-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NUeFVUN+bG8yTxoRf1SrobB3XvzxirrQ0xOOZdyTlb6UdvHFZGuEnIL78tvijA22 VL9ZVoeTyL+l0Z3FKqO7sA== 0000034782-96-000014.txt : 19960816 0000034782-96-000014.hdr.sgml : 19960816 ACCESSION NUMBER: 0000034782-96-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960815 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: 1ST SOURCE CORP CENTRAL INDEX KEY: 0000034782 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 351068133 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06233 FILM NUMBER: 96616357 BUSINESS ADDRESS: STREET 1: 100 N MICHIGAN ST CITY: SOUTH BEND STATE: IN ZIP: 46601 BUSINESS PHONE: 2192352702 MAIL ADDRESS: STREET 1: P O BOX 1602 STREET 2: P O BOX 1602 CITY: SOUTH BEND STATE: IN ZIP: 46634 FORMER COMPANY: FORMER CONFORMED NAME: FBT BANCORP INC DATE OF NAME CHANGE: 19820818 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 1996 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-5907 1ST SOURCE CORPORATION (Exact name of registrant as specified in its charter) INDIANA 35-1068133 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 100 North Michigan Street South Bend, Indiana 46601 (Address of principal executive offices) (Zip Code) (219) 235-2702 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO Number of shares of common stock outstanding as of June 30, 1996 - 12,501,067 shares. PART I. FINANCIAL INFORMATION Item 1. Financial Statements a) Consolidated statements of financial condition -- June 30, 1996 and December 31, 1995 b) Consolidated statements of income -- three months and six months ended June 30, 1996 and 1995 c) Consolidated statements of cash flows -- six months ended June 30, 1996 and 1995 -2-
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION 1st Source Corporation and Subsidiaries (Dollars in thousands) June 30, December 31, 1996 1995 ASSETS Cash and due from banks $106,897 $94,517 Interest bearing deposits with other banks 3,291 2,946 Federal funds sold 5,000 - Investment securities: Securities available-for-sale, at fair value (amortized cost of $269,781 and $270,621 at June 30, 1996 and December 31, 1995 266,219 270,290 Securities held-to-maturity, at amortized cost (fair value of $127,901 and $132,383 at June 30, 1996 and December 31, 1995 124,497 126,085 Total Investment Securities 390,716 396,375 Loans - net of unearned discount 1,373,094 1,259,415 Reserve for loan losses (28,540) (27,470) Net Loans 1,344,554 1,231,945 Premises and equipment 25,620 23,383 Other assets 54,211 50,091 Total Assets $1,930,289 $1,799,257 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest bearing $198,333 $190,045 Interest bearing 1,350,067 1,251,704 Total Deposits 1,548,400 1,441,749 Federal funds purchased and securities sold under agreements to repurchase 107,633 101,166 Other short-term borrowings 62,815 51,813 Other liabilities 31,439 30,109 Long-term debt 19,578 21,819 Total Liabilities 1,769,865 1,646,656 Shareholders' equity: Common stock-no par value 5,700 5,429 Capital surplus 69,947 56,337 Retained earnings 92,469 96,952 Less cost of common stock in treasury (6,137) (6,497) Unrealized appreciation (depreciation) of investment securities, net (1,555) 380 Total Shareholders' Equity 160,424 152,601 Total Liabilities and Shareholders' Equity $1,930,289 $1,799,257
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CONSOLIDATED STATEMENTS OF INCOME 1st Source Corporation and Subsidiaries (Dollars in thousands, except per share amounts) Three Months Ended June 30 Six Months Ended June 30 1996 1995 1996 1995 Interest Income: Loans, including fees $30,751 $27,626 $60,246 $53,352 Investment securities: Taxable 3,851 3,887 7,568 7,648 Tax-exempt 2,051 1,988 4,024 3,753 Other 228 359 274 469 Total Interest Income 36,881 33,860 72,112 65,222 Interest Expense: Deposits 15,779 13,936 31,025 26,642 Short-term borrowings 1,975 1,892 3,778 2,965 Long-term debt 339 463 685 992 Total Interest Expense 18,093 16,291 35,488 30,599 Net Interest Income 18,788 17,569 36,624 34,623 Provision for Loan Losses 1,193 181 2,402 1,141 Net Interest Income After Provision for Loan Losses 17,595 17,388 34,222 33,482 Other Income: Trust fees 1,833 1,710 3,456 3,374 Service charges on deposit