ENP Newswire - 23 January 2014 Release date- 22012014 - 1st Source Corporation (Nasdaq:SRCE), parent company of 1st Source Bank , today announced record net income of $54.96 million for the year of 2013, a 10.73% increase over the $49.63 million in 2012. The annual net income is the highest in company history. Fourth quarter net income was $13.72 million , up 11.10% compared to $12.35 million in the fourth quarter of 2012. Diluted net income per common share for the year was $2.23 , another all-time record and an increase of 10.40% over the $2.02 per common share a year earlier. Diluted net income per common share for the fourth quarter was $0.56 , up 12.00% compared to $0.50 per common share reported in the fourth quarter of the previous year. At its January 2014 meeting, the 1st Source Board of Directors approved a cash dividend of $0.17 per common share. The cash dividend is payable on February 14, 2014 to shareholders of record on February 4, 2014 . Dividends for 2013 increased 3.03% over the previous year. Christopher J. Murphy, III , Chairman, commented, 'I'm pleased to report a strong fourth quarter and a strong year for 1st Source Corporation . This was another record year in earnings, and continues our streak of 26 years of consecutive dividend growth. The yearly results were helped considerably by our credit performance. Our credit quality continues to be strong as net charge-offs for the year were remarkably low at about two tenths of one percent of average loans and leases.' 'The fourth quarter was quite busy. We opened our second banking center in Lafayette, Indiana , a good market in a college town that fits us well. We also continued our 150th Anniversary celebrations with receptions for clients in each of our banking centers. Additionally, we produced a promotion designed to highlight the strength of our communities - the '150 years, $150,000 Cheers' campaign. 1st Source donated $150,000 in $1,000 increments to not-for-profit organizations, an important part of the fabric of the communities we serve. The charities were nominated by community members and selected in each region based on the quality and quantity of nominations. Two final not-for-profits received $15,000 each to help fill needs in our area. The community involvement was outstanding - we received over 13,500 nominations for over 1,500 different charities.' 'At 1st Source, we continue to focus on the basics of delivering exceptional client service, practicing rigorous cost control, and maintaining pristine credit quality. We look forward optimistically and with enthusiasm to continue building a company that all of us and our long term shareholder partners can be proud of,' concluded Mr. Murphy . The net interest margin was 3.59% for the fourth quarter of 2013 versus 3.64% for the same period in 2012. The net interest margin was 3.67% for the year ending December 31, 2013 versus 3.69% for the year ending December 31, 2012 . Tax-equivalent net interest income was $39.50 million for the fourth quarter of 2013, compared to $39.00 million for 2012's fourth quarter. For the twelve months of 2013, tax-equivalent net interest income was $158.64 million , compared to $153.84 million for the twelve months of 2012. As of December 31, 2013 , the common equity-to-assets ratio was 12.39%, compared to 12.28% at December 31, 2012 and the tangible common equity-to-tangible assets ratio was 10.76% at December 31, 2013 compared to 10.56% at December 31, 2012 . Common shareholders' equity was $585.38 million , up from $558.66 million a year ago. Total assets at the end of 2013 were $4.72 billion , up 3.78% from the same period last year. Total loans and leases at December 31, 2013 were $3.55 billion , up 6.66%, and total deposits at December 31, 2013 were $3.65 billion , up slightly from the comparable figures at the end of 2012. Reserve for loan and lease losses as of December 31, 2013 was 2.35% of total loans and leases, compared to 2.50% as of December 31, 2012 . Net charge-offs were $0.14 million for the fourth quarter 2013, compared to $0.98 million in the fourth quarter 2012. Net charge-offs for the full year were $0.58 million in 2013 compared to $4.09 million in 2012. The ratio of nonperforming assets to net loans and leases was 1.29% on December 31, 2013 , compared to 1.25% on December 31, 2012 . Noninterest income for the fourth quarter of 2013 was $17.99 million , down 12.58% compared to $20.57 million for the fourth quarter of 2012. The fourth quarter decrease was primarily a result of reduced mortgage banking income, lower trust fees and lower services charges on deposit accounts. For the year, noninterest income was $77.21 million , down 4.90% from the $81.19 million in 2012. The year-to-date decrease was mainly a result of reduced equipment rental income, mortgage banking income and lower service charges on deposit accounts offset by higher trust fees, increased debit card income and higher mutual fund and dividend income. Noninterest expense