1st Source Corporation Reports First Quarter Results, Cash Dividend Declared

Newsfile04-25

QUARTERLY HIGHLIGHTS Net income was $29.46 million for the quarter, up $1.03 million or 3.61% from the previous quarter and down $1.67 million or 5.36% from the first quarter of 2023. Diluted net ...

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Diluted net ...</p>\n\n<a href=\"https://finance.yahoo.com/news/1st-source-corporation-reports-first-114000132.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>1st Source Corporation Reports First Quarter Results, Cash Dividend Declared</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n1st Source Corporation Reports First Quarter Results, Cash Dividend Declared\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-25 19:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/1st-source-corporation-reports-first-114000132.html><strong>Newsfile</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>QUARTERLY HIGHLIGHTS\n\nNet income was $29.46 million for the quarter, up $1.03 million or 3.61% from the previous quarter and down $1.67 million or 5.36% from the first quarter of 2023. Diluted net ...</p>\n\n<a href=\"https://finance.yahoo.com/news/1st-source-corporation-reports-first-114000132.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0289961442.SGD","symbol_name":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/1st-source-corporation-reports-first-114000132.html","article_id":"2430409938","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/n93oYaamCkvjaDzJLs7oyQ--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/newsfile_64/6c2e7ea23deb2b50b4c9b39ae942e776"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/1st-source-corporation-reports-first-114000132.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2430409938","pubTimestamp":1714045200,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net income was $29.46 million for the quarter, up $1.03 million or 3.61% from the previous quarter and down $1.67 million or 5.36% from the first quarter of 2023. Diluted net income per common share was $1.19, up $0.04 or 3.48% from the previous quarter and down $0.06 or 4.80% from the prior year's first quarter of $1.25.Cash dividend of $0.34 per common share was approved, up 6.25% from the cash dividend declared a year ago.Average loans and leases grew $116.21 million in the first quarter, up 1.82%  from the previous quarter and $467.87 million, up 7.75% from the first quarter of 2023.Tax-equivalent net interest income was $72.06 million, up $0.57 million or 0.79% from fourth quarter 2023 and up $2.27 million or 3.26% from the first quarter a year ago. Tax-equivalent net interest margin was 3.54%, up three basis points from the previous quarter and down six basis points from the first quarter a year ago.\"At 1st Source, we value integrity, teamwork, superior quality, outstanding clien","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0702159699.USD":"FIDELITY ASIAN SMALLER COMPANIES \"A\" (USD) ACC","O":"Realty Income Corp","F":"福特汽车","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","E":"埃尼石油","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","M":"梅西百货","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","V":"Visa","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK4515":"5G概念","BK4161":"工业机械","G":"简伯特","D":"道明尼资源","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","R":"瑞德系统","L":"洛斯公司","S":"SentinelOne, Inc","BK4585":"ETF&股票定投概念","IE00BMG7P587.USD":"LEGG MASON CLEARBRIDGE GLOBAL INFRASTRUCTURE INCOM \"A\" (USD) INC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","A":"安捷伦科技","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","U":"Unity Software Inc.","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","T":"美国电话电报","SRCE":"1st Source Corporation","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","J":"雅各布工程","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","H":"凯悦酒店","LU":"陆金所","BK4588":"碎股","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","BK4123":"调查和咨询服务","LU0097036916.USD":"贝莱德美国增长A2 USD","B":"巴恩斯","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU1046421795.USD":"富达环球科技A-ACC","K":"家乐氏"},"translate_title":"第一来源公司报告第一季度业绩，宣布现金股息","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"B":1,"V":1,"U":1,"T":1,"SRCE":1,"S":1,"R":1,"O":1,"M":1,"L":1,"K":1,"J":1,"A":1,"E":1,"D":1,"F":1,"G":1,"H":1,"LU":0.6},"content_text":"QUARTERLY HIGHLIGHTS\n\nNet income was $29.46 million for the quarter, up $1.03 million or 3.61% from the previous quarter and down $1.67 million or 5.36% from the first quarter of 2023. Diluted net income per common share was $1.19, up $0.04 or 3.48% from the previous quarter and down $0.06 or 4.80% from the prior year's first quarter of $1.25.