing deposits | 4,611,981 | 4,626,084 | 4,510,116 | 4,298,225 | |||||||||||||||||||
Total deposits | 6,673,092 | 6,679,065 | 6,522,505 | 6,131,341 | |||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 193,798 | 194,727 | 210,275 | 173,302 | |||||||||||||||||||
Other short-term borrowings | 5,360 | 5,300 | 5,390 | 7,299 | |||||||||||||||||||
Total short-term borrowings | 199,158 | 200,027 | 215,665 | 180,601 | |||||||||||||||||||
Long-term debt and mandatorily redeemable securities | 69,563 | 71,251 | 81,301 | 81,722 | |||||||||||||||||||
Subordinated notes | 58,764 | 58,764 | 58,764 | 58,764 | |||||||||||||||||||
Accrued expenses and other liabilities | 92,416 | 117,718 | 129,460 | 123,744 | |||||||||||||||||||
Total liabilities | 7,092,993 | 7,126,825 | 7,007,695 | 6,576,172 | |||||||||||||||||||
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 March 31, 2022, December 31, 2021, September 30, 2021, and March 31, 2021, respectively | 436,538 | 436,538 | 436,538 | 436,538 | |||||||||||||||||||
Retained earnings | 624,503 | 603,787 | 583,631 | 535,737 | |||||||||||||||||||
Cost of common stock in treasury (3,473,139, 3,466,162, 3,408,141, and 2,936,987 shares at March 31, 2022, December 31, 2021, September 30, 2021, and March 31, 2021, respectively) | (115,654) | (114,209) | (111,253) | (88,223) | |||||||||||||||||||
Accumulated other comprehensive (loss) income | (80,537) | (9,861) | 2,417 | 7,243 | |||||||||||||||||||
Total shareholders’ equity | 864,850 | 916,255 | 911,333 | 891,295 | |||||||||||||||||||
Noncontrolling interests | 54,620 | 53,209 | 45,064 | 44,464 | |||||||||||||||||||
Total equity | 919,470 | 969,464 | 956,397 | 935,759 | |||||||||||||||||||
Total liabilities and equity | $ | 8,012,463 | $ | 8,096,289 | $ | 7,964,092 | $ | 7,511,931 |
1st SOURCE CORPORATION | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
(Unaudited - Dollars in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Interest income: | |||||||||||||||||
Loans and leases | $ | 55,208 | $ | 58,327 | $ | 57,864 | |||||||||||
Investment securities, taxable | 6,344 | 5,091 | 3,988 | ||||||||||||||
Investment securities, tax-exempt | 134 | 133 | 174 | ||||||||||||||
Other | 363 | 430 | 266 | ||||||||||||||
Total interest income | 62,049 | 63,981 | 62,292 | ||||||||||||||
Interest expense: | |||||||||||||||||
Deposits | 2,376 | 2,624 | 3,526 | ||||||||||||||
Short-term borrowings | 24 | 25 | 36 | ||||||||||||||
Subordinated notes | 823 | 819 | 818 | ||||||||||||||
Long-term debt and mandatorily redeemable securities | (792) | 446 | 500 | ||||||||||||||
Total interest expense | 2,431 | 3,914 | 4,880 | ||||||||||||||
Net interest income | 59,618 | 60,067 | 57,412 | ||||||||||||||
Provision (recovery of provision) for credit losses | 2,233 | (1,117) | 2,398 | ||||||||||||||
Net interest income after provision for credit losses | 57,385 | 61,184 | 55,014 | ||||||||||||||
Noninterest income: | |||||||||||||||||
Trust and wealth advisory | 5,914 | 5,949 | 5,481 | ||||||||||||||
Service charges on deposit accounts | 2,792 | 2,867 | 2,447 | ||||||||||||||
Debit card | 4,194 | 4,619 | 4,182 | ||||||||||||||
Mortgage banking | 1,377 | 1,913 | 3,901 | ||||||||||||||
Insurance commissions | 1,905 | 1,549 | 2,152 | ||||||||||||||
Equipment rental | 3,662 | 3,817 | 4,629 | ||||||||||||||
Gains on investment securities available-for-sale | — | — | — | ||||||||||||||
Other | 3,301 | 3,114 | 3,077 | ||||||||||||||
Total noninterest income | 23,145 | 23,828 | 25,869 | ||||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 25,467 | 28,128 | 25,196 | ||||||||||||||
Net occupancy | 2,811 | 2,624 | 2,719 | ||||||||||||||
Furniture and equipment | 1,295 | 1,589 | 1,474 | ||||||||||||||
Data processing | 5,208 | 5,026 | 4,984 | ||||||||||||||
Depreciation – leased equipment | 3,015 | 3,132 | 3,773 | ||||||||||||||
Professional fees | 1,608 | 3,102 | 1,613 | ||||||||||||||
FDIC and other insurance | 850 | 844 | 665 | ||||||||||||||
Business development and marketing | 1,268 | 1,200 | 997 | ||||||||||||||
Loan and lease collection and repossession | 134 | — | 129 | ||||||||||||||
Other | 3,680 | 3,101 | 2,590 | ||||||||||||||