for the fourth quarter of 2013 was $38.59 million , down 2.84% compared to $39.72 million for the fourth quarter of 2012. The leading factors for the fourth quarter decrease were lower loan and lease collection and repossession expenses, reduced salary and employee benefits expense and a reduction in professional fees offset by higher business development and marketing expenses. For the year ending December 31, 2013 , noninterest expense was $149.31 million , down 1.47% from $151.54 million one year ago. The annual difference was primarily a result of reduced salary and employee benefit expense, depreciation on leased equipment and loan and lease collection and repossession expenses. These decreases were offset by increased furniture and equipment expenses and other expenses. 1st Source common stock is traded on the NASDAQ Global Select Market under 'SRCE' and appears in the National Market System tables in many daily newspapers under the code name '1st Src.' Since 1863, 1st Source has been committed to the success of the communities it serves. For more information, visit www.1stsource.com . 1st Source serves the northern half of Indiana and southwest Michigan and is the largest locally controlled financial institution headquartered in the area. While delivering a comprehensive range of consumer and commercial banking services through its community bank offices, 1st Source has distinguished itself with highly personalized services. 1st Source Bank also competes for business nationally by offering specialized financing services for new and used private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, construction and environmental equipment. The Corporation includes 77 community banking centers in 17 counties, 9 trust and wealth management locations, 8 1st Source Insurance offices, as well as 22 specialty finance locations nationwide. Celebrating 150 years, 1st Source has a history dating back to 1863. The Bank has a tradition of providing superior service to clients while playing a leadership role in the continued development of the communities it serves. In addition to the results presented in accordance with generally accepted accounting principles in the United States of America , this press release contains certain non-GAAP financial measures. 1st Source Corporation believes that providing non-GAAP financial measures provides investors with information useful to understanding our financial performance. Additionally, these non-GAAP measures are used by management for planning and forecasting purposes, including measures based on 'tangible equity' which is 'common shareholders' equity' excluding intangible assets. 1st Source may be accessed on its home page at 'www.1stsource.com .' Its 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'. Except for historical information contained herein, the matters discussed in this document express 'forward-looking statements.' Generally, the words 'believe,' 'contemplate,' 'seek,' 'plan,' 'possible,' 'assume,' 'expect,' 'intend,' 'targeted,' 'continue,' 'remain,' 'estimate,' 'anticipate,' 'project,' 'will,' 'should,' 'indicate,' 'would,' 'may' and similar expressions indicate forward-looking statements. Those statements, including statements, projections, estimates or assumptions concerning future events or performance, and other statements that are other than statements of historical fact, are subject to material risks and uncertainties. 1st Source cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. 1st Source may make other written or oral forward-looking statements from time to time. Readers are advised that various important factors could cause 1st Source's actual results or circumstances for future periods to differ materially from those anticipated or projected in such forward-looking statements. Such factors, among others, include changes in laws, regulations or accounting principles generally accepted in the United States ; 1st Source's competitive position within its markets served; increasing consolidation within the banking industry; unforeseen changes in interest rates; unforeseen downturns in the local, regional or national economies or in the industries in which 1st Source has credit concentrations; and other risks discussed in 1st Source's filings with the Securities and Exchange Commission , including its Annual Report on Form 10-K, which filings are available from the SEC . 1st Source undertakes no obligation to publicly update or revise any forward-looking statements.
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- What to Expect From an Amazon Smartphone
- Clinton Sought GOP Support for Health Plan
- Auto Parts Plant Opening in Pa., Jobs on Tap
- Earnings Season Starts Rough for Health Insurers
- Saucedo Mercer Running on Empty in Arizona
- Spring Salmon Return to San Joaquin
- IPO Market Shows Signs of Settling Down to Earth
- Pakistan Library Dedicated to 'Osama bin Laden, the Martyr'
- Venture Investments in U.S. Highest Since 2001