accounts 1,178 1,233 2,354 2,431 Mortgage servicing fees, commission income and other 2,809 1,474 5,418 3,424 Investment securities and other gains (losses) 89 9 127 (144) Total Other Income 5,909 4,426 11,355 9,085 Other Expense: Salaries and employee benefits 8,911 8,245 17,563 16,335 Net occupancy expense 1,162 900 2,316 1,770 Furniture and equipment expense 1,362 1,367 2,657 2,805 Insurance expense 124 862 245 1,718 Other 3,092 2,787 5,738 4,900 Total Other Expense 14,651 14,161 28,519 27,528 Income Before Income Taxes 8,853 7,653 17,058 15,039 Income taxes 3,072 2,541 5,911 5,073 Net Income $5,781 $5,112 $11,147 $9,966 Per Common Share: Net Income $0.45 $0.40 $0.87 $0.78 Dividends $0.080 $0.070 $0.160 $0.140 Weighted Average Common Shares Outstanding 12,808,781 12,827,400 12,792,968 12,810,309 The computation of per share data gives retroactive recognition to a 5 percent stock dividend declared on January 22, 1996.
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CONSOLIDATED STATEMENTS OF CASH FLOWS 1st Source Corporation and Subsidiaries (Dollars in thousands) Six Months Ended June 30 1996 1995 Operating Activities: Net income $11,147 $9,966 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 2,402 1,141 Depreciation of premises and equipment 1,587 1,210 Amortization of investment security premiums and accretion of discounts, net 328 443 Deferred income taxes 118 (387) Realized investment securities (gains) losses (127) 144 Increase in interest receivable (560) (1,130) Increase in interest payable 3,243 5,800 Other (4,691) (2,489) Net Cash Provided by Operating Activities 13,447 14,698 Investing Activities: Proceeds from sales and maturities of investment securities 58,328 37,511 Purchases of investment securities (56,100) (53,000) Net increase in short-term investments (5,345) (36,265) Loans sold or participated to others 76,646 44,876 Net increase in loans made to customers and principal collections on loans (190,144) (146,949) Principal payments received under leases 3,579 1,316 Purchase of assets to be leased (5,117) (2,785) Purchases of premises and equipment (3,278) (2,219) Other 1,389 (180) Net Cash Used in Investing Activities (120,042) (157,695) Financing Activities: Net increase (decrease) in demand deposits, NOW accounts and savings accounts 9,765 (33,377) Net increase in certificates of deposit 96,886 110,518 Net increase in short-term borrowings 17,469 80,132 Payments on long-term debt (2,242) (5,929) Acquisition of treasury stock (891) (233) Cash dividends (2,001) (1,758) Other (11) (12) Net Cash Provided by Financing Activities 118,975 149,341 Increase in Cash and Cash Equivalents 12,380 6,344 Cash and cash equivalents, beginning of year 94,517 79,226 Cash and Cash Equivalents, End of Period $106,897 $85,570
-5- PART I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The unaudited consolidated condensed financial statements have been prepared in accordance with the instructions for Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The information furnished herein reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods for which this report is submitted. This discussion and analysis should be read in conjunction with the Company's consolidated condensed financial statements and the financial and statistical data appearing elsewhere in this report. The amounts shown in this analysis have been adjusted to reflect tax-exempt income on a tax equivalent basis using a 40.525% rate. 1st Source adopted Statement of Financial Accounting Standards No. 114, "Accounting by Creditors for Impairment of a Loan" (SFAS No. 114) on January 1, 1995. Under the this standard, a loan is considered impaired, based on current information and events, if it is probable that the Corporation will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. The measurement of impaired loans is generally based on the present value of expected future cash flows discounted at the historical effective interest rate, except that all collateral- dependent loans are measured for impairment based on the fair value of the collateral. The adoption of SFAS No. 114 had no impact on the provision for loan losses as reported. The provision for loan losses charged to expense is based upon the actual net loan losses incurred as determined on a basis consistent with SFAS No. 114, plus an amount for such other factors which, in management's judgment, deserve recognition in estimating possible loan losses. Loans are charged against the reserve for loan losses when deemed uncollectible. 