Total noninterest expense | 45,336 | 48,746 | 44,140 | ||||||||||||||
Income before income taxes | 35,194 | 36,266 | 36,743 | ||||||||||||||
Income tax expense | 7,793 | 8,531 | 8,637 | ||||||||||||||
Net income | 27,401 | 27,735 | 28,106 | ||||||||||||||
Net (income) loss attributable to noncontrolling interests | (11) | (12) | (1) | ||||||||||||||
Net income available to common shareholders | $ | 27,390 | $ | 27,723 | $ | 28,105 | |||||||||||
Per common share: | |||||||||||||||||
Basic net income per common share | $ | 1.10 | $ | 1.11 | $ | 1.10 | |||||||||||
Diluted net income per common share | $ | 1.10 | $ | 1.11 | $ | 1.10 | |||||||||||
Cash dividends | $ | 0.31 | $ | 0.31 | $ | 0.29 | |||||||||||
Basic weighted average common shares outstanding | 24,743,790 | 24,775,288 | 25,320,930 | ||||||||||||||
Diluted weighted average common shares outstanding | 24,743,790 | 24,775,288 | 25,320,930 |
1st SOURCE CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST RATES AND INTEREST DIFFERENTIAL | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited - Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,857,557 | $ | 6,344 | 1.39 | % | $ | 1,686,231 | $ | 5,091 | 1.20 | % | $ | 1,193,583 | $ | 3,987 | 1.35 | % | |||||||||||||||||||||||||||||||||||
Tax exempt(1) | 29,498 | 165 | 2.27 | % | 28,996 | 163 | 2.23 | % | 37,394 | 214 | 2.32 | % | |||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale | 8,791 | 67 | 3.09 | % | 28,693 | 188 | 2.60 | % | 14,285 | 86 | 2.44 | % | |||||||||||||||||||||||||||||||||||||||||
Loans and leases, net of unearned discount(1) | 5,324,344 | 55,218 | 4.21 | % | 5,311,964 | 58,218 | 4.35 | % | 5,499,009 | 57,860 | 4.27 | % | |||||||||||||||||||||||||||||||||||||||||
Other investments | 400,058 | 363 | 0.37 | % | 659,954 | 430 | 0.26 | % | 216,280 | 266 | 0.50 | % | |||||||||||||||||||||||||||||||||||||||||
Total earning assets(1) | 7,620,248 | 62,157 | 3.31 | % | 7,715,838 | 64,090 | 3.30 | % | 6,960,551 | 62,413 | 3.64 | % | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 77,063 | 80,754 | 75,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (128,647) | (134,217) | (143,206) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 440,074 | 448,680 | 457,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,008,738 | $ | 8,111,055 | $ | 7,350,413 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 4,587,242 | $ | 2,376 | 0.21 | % | $ | 4,628,802 | $ | 2,624 | 0.22 | % | $ | 4,261,207 | $ | 3,526 | 0.34 | % | |||||||||||||||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 192,108 | 23 | 0.05 | % | 194,678 | 24 | 0.05 | % | 169,180 | 35 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 5,372 | 1 | 0.08 | % | 5,474 | 1 | 0.07 | % | 7,546 | 1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||
Subordinated notes | 58,764 | 823 | 5.68 | % | 58,764 | 819 | 5.53 | % | 58,764 | 818 | 5.65 | % | |||||||||||||||||||||||||||||||||||||||||
Long-term debt and mandatorily redeemable securities | 69,967 | (792) | (4.59) | % | 71,604 | 446 | 2.47 | % | 80,967 | 500 | 2.50 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,913,453 | 2,431 | 0.20 | % | 4,959,322 | 3,914 | 0.31 | % | 4,577,664 | 4,880 | 0.43 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 2,029,627 | 2,071,773 | 1,719,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 101,502 | 113,897 | 115,034 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 910,793 | 918,950 | 894,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 53,363 | 47,113 | 43,898 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 8,008,738 | $ | 8,111,055 | $ | 7,350,413 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Fully tax-equivalent adjustments | (108) | (109) | (121) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin (GAAP-derived)(1) | $ | 59,618 | 3.17 | % | $ | 60,067 | 3.09 | % | $ | 57,412 | 3.35 | % | |||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent adjustments | 108 | 109 | 121 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin - FTE(1) | $ | 59,726 | 3.18 | % | $ | 60,176 | 3.09 | % | $ | 57,533 | 3.35 | % | |||||||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||