\nCash dividend of $0.34 per common share was approved, up 6.25% from the cash dividend declared a year ago.\nAverage loans and leases grew $116.21 million in the first quarter, up 1.82% (7.28% annualized growth) from the previous quarter and $467.87 million, up 7.75% from the first quarter of 2023.\nTax-equivalent net interest income was $72.06 million, up $0.57 million or 0.79% from fourth quarter 2023 and up $2.27 million or 3.26% from the first quarter a year ago. Tax-equivalent net interest margin was 3.54%, up three basis points from the previous quarter and down six basis points from the first quarter a year ago.\nNet charge-offs of $6.12 million or 0.38% of average loans and leases occurred during the quarter.\n\nSouth Bend, Indiana--(Newsfile Corp. - April 25, 2024) - 1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported quarterly net income of $29.46 million for the first quarter of 2024, up $1.03 million or 3.61% from the previous quarter and down 5.36% from the $31.12 million reported in the first quarter a year ago. Diluted net income per common share for the first quarter of 2024 was $1.19, up $0.04 or 3.48% from the previous quarter and down 4.80%, versus $1.25 in the first quarter of 2023.\nAt its April 2024 meeting, the Board of Directors approved a cash dividend of $0.34 per common share, up 6.25% from the cash dividend declared a year ago. The cash dividend is payable to shareholders of record on May 6, 2024, and will be paid on May 15, 2024.\nChristopher J. Murphy III, Chairman and Chief Executive Officer, commented, \"We are pleased with our increase in revenue and net interest margin expansion compared to the previous quarter. Average loans grew $116.21 million, up 1.82%, while average deposits decreased slightly from the previous quarter. Although our tax-equivalent net interest margin continued to endure competitive deposit rate pressures, we improved our overall margin by three basis points compared to the prior quarter. Additionally, our liquidity and capital positions remained strong during the quarter.\n\"Credit was challenged in the quarter, with elevated net charge-offs, the majority of which were from two commercial business accounts unrelated to our commercial real estate portfolio. Nonperforming assets to loans and leases at March 31, 2024, was 0.34%, down from 0.37% at December 31, 2023, and the allowance for loan and lease losses as a percentage of total loans and leases remained strong at 2.26%, which was unchanged from 2023 year end.\n\"At 1st Source, we value integrity, teamwork, superior quality, outstanding client service, community leadership, delivering true relationship banking and operating with strong capital. We believe these values differentiate us from our competition, and we received confirmation of this belief during the quarter. In March, we were excited to learn that 1st Source was ranked 14th in the country and number 1 in Indiana in Forbes' 15th annual America's Best Banks list. The 200 largest publicly traded banks and thrifts were eligible for the list and the top 100 were ranked according to 10 metrics measuring growth, credit quality and profitability for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024. \n\"In March, we were also happy to learn that 1st Source was ranked 22nd in S&P Global Market Intelligence's Top 50 Community Banks with $3B to $10B in assets. This is especially powerful because S&P Global Market Intelligence places special consideration on the strength and risk profile of balance sheets in addition to their returns, growth, and funding. \n\"And finally, 1st Source Bank was once again rated 5 stars by BauerFinancial. Ratings are based on performance data from 2023 for U.S. Banks including leverage capital ratios, profitability/loss trends, market versus book value of the investment portfolio, along with many other factors. These rankings are a testament to our team's enduring commitment to making smart financial decisions and working to ensure that 1st Source remains among the nation's most stable banks, so we are able to serve our clients well for the long term,\" Mr. Murphy concluded. \nFIRST QUARTER 2024 FINANCIAL RESULTS\nLoans\nFirst quarter average loans and leases increased $116.21 million to $6.50 billion, up 1.82% from the previous quarter and increased $467.87 million, up 7.75% from the first quarter a year ago. Average loan growth during the quarter occurred primarily within the Auto and Light Truck, Renewable Energy and Commercial Real Estate portfolios. \nDeposits\nAverage deposits of $7.01 billion, declined $57.56 million, or 0.81% from the previous quarter, and grew $142.10 million or 2.07% compared to the quarter ended March 31, 2023. Average balances were down slightly from the previous quarter and the overall deposit mix changed as rate competition continued to drive consumers to