1st Source adopted Statement of Financial Accounting Standards No. 122, "Accounting for Mortgage Servicing Rights" (SFAS No. 122) on January 1, 1996. The new standard requires mortgage banking enterprises to recognize as separate assets the rights to service mortgage loans for others, however those mortgage servicing rights are acquired. SFAS 122 also requires that mortgage banking enterprises assess capitalized mortgage servicing rights based on the fair value of those rights on a disaggregated basis. As of June 30, 1996, 1st Source has capitalized $754,000 of originated mortgage servicing rights. The adoption of SFAS No. 122 has had no material impact on the financial statements. -6- 1st Source has entered into two off-balance sheet interest rate swaps as part of its interest rate risk management strategy. The swaps are being used to hedge against the company's prime floating rate loans. The notional amount of the first swap as of June 30, 1996 is $28 million. It has a maturity date of January, 2002, and has a current fair value of $(825,000). The second swap also has a notional amount of $28 million as of June 30, 1996. It has a maturity date of March, 2001, and has a fair value of $(541,000). The company pays a variable interest rate (one month LIBOR) on each swap and receives a fixed rate. The interest rate swaps are the most efficient means of protecting the bank net interest rate margin in a declining interest rate environment. Conversely, if interest rates increase, the increased contribution to net interest income from on- balance sheet assets will substantially offset any negative impact on net interest income from these swap transactions. 1st Source adopted Statement of Financial Accounting Standards No. 123 "Accounting for Stock-based Compensation" (SFAS No. 123) on January 1, 1996. This Statement requires the fair value of stock options and other stock-based compensation issued to employees to either be included as compensation expense in the statement of income, or the pro forma effect on net income and earnings per share of such compensation expense to be disclosed in the footnotes to the financial statements. 1st Source adopted SFAS No. 123 on a disclosure basis only and, accordingly, the adoption of this Statement will not have a material impact on the Company's financial position. -7- COMPARISON OF THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1996 AND 1995 Net income for the three month and six month periods ended June 30, 1996 was $5,781,000 and $11,147,000 respectively compared to $5,112,000 and $9,966,000 for the equivalent periods in 1995. The primary reasons for the increase were an increase in net interest income and a strong increase in other income offset by an increase in the provision for loan losses and only a modest increase in other expense. Net income per share increased to $0.45 and $0.87 respectively for the three month and six month periods ended June 30, 1996 from $0.40 and $0.78 in 1995. Return on average equity was 14.30% for the six months ended June 30, 1996 compared to 14.69% in 1995. The return on total average assets was 1.22% for the six months ended June 30, 1996 compared to 1.23% in 1995. NET INTEREST INCOME The taxable equivalent net interest income for the three month period ended June 30, 1996 was $19,740,000, an increase of 6.37% over the same period in 1995, resulting in a net yield of 4.53% compared to 4.77% in 1995. The fully taxable equivalent net interest income for the six month period ended June 30, 1996 was $38,520,000, an increase of 5.40% over 1995, resulting in a net yield of 4.52% compared to 4.85% in 1995. Total average earning assets increased 12.33% and 12.89% respectively for the three month and six month periods ended June 30, 1996 over the comparative periods in 1995. Total average investment securities increased 6.36% and 8.20% respectively for the three month and six month