2022 | 2021 | 2021 | ||||||||||||
Calculation of Net Interest Margin | ||||||||||||||
(A) | Interest income (GAAP) | $ | 62,049 | $ | 63,981 | $ | 62,292 | |||||||
Fully tax-equivalent adjustments: | ||||||||||||||
(B) | – Loans and leases | 77 | 79 | 81 | ||||||||||
(C) | – Tax exempt investment securities | 31 | 30 | 40 | ||||||||||
(D) | Interest income – FTE (A+B+C) | 62,157 | 64,090 | 62,413 | ||||||||||
(E) | Interest expense (GAAP) | 2,431 | 3,914 | 4,880 | ||||||||||
(F) | Net interest income (GAAP) (A-E) | 59,618 | 60,067 | 57,412 | ||||||||||
(G) | Net interest income - FTE (D-E) | 59,726 | 60,176 | 57,533 | ||||||||||
(H) | Annualization factor | 4.056 | 3.967 | 4.056 | ||||||||||
(I) | Total earning assets | $ | 7,620,248 | $ | 7,715,838 | $ | 6,960,551 | |||||||
Net interest margin (GAAP-derived) (F*H)/I | 3.17 | % | 3.09 | % | 3.35 | % | ||||||||
Net interest margin – FTE (G*H)/I | 3.18 | % | 3.09 | % | 3.35 | % | ||||||||
Calculation of Efficiency Ratio | ||||||||||||||
(F) | Net interest income (GAAP) | $ | 59,618 | $ | 60,067 | $ | 57,412 | |||||||
(G) | Net interest income – FTE | 59,726 | 60,176 | 57,533 | ||||||||||
(J) | Plus: noninterest income (GAAP) | 23,145 | 23,828 | 25,869 | ||||||||||
(K) | Less: gains/losses on investment securities and partnership investments | (444) | (285) | (460) | ||||||||||
(L) | Less: depreciation – leased equipment | (3,015) | (3,132) | (3,773) | ||||||||||
(M) | Total net revenue (GAAP) (F+J) | 82,763 | 83,895 | 83,281 | ||||||||||
(N) | Total net revenue – adjusted (G+J–K–L) | 79,412 | 80,587 | 79,169 | ||||||||||
(O) | Noninterest expense (GAAP) | 45,336 | 48,746 | 44,140 | ||||||||||
(L) | Less:depreciation – leased equipment | (3,015) | (3,132) | (3,773) | ||||||||||
(P) | Noninterest expense – adjusted (O–L) | 42,321 | 45,614 | 40,367 | ||||||||||
Efficiency ratio (GAAP-derived) (O/M) | 54.78 | % | 58.10 | % | 53.00 | % | ||||||||
Efficiency ratio – adjusted (P/N) | 53.29 | % | 56.60 | % | 50.99 | % | ||||||||
End of Period | ||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||
2022 | 2021 | 2021 | ||||||||||||
Calculation of Tangible Common Equity-to-Tangible Assets Ratio | ||||||||||||||
(Q) | Total common shareholders’ equity (GAAP) | $ | 864,850 | $ | 916,255 | $ | 891,295 | |||||||
(R) | Less: goodwill and intangible assets | (83,921) | (83,926) | (83,942) | ||||||||||
(S) | Total tangible common shareholders’ equity (Q–R) | $ | 780,929 | $ | 832,329 | $ | 807,353 | |||||||
(T) | Total assets (GAAP) | 8,012,463 | 8,096,289 | 7,511,931 | ||||||||||
(R) | Less: goodwill and intangible assets | (83,921) | (83,926) | (83,942) | ||||||||||
(U) | Total tangible assets (T–R) | $ | 7,928,542 | $ | 8,012,363 | $ | 7,427,989 | |||||||
Common equity-to-assets ratio (GAAP-derived) (Q/T) | 10.79 | % | 11.32 | % | 11.87 | % | ||||||||
Tangible common equity-to-tangible assets ratio (S/U) | 9.85 | % | 10.39 | % | 10.87 | % | ||||||||
Calculation of Tangible Book Value per Common Share | ||||||||||||||
(Q) | Total common shareholders’ equity (GAAP) | $ | 864,850 | $ | 916,255 | $ | 891,295 | |||||||
(V) | Actual common shares outstanding | 24,732,535 | 24,739,512 | 25,268,687 | ||||||||||
Book value per common share (GAAP-derived) (Q/V)*1000 | $ | 34.97 | $ | 37.04 | $ | 35.27 | ||||||||
Tangible common book value per share (S/V)*1000 | $ | 31.57 | $ | 33.64 | $ | 31.95 |
Document and Entity Information |
Apr. 21, 2022 |
---|---|
Document and Entity Information | |
Document Type | 8-K |
Document Period End Date | Apr. 21, 2022 |
Entity Registrant Name | 1st Source Corp |
Entity Incorporation, State or Country Code | IN |
Entity File Number | 0-6233 |
Entity Tax Identification Number | 35-1068133 |
Entity Address, Address Line One | 100 North Michigan Street |
Entity Address, City or Town | South Bend |
Entity Address, State or Province | IN |
Entity Address, Postal Zip Code | 46601 |
City Area Code | 574 |
Local Phone Number | 235-2000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock - without par value |
Trading Symbol | SRCE |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000034782 |
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