higher yielding time and money market deposit accounts. \nEnd of period deposits were $7.06 billion at March 31, 2024, compared to $7.04 billion at December 31, 2023. While the increase in end of period deposits was minimal, the deposit mix shift we saw during 2023 continued during the quarter as higher brokered, time, and money market deposit balances were offset by decreased noninterest-bearing deposit balances and seasonal decreases in interest bearing public fund deposit balances. Rate competition for deposits persisted during the quarter. \nNet Interest Income and Net Interest Margin\nFirst quarter 2024 tax-equivalent net interest income increased $0.57 million to $72.06 million, up 0.79% from the previous quarter and increased from the first quarter a year ago by $2.27 million, up 3.26%.\nFirst quarter 2024, net interest margin was 3.54%, an increase of three basis points from the 3.51% in the previous quarter and a decrease of five basis points from the same period in 2023. On a fully tax-equivalent basis, first quarter 2024 net interest margin was 3.54%, up by three basis points compared to the 3.51% in the previous quarter and a decline of six basis points from the same period in 2023. The three basis point increase from the prior quarter was primarily due to higher rates on loan and lease balances and lower rates on short-term borrowings. \nNoninterest Income\nFirst quarter 2024 noninterest income of $22.16 million increased $2.08 million, up 10.36% from the previous quarter and decreased $1.17 million, down 5.00% compared to the first quarter a year ago. \nThe increase in noninterest income compared to the previous quarter was mainly due to available for sale securities losses of $2.88 million realized in the prior quarter, an increase in trust and wealth advisory income primarily from positive market performance during the quarter, and increased insurance contingent commissions offset by lower partnership investment gains, decreased interest rate swap fees and lower equipment rental income due to a change in customer preferences and continued competitive pricing pressure for new business.\nThe decrease in noninterest income for the first quarter of 2024 compared to a year ago was mainly due to a decrease in equipment rental income due to a change in customer preferences and continued competitive pricing pressure for new business, reduced debit card income, and decreased partnership gains. These were offset by an increase in trust and wealth advisory income primarily from positive market performance during the quarter. \nNoninterest Expense\nFirst quarter 2024 noninterest expense of $49.59 million decreased $3.39 million, or 6.39%, from the prior quarter and increased slightly from the first quarter a year ago.\nThe decrease in noninterest expense from the previous quarter was primarily due to a $1.00 million charitable contribution during the previous quarter, lower legal and professional consulting fees, a reduction in salaries and employee benefits from a decrease in group insurance claims, and lower furniture and equipment expense. \nThe slight increase in noninterest expense compared to the first quarter of 2023 was the result of higher salaries and wages from normal merit increases, the impact of wage inflation and an increase in the number of employees filling prior open positions, and increased incentive compensation offset by lower group insurance claims. Additionally, we saw a rise in legal fees due to a $1.08 million reversal of accrued legal fees during the first quarter of 2023, and higher data processing expenses from technology projects offset by lower leased equipment depreciation and fewer gains on the sale of off-lease equipment. \nCredit\nThe allowance for loan and lease losses as of March 31, 2024, was 2.26% of total loans and leases compared to 2.26% at December 31, 2023, and 2.33% at March 31, 2023. Net charge-offs of $6.12 million were recorded for the first quarter of 2024 compared with $1.57 million of net recoveries in the prior quarter and net recoveries of $0.19 million in the same quarter a year ago. The majority of the first quarter charge-offs related to the two accounts in the commercial and agricultural portfolio.\nThe provision for credit losses was $6.60 million for the first quarter of 2024, an increase of $4.68 million from the previous quarter and an increase of $3.55 million compared with the same period in 2023. Net charge-offs during the quarter compared to net recoveries in the previous quarter were the primary reason for the increase in the provision for credit losses. The ratio of nonperforming assets to loans and leases was 0.34% as of March 31, 2024, compared to 0.37% on December 31, 2023, and 0.30% on March 31, 2023. \nCapital\nAs of March 31, 2024, the common equity-to-assets ratio was 11.65%, compared to 11.34% at December 31, 2023, and 10.91% a year ago. The tangible common equity-to-tangible assets ratio was 10.79% at March 31, 2024, compared to 10.48% at December 31, 2023, and 10.01% a year earlier. The Common Equity Tier 1 ratio, calculated under banking regulatory guidelines was 13.48% at March 31, 2024 compared to 13.22% at December 31, 2023 and 13.51% a year ago.