periods, due to an increase in municipal securities, while a 15.26% and 15.25% increase for the three month and six month periods for average loans occurred primarily in transportation and equipment loans. The taxable equivalent yields on total average earning assets were 8.67% and 8.97% for the three month period ended June 30, 1996 and 1995 and 8.68% and 8.89% for the six month period ended June 30, 1996 and 1995. Average deposits increased 12.34% and 11.11%, respectively for the three month and six month periods over the same periods from 1995. The cost rate on average interest bearing funds was 4.86% and 4.91% for the three month periods ended June 30, 1996 and 1995 and 4.88% and 4.73% for the six month periods ended June 30, 1996 and 1995. The majority -8- of the growth in deposits from last year has occurred in time deposits of $100 thousand and over and time deposits less than one year. The following table sets forth consolidated information regarding average balances and rates. -9-
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST RATES AND INTEREST DIFFERENTIAL (Dollars in thousands) Three months ended June 30, 1996 1995 Interest Interest Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ASSETS: Interest bearing deposits $2,817 $35 5.00% $901 $5 2.39% Investment securities: Taxable 248,880 3,851 6.22% 242,639 3,886 6.44% Tax exempt 146,382 2,967 8.15% 130,735 2,929 9.01% Net loans 1,341,731 30,789 9.23% 1,164,069 27,674 9.56% Other investments 14,542 192 5.32% 23,500 354 6.07% Total Earning Assets 1,754,352 37,834 8.67% 1,561,844 34,848 8.97% Cash and due from banks 73,521 76,942 Reserve for loan losses (28,072) (25,746) Other assets 76,409 68,393 Total $1,876,210 $1,681,433 LIABILITIES AND SHAREHOLDERS' EQUITY: Interest bearing deposits $1,323,958 15,780 4.79% $1,170,801 13,936 4.79% Short-term borrowings 152,049 1,974 5.22% 141,971 1,892 5.36% Long-term debt 20,012 340 6.84% 22,573 463 8.25% Total Interest Bearing Liabilities 1,496,019 18,094 4.86% 1,335,345 16,291 4.91% Noninterest bearing deposits 190,102 176,985 Other liabilities 31,524 28,551 Shareholders' equity 158,565 140,552 Total $1,876,210 $1,681,433 Net Interest Income $19,740 $18,557 Net Yield on Earning Assets on a Taxable Equivalent Basis 4.53% 4.77% Six months ended June 30, 1996 1995 Interest Interest Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ASSETS: Interest bearing deposits $2,796 $69 4.99% $950 $12 2.46% Investment securities: Taxable 249,129 7,568 6.11% 242,284 7,648 6.35% Tax exempt 144,132 5,846 8.16% 122,812 5,579 9.14% Net loans 1,310,208 60,322 9.26% 1,136,846 53,451 9.46% Other investments 7,677 204 5.35% 15,317 457 6.00% Total Earning Assets 1,713,942 74,009 8.68% 1,518,209 67,147 8.89% Cash and due from banks 72,886 73,680 Reserve for loan losses (27,819) (24,956) Other assets 74,901 68,776 Total $1,833,910 $1,635,709 LIABILITIES AND SHAREHOLDERS' EQUITY: Interest bearing deposits $1,295,154 31,025 4.82% $1,157,592 26,642 4.63% Short-term borrowings 148,307 3,778 5.12% 118,205 2,965 5.04% Long-term debt 20,426 686 6.76% 24,680 992 8.08% Total Interest Bearing Liabilities 1,463,887 35,489 4.88% 1,300,477 30,599 4.73% Noninterest bearing deposits 181,326 171,260 Other liabilities 31,932 27,197 Shareholders' equity 156,765 136,775 Total $1,833,910 $1,635,709 Net Interest Income $38,520 $36,548 Net Yield on Earning Assets on a Taxable Equivalent Basis 4.52% 4.85% Interest income includes the effects of taxable equivalent adjustments, using a 40.525% rate for 1996 and 1995. Tax equivalent adjustments for the three month periods were $916 in 1996 and $940 in 1995 and for the six month periods were $1,822 in 1996 and $1,826 in 1995. Loan income includes fees on loans for the three month periods of $718 in 1996 and $651 in 1995 and for the six month periods of $1,474 in 1996 and $1,412 in 1995. Loan income also includes the effects of taxable equivalent adjustments, using a 40.525% rate for 1996 and 1995. The tax equivalent adjustments for the three month periods were $37 in 1996 and $48 in 1995 and for the six month periods were $75 in 1996 and $99 in 1995. For purposes of this computation, nonaccruing loans are included in the daily average loan amounts outstanding.