\nNo shares were repurchased for treasury during the first quarter of 2024. \nABOUT 1ST SOURCE CORPORATION\n1st 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.\n1st 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.\nFORWARD-LOOKING STATEMENTS\nExcept 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.\n1st 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.\nNON-GAAP FINANCIAL MEASURES\nThe 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.\nManagement 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.\nSee 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.\n# # #\n(charts attached)\nCategory: Earnings\n\n\n\n1st SOURCE CORPORATION\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1st QUARTER 2024 FINANCIAL HIGHLIGHTS\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(Unaudited - Dollars in thousands, except per share data)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nThree Months Ended\n \n\n\n\n\n\n\n\nMarch 31,\n\n\nDecember 31,\n\n\nMarch 31,\n\n\n\n\n\n\n\n\n\n\n\n2024\n\n\n2023\n\n\n2023\n \n\n\n\n\n\n\n\n\nAVERAGE BALANCES\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n   Assets\n$\n8,652,144\n\n$\n8,553,500\n\n$\n8,323,431\n\n\n \n\n\n \n\n\n\n   Earning assets\n\n8,182,165\n\n\n8,071,861\n\n\n7,864,595\n\n\n \n\n\n \n\n\n\n   Investments\n\n1,608,094\n\n\n1,596,602\n\n\n1,768,621\n\n\n \n\n\n \n\n\n\n   Loans and leases\n\n6,504,069\n\n\n6,387,858\n\n\n6,036,203\n\n\n \n\n\n \n\n\n\n   Deposits\n\n7,011,105\n\n\n7,068,668\n\n\n6,869,006\n\n\n \n\n\n \n\n\n\n   Interest bearing liabilities\n\n5,783,480\n\n\n5,678,546\n\n\n5,345,498\n\n\n \n\n\n \n\n\n\n   Common shareholders' equity\n\n1,006,286\n\n\n949,939\n\n\n890,294\n\n\n \n\n\n \n\n\n\n   Total equity\n\n1,084,654\n\n\n1,013,114\n\n\n949,879\n\n\n \n\n\n \n\n\n\nINCOME STATEMENT DATA\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n   Net interest income\n$\n71,915\n\n$\n71,330\n\n$\n69,565\n\n\n \n\n\n \n\n\n\n   Net interest income - FTE(1)\n\n72,063\n\n\n71,496\n\n\n69,791\n\n\n \n\n\n \n\n\n\n   Provision for credit losses\n\n6,595\n\n\n1,911\n\n\n3,049\n\n\n \n\n\n \n\n\n\n   Noninterest income\n\n22,156\n\n\n20,076\n\n\n23,323\n\n\n \n\n\n \n\n\n\n   Noninterest expense\n\n49,586\n\n\n52,972\n\n\n49,421\n\n\n \n\n\n \n\n\n\n   Net income\n\n29,462\n\n\n28,417\n\n\n31,131\n\n\n \n\n\n \n\n\n\n   Net income available to common shareholders\n\n29,455\n\n\n28,429\n\n\n31,124\n\n\n \n\n\n \n\n\n\nPER SHARE DATA\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n   Basic net income per common share\n$\n1.19\n\n$\n1.15\n\n$\n1.25\n\n\n \n\n\n \n\n\n\n   Diluted net income per common share\n\n1.19\n\n\n1.15\n\n\n1.25\n\n\n \n\n\n \n\n\n\n   Common cash dividends declared\n\n0.34\n\n\n0.34\n\n\n0.32\n\n\n \n\n\n \n\n\n\n   Book value per common share(2)\n\n41.26\n\n\n40.50\n\n\n36.81\n\n\n \n\n\n \n\n\n\n   Tangible book value per common share(1)\n\n37.83\n\n\n37.06\n\n\n33.42\n\n\n \n\n\n \n\n\n\n   Market value - High\n\n55.25\n\n\n56.59\n\n\n53.85\n\n\n \n\n\n \n\n\n\n   Market value - Low\n\n48.32\n\n\n41.30\n\n\n42.50\n\n\n \n\n\n \n\n\n\n   Basic weighted average common shares outstanding\n\n24,459,088\n\n\n24,430,477\n\n\n24,687,087\n\n\n \n\n\n \n\n\n\n   Diluted weighted average common shares outstanding\n\n24,459,088\n\n\n24,430,477\n\n\n24,687,087\n\n\n \n\n\n \n\n\n\nKEY RATIOS\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n   Return on average assets\n\n1.37 %\n\n\n1.32 %\n\n\n1.52 %\n\n\n \n\n\n \n\n\n\n   Return on average common shareholders' equity\n\n11.77\n\n\n11.87\n\n\n14.18\n\n\n \n\n\n \n\n\n\n   Average common shareholders' equity to average assets\n\n11.63\n\n\n11.11\n\n\n10.70\n\n\n \n\n\n \n\n\n\n   End of period tangible common equity to tangible assets(1)\n\n10.79\n\n\n10.48\n\n\n10.01\n\n\n \n\n\n \n\n\n\n   Risk-based capital - Common Equity Tier 1(3)\n\n13.48\n\n\n13.22\n\n\n13.51\n\n\n \n\n\n \n\n\n\n   Risk-based capital - Tier 1(3)\n\n15.15\n\n\n14.99\n\n\n15.15\n\n\n \n\n\n \n\n\n\n   Risk-based capital - Total(3)\n\n16.41\n\n\n16.25\n\n\n16.41\n\n\n \n\n\n \n\n\n\n   Net interest margin\n\n3.54\n\n\n3.51\n\n\n3.59\n\n\n \n\n\n \n\n\n\n   Net interest margin - FTE(1)\n\n3.54\n\n\n3.51\n\n\n3.60\n\n\n \n\n\n \n\n\n\n   Efficiency ratio: expense to revenue\n\n52.71\n\n\n57.95\n\n\n53.20\n\n\n \n\n\n \n\n\n\n   Efficiency ratio: expense to revenue - adjusted(1)\n\n52.56\n\n\n56.40\n\n\n52.92\n\n\n \n\n\n \n\n\n\n   Net charge-offs (recoveries) to average loans and leases\n\n0.38\n\n\n(0.10\n)\n\n(0.01\n)\n\n \n\n\n \n\n\n\n   Loan and lease loss allowance to loans and leases\n\n2.26\n\n\n2.26\n\n\n2.33\n\n\n \n\n\n \n\n\n\n   Nonperforming assets to loans and leases\n\n0.34\n\n\n0.37\n\n\n0.30\n\n\n \n\n\n \n\n\n\n   \n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n\nMarch 31,\n\n\nDecember 31,\n\n\nSeptember 30,\n\n\nJune 30,\n\n\nMarch 31,\n\n\n\n\n\n2024\n\n\n2023\n\n\n2023\n\n\n2023\n\n\n2023\n \n\n\nEND OF PERIOD BALANCES\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n   Assets\n$\n8,667,837\n\n$\n8,727,958\n\n$\n8,525,058\n\n$\n8,414,818\n\n$\n8,329,803\n\n\n\n   Loans and leases\n\n6,562,772\n\n\n6,518,505\n\n\n6,353,648\n\n\n6,215,343\n\n\n6,116,716\n\n\n\n   Deposits\n\n7,055,311\n\n\n7,038,581\n\n\n6,967,492\n\n\n6,976,518\n\n\n6,801,464\n\n\n\n   Allowance for loan and lease losses\n\n148,024\n\n\n147,552\n\n\n144,074\n\n\n143,542\n\n\n142,511\n\n\n\n   Goodwill and intangible assets\n\n83,912\n\n\n83,916\n\n\n83,921\n\n\n83,897\n\n\n83,901\n\n\n\n   Common shareholders' equity\n\n1,009,886\n\n\n989,568\n\n\n924,250\n\n\n921,020\n\n\n909,159\n\n\n\n   Total equity\n\n1,081,549\n\n\n1,068,263\n\n\n982,997\n\n\n980,087\n\n\n968,444\n\n\n\nASSET QUALITY\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n   Loans and leases past due 90 days or more\n$\n26\n\n$\n149\n\n$\n154\n\n$\n56\n\n$\n24\n\n\n\n   Nonaccrual loans and leases\n\n22,097\n\n\n23,381\n\n\n16,617\n\n\n20,481\n\n\n18,062\n\n\n\n   Other real estate\n\n-\n\n\n-\n\n\n117\n\n\n193\n\n\n117\n\n\n\n   Repossessions\n\n308\n\n\n705\n\n\n233\n\n\n47\n\n\n445\n \n\n\n   Total nonperforming assets\n$\n22,431\n\n$\n24,235\n\n$\n17,121\n\n$\n20,777\n\n$\n18,648\n \n\n\n(1) See \"Reconciliation of Non-GAAP Financial Measures\" for more information on this performance measure/ratio.(2) Calculated as common shareholders' equity divided by common shares outstanding at the end of the period.(3) Calculated under banking regulatory guidelines.\n\n\n\n\n\n\n\n1st SOURCE CORPORATION\n\n\n\n\n\n\n\n\n\n\n\nCONSOLIDATED STATEMENTS OF FINANCIAL CONDITION\n\n\n\n\n\n\n\n\n\n\n\n(Unaudited - Dollars in thousands)\n\n\n\n\n\n\n\n\n\n\n\n\n\nMarch 31,\n\n\nDecember 31,\n\n\nSeptember 30,\n\n\nMarch 31,\n\n\n\n\n\n2024\n\n\n2023\n\n\n2023\n\n\n2023\n \n\n\nASSETS\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash and due from banks\n$\n41,533\n\n$\n77,474\n\n$\n75,729\n\n$\n66,866\n\n\n\nFederal funds sold and interest bearing deposits with other banks\n\n39,381\n\n\n52,194\n\n\n35,406\n\n\n27,171\n\n\n\nInvestment securities available-for-sale\n\n1,583,244\n\n\n1,622,600\n\n\n1,605,242\n\n\n1,713,480\n\n\n\nOther investments\n\n25,075\n\n\n25,075\n\n\n25,075\n\n\n25,293\n\n\n\nMortgages held for sale\n\n2,881\n\n\n1,442\n\n\n3,118\n\n\n2,068\n\n\n\nLoans and leases, net of unearned discount:\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n   Commercial and agricultural\n\n731,527\n\n\n766,223\n\n\n763,051\n\n\n795,429\n\n\n\n   Renewable energy\n\n413,662\n\n\n399,708\n\n\n364,949\n\n\n375,330\n\n\n\n   Auto and light truck\n\n997,465\n\n\n966,912\n\n\n901,484\n\n\n875,564\n\n\n\n   Medium and heavy duty truck\n\n303,799\n\n\n311,947\n\n\n323,202\n\n\n326,588\n\n\n\n   Aircraft\n\n1,104,058\n\n\n1,078,172\n\n\n1,079,581\n\n\n1,056,829\n\n\n\n   Construction equipment\n\n1,092,585\n\n\n1,084,752\n\n\n1,062,097\n\n\n991,412\n\n\n\n   Commercial real estate\n\n1,135,595\n\n\n1,129,861\n\n\n1,088,199\n\n\n954,221\n\n\n\n   Residential real estate and home equity\n\n643,856\n\n\n637,973\n\n\n627,515\n\n\n594,618\n\n\n\n   Consumer\n\n140,225\n\n\n142,957\n\n\n143,570\n\n\n146,725\n \n\n\nTotal loans and leases\n\n6,562,772\n\n\n6,518,505\n\n\n6,353,648\n\n\n6,116,716\n\n\n\n   Allowance for loan and lease losses\n\n(148,024\n)\n\n(147,552\n)\n\n(144,074\n)\n\n(142,511\n)\n\n\nNet loans and leases\n\n6,414,748\n\n\n6,370,953\n\n\n6,209,574\n\n\n5,974,205\n\n\n\nEquipment owned under operating leases, net\n\n16,691\n\n\n20,366\n\n\n24,096\n\n\n30,083\n\n\n\nNet premises and equipment\n\n45,689\n\n\n46,159\n\n\n43,951\n\n\n44,034\n\n\n\nGoodwill and intangible assets\n\n83,912\n\n\n83,916\n\n\n83,921\n\n\n83,901\n\n\n\nAccrued income and other assets\n\n414,683\n\n\n427,779\n\n\n418,946\n\n\n362,702\n \n\n\nTotal assets\n$\n8,667,837\n\n$\n8,727,958\n\n$\n8,525,058\n\n$\n8,329,803\n \n\n\nLIABILITIES\n\n \n\n\n \n\n\n \n\n\n \n\n\n\nDeposits:\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n   Noninterest-bearing demand\n$\n1,618,498\n\n$\n1,655,728\n\n$\n1,680,725\n\n$\n1,815,123\n\n\n\n   Interest-bearing deposits:\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n      Interest-bearing demand\n\n2,364,751\n\n\n2,430,833\n\n\n2,416,864\n\n\n2,403,818\n\n\n\n      Savings\n\n1,270,401\n\n\n1,213,334\n\n\n1,180,837\n\n\n1,171,418\n\n\n\n      Time\n\n1,801,661\n\n\n1,738,686\n\n\n1,689,066\n\n\n1,411,105\n \n\n\n   Total interest-bearing deposits\n\n5,436,813\n\n\n5,382,853\n\n\n5,286,767\n\n\n4,986,341\n \n\n\nTotal deposits\n\n7,055,311\n\n\n7,038,581\n\n\n6,967,492\n\n\n6,801,464\n \n\n\nShort-term borrowings:\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n   Federal funds purchased and securities sold under agreements to repurchase\n\n82,591\n\n\n55,809\n\n\n48,335\n\n\n73,396\n\n\n\n   Other short-term borrowings\n\n166,989\n\n\n256,550\n\n\n223,757\n\n\n229,640\n \n\n\nTotal short-term borrowings\n\n249,580\n\n\n312,359\n\n\n272,092\n\n\n303,036\n \n\n\nLong-term debt and mandatorily redeemable securities\n\n39,406\n\n\n47,911\n\n\n46,533\n\n\n46,714\n \n\n\nSubordinated notes\n\n58,764\n\n\n58,764\n\n\n58,764\n\n\n58,764\n\n\n\nAccrued expenses and other liabilities\n\n183,227\n\n\n202,080\n\n\n197,180\n\n\n151,381\n \n\n\nTotal liabilities\n\n7,586,288\n\n\n7,659,695\n\n\n7,542,061\n\n\n7,361,359\n \n\n\nSHAREHOLDERS' EQUITY\n\n \n\n\n \n\n\n \n\n\n \n\n\n\nPreferred stock; no par value\n \n \n \n \n \n \n \n \n \n \n \n \n\n\n   Authorized 10,000,000 shares; none issued or outstanding\n\n-\n\n\n-\n\n\n-\n\n\n-\n\n\n\nCommon stock; no par value\n \n \n \n \n \n \n \n \n \n \n \n \n\n\n   Authorized 40,000,000 shares; issued 28,205,674 shares at March 31, \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n   2024, December 31, 2023, September 30, 2023, and March 31, 2023, respectively\n\n436,538\n\n\n436,538\n\n\n436,538\n\n\n436,538\n\n\n\nRetained earnings\n\n812,413\n\n\n789,842\n\n\n769,603\n\n\n719,495\n\n\n\nCost of common stock in treasury (3,728,016, 3,771,070, 3,776,591, and \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n   3,510,122 shares at March 31, 2024, December 31, 2023, September 30, 2023, \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n   and March 31, 2023, respectively)\n\n(129,790\n)\n\n(130,489\n)\n\n(130,579\n)\n\n(119,409\n)\n\n\nAccumulated other comprehensive loss \n\n(109,275\n)\n\n(106,323\n)\n\n(151,312\n)\n\n(127,465\n)\n\n\nTotal shareholders' equity\n\n1,009,886\n\n\n989,568\n\n\n924,250\n\n\n909,159\n\n\n\nNoncontrolling interests\n\n71,663\n\n\n78,695\n\n\n58,747\n\n\n59,285\n \n\n\nTotal equity\n\n1,081,549\n\n\n1,068,263\n\n\n982,997\n\n\n968,444\n \n\n\nTotal liabilities and equity\n$\n8,667,837\n\n$\n8,727,958\n\n$\n8,525,058\n\n$\n8,329,803\n \n\n\n\n\n\n\n1st SOURCE CORPORATION\n\n\n\n\n\n\n\n\nCONSOLIDATED STATEMENTS OF INCOME\n\n\n\n\n\n\n\n\n(Unaudited - Dollars in thousands, except per share amounts)\n\n\n\n\n\n\n\n\n\n \nThree Months Ended\n \n\n\n\n\nMarch 31,\n\n\nDecember 31,\n\n\nMarch 31,\n\n\n\n\n \n2024\n\n\n2023\n\n\n2023\n  \n\n\nInterest income:\n\n\n\n\n\n\n\n\n\n\n\n   Loans and leases\n$\n109,202\n\n$\n107,103\n\n$\n86,689\n\n\n\n   Investment securities, taxable\n\n6,079\n\n\n5,989\n\n\n6,648\n\n\n\n   Investment securities, tax-exempt\n\n260\n\n\n314\n\n\n482\n\n\n\n   Other\n\n927\n\n\n1,165\n\n\n637\n \n\n\nTotal interest income\n\n116,468\n\n\n114,571\n\n\n94,456\n \n\n\nInterest expense:\n\n \n\n\n \n\n\n \n\n\n\n   Deposits\n\n39,744\n\n\n38,624\n\n\n21,263\n\n\n\n   Short-term borrowings\n\n3,102\n\n\n1,878\n\n\n1,393\n\n\n\n   Subordinated notes\n\n1,061\n\n\n1,066\n\n\n1,020\n\n\n\n   Long-term debt and mandatorily redeemable securities\n\n646\n\n\n1,673\n\n\n1,215\n \n\n\nTotal interest expense\n\n44,553\n\n\n43,241\n\n\n24,891\n \n\n\nNet interest income\n\n71,915\n\n\n71,330\n\n\n69,565\n\n\n\nProvision for credit losses\n\n6,595\n\n\n1,911\n\n\n3,049\n \n\n\nNet interest income after provision for credit losses\n\n65,320\n\n\n69,419\n\n\n66,516\n \n\n\nNoninterest income:\n\n \n\n\n \n\n\n \n\n\n\n   Trust and wealth advisory\n\n6,287\n\n\n5,912\n\n\n5,679\n\n\n\n   Service charges on deposit accounts\n\n3,070\n\n\n3,331\n\n\n3,003\n\n\n\n   Debit card\n\n4,201\n\n\n4,395\n\n\n4,507\n\n\n\n   Mortgage banking\n\n950\n\n\n772\n\n\n802\n\n\n\n   Insurance commissions\n\n1,776\n\n\n1,527\n\n\n2,029\n\n\n\n   Equipment rental\n\n1,671\n\n\n1,907\n\n\n2,503\n\n\n\n   Losses on investment securities available-for-sale\n\n-\n\n\n(2,882\n)\n\n(44\n)\n\n\n   Other\n\n4,201\n\n\n5,114\n\n\n4,844\n \n\n\nTotal noninterest income\n\n22,156\n\n\n20,076\n\n\n23,323\n \n\n\nNoninterest expense:\n\n \n\n\n \n\n\n \n\n\n\n   Salaries and employee benefits\n\n29,572\n\n\n29,913\n\n\n28,597\n\n\n\n   Net occupancy\n\n2,996\n\n\n2,925\n\n\n2,622\n\n\n\n   Furniture and equipment\n\n1,149\n\n\n1,715\n\n\n1,307\n\n\n\n   Data processing\n\n6,500\n\n\n6,341\n\n\n6,157\n\n\n\n   Depreciation - leased equipment\n\n1,288\n\n\n1,523\n\n\n2,022\n\n\n\n   Professional fees\n\n1,345\n\n\n2,556\n\n\n682\n\n\n\n   