-10- PROVISION FOR LOAN LOSSES The provision for loan losses for the three month period ended June 30, 1996 and 1995 was $1,193,000 and $181,000, respectively and was $2,402,000 and $1,141,000 for the six month periods ended June 30, 1996 and 1995. Net Charge-Offs of $223,000 have been recorded for the three month period ended June 30, 1996 compared to $494,000 of Net Recoveries for the same period in 1995. Year-to-date Net Charge-Offs of $1,332,000 have been recorded in 1996, compared to Net Recoveries of $723,000 through June 1995. The reserve for loan losses was $28,540,000 or 2.08% of net loans at June 30, 1996 compared to $27,470,000 or 2.18% of net loans at December 31, 1995. Nonperforming assets at June 30, 1996 were $8,518,000 compared to $6,584,000 at December 31, 1995, an increase of 29.37%. At June 30, 1996, nonperforming assets were .62% of net loans compared to .52% at December 31, 1995. It is management's opinion that the reserve for loan losses is adequate to absorb anticipated losses in the loan portfolio as of June 30, 1996. OTHER INCOME Other income for the three month periods ended June 30, 1996 and 1995 was $5,909,000 and $4,426,000, respectively and for the six month periods was $11,355,000 in 1996 and $9,085,000 in 1995. Trust fees increased 2.43%, service charges on deposit accounts decreased 3.17% and other mortgage servicing fees, commission income and other income increased 58.24% over the same period in 1995. The significant increases in the last category were attributed primarily to increases in mortgage servicing, salable loan fees and equipment rental income. Investment Securities and other gains for the six month period ended June 30, 1996 were $127,000 compared to a loss of $144,000 in 1995. The net gains in 1996 and the net losses in 1995 were primarily due to adjustments made to the carrying value of certain partnership investments. OTHER EXPENSE Other expense for the three month period ended June 30, 1996 was $14,651,000, an increase of 3.46% over the same period in 1995 and was $28,519,000 for the six month period ended June 30, 1996, an increase of 3.60% over 1995. For the six month period ended June 30, 1996, salaries and employee benefits increased 7.52%, furniture and equipment costs decreased 5.28%, net occupancy expense increased 30.85%, insurance expense decreased 85.74%, business development and marketing expense increased 21.91% and miscellaneous other expenses increased 15.91% over the same period in 1995. The increase in net occupancy expense is due to the loss of a major tenant in our corporate headquarters building. The decrease in insurance expense -11- reflects an FDIC assessment factor of 0% for 1996. Business development and marketing expense has increased due to new branches being opened in 1996. The increase in miscellaneous expense is due to depreciation of leased equipment. INCOME TAXES The provision for income taxes for the three month and six month periods ended June 30, 1996 was $3,072,000 and $5,911,000 respectively compared to $2,541,000 and $5,073,000 for the comparable periods in 1995. The increase was due to increased taxable income in 1996. CAPITAL RESOURCES The banking regulators have established guidelines for leverage capital requirements, expressed in terms of Tier 1 or core capital as a percentage of average assets, to measure the soundness of a financial institution. These guidelines require all banks to maintain a minimum leverage capital ratio of 4.00% for adequately capitalized banks and 5.00% for well capitalized banks. 1st Source's leverage capital ratio was 8.42% at June 30, 1996. The Federal Reserve Board has also approved final risk-based capital guidelines for U. S. banking organizations. The guidelines established a conceptual framework calling for risk weights to be assigned to on and off-balance sheet items in arriving at risk-adjusted total assets, with the resulting ratio compared to a minimum standard to determine whether a bank has adequate capital. The minimum standard risk-based capital ratios effective in 1996 are 4.00% for adequately capitalized banks and 6.00% for well capitalized banks for Tier 1 risk- based capital and 8.00% and 10.00%, respectively, for total risk-based capital. 1st Source's Tier 1 risked-based capital ratio on June 30, 1996 was 11.14% and the total risk-based capital ratio was 12.67%. LIQUIDITY AND INTEREST RATE SENSITIVITY Asset and liability management includes the management of interest rate sensitivity and the maintenance of an adequate liquidity position. The purpose of liquidity management is to match the sources and uses of funds to anticipated customers' deposits and withdrawals, to anticipate borrowing requirements and to provide for cash flow needs of 1st Source. The purpose of interest rate sensitivity management is to stabilize net interest income during periods of changing interest rates. Close attention is given to various interest sensitivity gaps and interest spreads. Maturities of rate sensitive assets are carefully maintained relative to the maturities of rate sensitive liabilities and -12- interest rate forecasts. At June 30, 1996, the consolidated statement of financial condition was rate sensitive by $40,736,000 more liabilities than assets scheduled to reprice within one year or 95.90%. Management adjusts the composition of its assets and liabilities to manage the interest rate sensitivity gap based upon its expectations of interest rate fluctuations. -13- PART II. OTHER INFORMATION Item l. Legal Proceedings. None Item 2. Changes in Securities. None Item 3. Defaults Upon Senior Securities. None Item 4. Submission of Matters to a Vote of Security Holders. During the second quarter of 1996, 1st Source Corporation's shareholders elected William P. Johnson and Rex Martin; and re-elected Christopher J. Murphy III, Ernestine M. Raclin, and Lawrence E. Hiler as directors at the April 23, 1996 annual meeting. Christopher J. Murphy III, Ernestine M. Raclin, Rex Martin and Lawrence E. Hiler were elected for terms ending in April, 1999, and William P. Johnson was elected to a term that ends in April, 1997. The election tally showed that 11,803,892 votes were cast (representing 94% of all eligible shares) with all directors receiving a majority of the votes cast. All directors received less than 1% negative or withheld votes. Also during the second quarter of 1996, 1st Source Corporation's shareholders elected to increase the authorized Common Stock from 15,000,000 to 40,000,000 so that additional shares would be available for general purposes, including acquisitions, financings, stock dividends, stock spilts or funding of employee incentive plans. The election tally showed that 11,969,239 votes were cast (representing 95% of all eligilbe shares) with the proposal receiving a majority of the votes cast. Item 5. Other Information. None Item 6. Exhibits and Reports on Form 8-K. None -14- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 1ST SOURCE CORPORATION (Registrant) DATE August 15, 1996 Christopher J. Murphy III /s/ (Signature) Christopher J. Murphy III, President DATE August 15, 1996 Larry E. Lentych /s/ (Signature) Larry E. Lentych, Treasurer (Chief Accounting and Financial Officer) -15- EX-27 2
9 1,000 6-MOS DEC-31-1996 JUN-30-1996 106897 3291 5000 0 266219 124497 127901 1373094 28540 1930289 1548400 170448 31439 19578 5700 0 0 154724 1930289 60246 11866 0 72112 31025 35488 36624 2402 127 28519 17058 11147 0 0 11147 0.87 0.87 4.52 6708 133 0 0 27470 2149 817 28540 10157 0 18383
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