FDIC and other insurance\n\n1,657\n\n\n1,624\n\n\n1,360\n\n\n\n   Business development and marketing\n\n1,744\n\n\n2,335\n\n\n1,972\n\n\n\n   Other\n\n3,335\n\n\n4,040\n\n\n4,702\n \n\n\nTotal noninterest expense\n\n49,586\n\n\n52,972\n\n\n49,421\n \n\n\nIncome before income taxes\n\n37,890\n\n\n36,523\n\n\n40,418\n\n\n\nIncome tax expense\n\n8,428\n\n\n8,106\n\n\n9,287\n \n\n\nNet income\n\n29,462\n\n\n28,417\n\n\n31,131\n\n\n\nNet (income) loss attributable to noncontrolling interests\n\n(7\n)\n\n12\n\n\n(7\n)\n\n\nNet income available to common shareholders\n$\n29,455\n\n$\n28,429\n\n$\n31,124\n \n\n\nPer common share:\n\n \n\n\n \n\n\n \n\n\n\n   Basic net income per common share\n$\n1.19\n\n$\n1.15\n\n$\n1.25\n \n\n\n   Diluted net income per common share\n$\n1.19\n\n$\n1.15\n\n$\n1.25\n \n\n\n   Cash dividends\n$\n0.34\n\n$\n0.34\n\n$\n0.32\n \n\n\nBasic weighted average common shares outstanding\n\n24,459,088\n\n\n24,430,477\n\n\n24,687,087\n \n\n\nDiluted weighted average common shares outstanding\n\n24,459,088\n\n\n24,430,477\n\n\n24,687,087\n \n\n\n\n\n\n\n1st SOURCE CORPORATION\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nINTEREST RATES AND INTEREST DIFFERENTIAL\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(Unaudited - Dollars in thousands)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n \nThree Months Ended\n \n \n\n \n\n\n\n \nMarch 31, 2024\n\n \nDecember 31, 2023\n\n \nMarch 31, 2023\n \n\n\n\n\nAverageBalance\n\n\nInterest Income/Expense\n\n\nYield/Rate\n\n\nAverageBalance\n\n\nInterest Income/Expense\n\n\nYield/Rate\n\n\nAverageBalance\n\n\nInterest Income/Expense\n\n\nYield/Rate\n \n\n\nASSETS\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n   Investment securities available-for-sale:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n      Taxable\n$\n1,576,579\n\n$\n6,079\n\n\n1.55 %\n\n$\n1,559,351\n\n$\n5,989\n\n\n1.52 %\n\n$\n1,711,177\n\n$\n6,648\n\n\n1.58 %\n\n\n\n      Tax exempt(1)\n\n31,515\n\n\n327\n\n\n4.17 %\n\n\n37,251\n\n\n392\n\n\n4.17 %\n\n\n57,444\n\n\n605\n\n\n4.27 %\n\n\n\n   Mortgages held for sale\n\n1,830\n\n\n34\n\n\n7.47 %\n\n\n2,010\n\n\n41\n\n\n8.09 %\n\n\n2,410\n\n\n32\n\n\n5.38 %\n\n\n\n   Loans and leases, net of unearned discount(1)\n\n6,504,069\n\n\n109,249\n\n\n6.76 %\n\n\n6,387,858\n\n\n107,150\n\n\n6.65 %\n\n\n6,036,203\n\n\n86,760\n\n\n5.83 %\n\n\n\n   Other investments\n\n68,172\n\n\n927\n\n\n5.47 %\n\n\n85,391\n\n\n1,165\n\n\n5.41 %\n\n\n57,361\n\n\n637\n\n\n4.50 %\n \n\n\nTotal earning assets(1)\n\n8,182,165\n\n\n116,616\n\n\n5.73 %\n\n\n8,071,861\n\n\n114,737\n\n\n5.64 %\n\n\n7,864,595\n\n\n94,682\n\n\n4.88 %\n\n\n\n   Cash and due from banks\n\n61,889\n\n\n \n\n\n \n\n\n70,352\n\n\n \n\n\n \n\n\n71,921\n\n\n \n\n\n \n\n\n\n   Allowance for loan and lease losses\n\n(148,982\n)\n\n \n\n\n \n\n\n(146,076\n)\n\n \n\n\n \n\n\n(141,054\n)\n\n \n\n\n \n\n\n\n   Other assets\n\n557,072\n\n\n \n\n\n \n\n\n557,363\n\n\n \n\n\n \n\n\n527,969\n\n\n \n\n\n \n \n\n\nTotal assets\n$\n8,652,144\n\n\n \n\n\n \n\n$\n8,553,500\n\n\n \n\n\n \n\n$\n8,323,431\n\n\n \n\n\n \n \n\n\n   \n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\nLIABILITIES AND SHAREHOLDERS' EQUITY\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n   Interest-bearing deposits\n$\n5,394,854\n\n$\n39,744\n\n\n2.96 %\n\n$\n5,383,925\n\n$\n38,624\n\n\n2.85 %\n\n$\n4,988,093\n\n$\n21,263\n\n\n1.73 %\n\n\n\n   Short-term borrowings:\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n      Securities sold under agreements to repurchase\n\n47,973\n\n\n47\n\n\n0.39 %\n\n\n52,278\n\n\n29\n\n\n0.22 %\n\n\n134,501\n\n\n40\n\n\n0.12 %\n\n\n\n      Other short-term borrowings\n\n234,672\n\n\n3,055\n\n\n5.24 %\n\n\n136,814\n\n\n1,849\n\n\n5.36 %\n\n\n118,760\n\n\n1,353\n\n\n4.62 %\n\n\n\n   Subordinated notes\n\n58,764\n\n\n1,061\n\n\n7.26 %\n\n\n58,764\n\n\n1,066\n\n\n7.20 %\n\n\n58,764\n\n\n1,020\n\n\n7.04 %\n\n\n\n   Long-term debt and mandatorily redeemable securities\n\n47,217\n\n\n646\n\n\n5.50 %\n\n\n46,765\n\n\n1,673\n\n\n14.19 %\n\n\n45,380\n\n\n1,215\n\n\n10.86 %\n \n\n\nTotal interest-bearing liabilities\n\n5,783,480\n\n\n44,553\n\n\n3.10 %\n\n\n5,678,546\n\n\n43,241\n\n\n3.02 %\n\n\n5,345,498\n\n\n24,891\n\n\n1.89 %\n\n\n\n   Noninterest-bearing deposits\n\n1,616,251\n\n\n \n\n\n \n\n\n1,684,743\n\n\n \n\n\n \n\n\n1,880,913\n\n\n \n\n\n \n\n\n\n   Other liabilities\n\n167,759\n\n\n \n\n\n \n\n\n177,097\n\n\n \n\n\n \n\n\n147,141\n\n\n \n\n\n \n\n\n\n   Shareholders' equity\n\n1,006,286\n\n\n \n\n\n \n\n\n949,939\n\n\n \n\n\n \n\n\n890,294\n\n\n \n\n\n \n\n\n\n    Noncontrolling interests\n\n78,368\n\n\n \n\n\n \n\n\n63,175\n\n\n \n\n\n \n\n\n59,585\n\n\n \n\n\n \n \n\n\nTotal liabilities and equity\n$\n8,652,144\n\n\n \n\n\n \n\n$\n8,553,500\n\n\n \n\n\n \n\n$\n8,323,431\n\n\n \n\n\n \n \n\n\nLess: Fully tax-equivalent adjustments\n\n \n\n\n(148\n)\n\n \n\n\n \n\n\n(166\n)\n\n \n\n\n \n\n\n(226\n)\n\n \n\n\n\nNet interest income/margin (GAAP-derived)(1)\n\n \n\n$\n71,915\n\n\n3.54 %\n\n\n \n\n$\n71,330\n\n\n3.51 %\n\n\n \n\n$\n69,565\n\n\n3.59 %\n \n\n\nFully tax-equivalent adjustments\n\n \n\n\n148\n\n\n \n\n\n \n\n\n166\n\n\n \n\n\n \n\n\n226\n\n\n \n\n\n\nNet interest income/margin - FTE(1)\n\n \n\n$\n72,063\n\n\n3.54 %\n\n\n \n\n$\n71,496\n\n\n3.51 %\n\n\n \n\n$\n69,791\n\n\n3.60 %\n \n\n\n(1) See \"Reconciliation of Non-GAAP Financial Measures\" for more information on this performance measure/ratio.\n\n\n\n\n\n\n\n1st SOURCE CORPORATION\n\n\n\n\n\n\nRECONCILIATION OF NON-GAAP FINANCIAL MEASURES\n\n\n\n\n\n\n(Unaudited - Dollars in thousands, except per share data)\n\n\n\n\n\n\n\n   \n\n\n\n\n\n\n\n\n\n\n\n\n\n \nThree Months Ended\n \n\n\n\n\n\nMarch 31,\n\n\nDecember 31,\n\n\nMarch 31,\n\n\n\n\n\n \n2024\n\n\n2023\n\n\n2023\n \n\n\nCalculation of Net Interest Margin\n\n\n\n\n\n\n\n\n\n\n\n(A)\nInterest income (GAAP)\n$\n116,468\n\n$\n114,571\n\n$\n94,456\n\n\n\n\n    Fully tax-equivalent adjustments:\n\n \n\n\n \n\n\n \n\n\n\n(B)\n     - Loans and leases\n\n81\n\n\n88\n\n\n103\n\n\n\n(C)\n     - Tax exempt investment securities\n\n67\n\n\n78\n\n\n123\n \n\n\n(D)\n    Interest income - FTE (A+B+C)\n\n116,616\n\n\n114,737\n\n\n94,682\n\n\n\n(E)\nInterest expense (GAAP)\n\n44,553\n\n\n43,241\n\n\n24,891\n\n\n\n(F)\nNet interest income (GAAP) (A-E)\n\n71,915\n\n\n71,330\n\n\n69,565\n \n\n\n(G)\n    Net interest income - FTE (D-E)\n\n72,063\n\n\n71,496\n\n\n69,791\n \n\n\n(H)\nAnnualization factor\n\n4.022\n\n\n3.967\n\n\n4.056\n\n\n\n(I)\nTotal earning assets\n$\n8,182,165\n\n$\n8,071,861\n\n$\n7,864,595\n\n\n\n\nNet interest margin (GAAP-derived) (F*H)/I\n\n3.54 %\n\n\n3.51 %\n\n\n3.59 %\n\n\n\n\n    Net interest margin - FTE (G*H)/I\n\n3.54 %\n\n\n3.51 %\n\n\n3.60 %\n\n\n\n   \n\n\n \n\n\n \n\n\n \n\n\n\nCalculation of Efficiency Ratio\n\n \n\n\n \n\n\n \n\n\n\n(F)\nNet interest income (GAAP)\n$\n71,915\n\n$\n71,330\n\n$\n69,565\n\n\n\n(G)\nNet interest income - FTE\n\n72,063\n\n\n71,496\n\n\n69,791\n\n\n\n(J)\nPlus: noninterest income (GAAP)\n\n22,156\n\n\n20,076\n\n\n23,323\n\n\n\n(K)\nLess: gains/losses on investment securities and partnership investments\n\n(1,037\n)\n\n1,173\n\n\n(1,522\n)\n\n\n(L)\nLess: depreciation - leased equipment\n\n(1,288\n)\n\n(1,523\n)\n\n(2,022\n)\n\n\n(M)\nTotal net revenue (GAAP) (F+J)\n\n94,071\n\n\n91,406\n\n\n92,888\n \n\n\n(N)\nTotal net revenue - adjusted (G+J-K-L)\n\n91,894\n\n\n91,222\n\n\n89,570\n \n\n\n(O)\nNoninterest expense (GAAP)\n\n49,586\n\n\n52,972\n\n\n49,421\n\n\n\n(L)\nLess:depreciation - leased equipment\n\n(1,288\n)\n\n(1,523\n)\n\n(2,022\n)\n\n\n(P)\nNoninterest expense - adjusted (O-L)\n\n48,298\n\n\n51,449\n\n\n47,399\n\n\n\n\nEfficiency ratio (GAAP-derived) (O/M)\n\n52.71 %\n\n\n57.95 %\n\n\n53.20 %\n\n\n\n\n    Efficiency ratio - adjusted (P/N)\n\n52.56 %\n\n\n56.40 %\n\n\n52.92 %\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\n\n \nEnd of Period\n \n\n\n\n\n\nMarch 31,\n\n\nDecember 31,\n\n\nMarch 31,\n\n\n\n \n\n \n2024\n\n\n2023\n\n\n2023\n \n\n\nCalculation of Tangible Common Equity-to-Tangible Assets Ratio\n\n\n \n\n\n \n\n\n\n(Q)\nTotal common shareholders' equity (GAAP)\n$\n1,009,886\n\n$\n989,568\n\n$\n909,159\n\n\n\n(R)\nLess: goodwill and intangible assets\n\n(83,912\n)\n\n(83,916\n)\n\n(83,901\n)\n\n\n(S)\nTotal tangible common shareholders' equity (Q-R)\n$\n925,974\n\n$\n905,652\n\n$\n825,258\n \n\n\n(T)\nTotal assets (GAAP)\n\n8,667,837\n\n\n8,727,958\n\n\n8,329,803\n\n\n\n(R)\nLess: goodwill and intangible assets\n\n(83,912\n)\n\n(83,916\n)\n\n(83,901\n)\n\n\n(U)\nTotal tangible assets (T-R)\n$\n8,583,925\n\n$\n8,644,042\n\n$\n8,245,902\n \n\n\n\nCommon equity-to-assets ratio (GAAP-derived) (Q/T)\n\n11.65 %\n\n\n11.34 %\n\n\n10.91 %\n\n\n\n\n    Tangible common equity-to-tangible assets ratio (S/U)\n\n10.79 %\n\n\n10.48 %\n\n\n10.01 %\n\n\n\n   \n\n\n \n\n\n \n\n\n \n\n\n\n   \n\n\n \n\n\n \n\n\n \n\n\n\nCalculation of Tangible Book Value per Common Share\n\n \n\n\n \n\n\n \n\n\n\n(Q)\nTotal common shareholders' equity (GAAP)\n$\n1,009,886\n\n$\n989,568\n\n$\n909,159\n\n\n\n(V)\nActual common shares outstanding\n\n24,477,658\n\n\n24,434,604\n\n\n24,695,552\n  \n\n\n\nBook value per common share (GAAP-derived) (Q/V)*1000\n$\n41.26\n\n$\n40.50\n\n$\n36.81\n\n\n\n\n    Tangible common book value per share (S/V)*1000\n$\n37.83\n\n$\n37.06\n\n$\n33.42\n\n\n\n\nThe NASDAQ Stock Market National Market Symbol: \"SRCE\" (CUSIP #336901 10 3)Please contact us at shareholder@1stsource.com.\nContact:Brett Bauer574-235-2000\n\nTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/206704","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430409938"}