1st Source Corp. (SRCE, Financial) filed Quarterly Report for the period ended 2009-03-31.
1ST SOURCE CORP.is a bank holding company engaged in general banking business. The bank offers a broad range of commercial banking personal banking and trust services. In addition 1st Source Bank provides highly specialized financing services for: automobile fleets in the rental and leasing industries; privately-held used aircraft; heavy duty trucks and construction equipment.These services are marketed nationwide. 1st Source Corp. has a market cap of $475 million; its shares were traded at around $19.04 with a P/E ratio of 12 and P/S ratio of 1.5. The dividend yield of 1st Source Corp. stocks is 2.9%. 1st Source Corp. had an annual average earning growth of 8.5% over the past 5 years.
Nonperforming assets at March 31, 2009, were $69.12 million, which was an increase of $24.95 million or 56.49% from the $44.17 million reported at December 31, 2008. At March 31, 2009, nonperforming assets were 2.09% of net loans and leases compared to 1.30% at December 31, 2008. Accrued income and other assets were as follows:
As of March 31, 2009, total shareholders' equity was $567.20 million, up $113.54 million or 25.03% from the $453.66 million at December 31, 2008. In addition to net income of $6.25 million, other significant changes in shareholders equity during the first three months of 2009 included $111.00 million from the issuance of preferred stock and common stock warrants to the Treasury as part of the Treasury's Capital Purchase Program and $4.43 million of dividends paid and/or accrued. The accumulated other comprehensive income/(loss) component of shareholders equity totaled $4.97 million at March 31, 2009, compared to $5.82 million at December 31, 2008. The decline in accumulated other comprehensive income/(loss) for the first quarter of 2009 was primarily a result of changes in unrealized gain/(loss) on securities in the available-for-sale portfolio. Our equity-to-assets ratio was 12.33% as of March 31, 2009, compared to 10.16% at December 31, 2008. Book value per common share rose to $19.15 at March 31, 2009, up from $18.82 at December 31, 2008.
Effective liquidity management ensures that the cash flow requirements of depositors and borrowers, as well as the operating cash needs of 1st Source Corporation, are met. Funds are available from a number of sources, including the securities portfolio, the core deposit base, Federal Home Loan Bank borrowings, and the capability to package loans for sale. Our loan to asset ratio was 69.87% at March 31, 2009 compared to 73.88% at December 31, 2008 and 71.48% at March 31, 2008. Cash and cash equivalents totaled $60.44 million at March 31, 2009 compared to $119.77 million at December 31, 2008 and $118.84 million at March 31, 2008. At March 31, 2009, the consolidated statement of financial condition was rate sensitive by $63.00 million more assets than liabilities scheduled to reprice within one year, or approximately 1.02%. Management believes that the present funding sources provide adequate liquidity to meet our cash flow needs.
Net income for the three-month period ended March 31, 2009, was $6.25 million, compared to $9.35 million for the same period in 2008. Diluted net income per common share was $0.20 for the three month period ended March 31, 2009, compared to $0.38 for the same period in 2008. Return on average common shareholders' equity was 4.31% for the three months ended March 31, 2009, compared to 8.56% in 2008. The return on total average assets was 0.56% for the three months ended March 31, 2009, compared to 0.86% in 2008.
Average short-term borrowings decreased $121.66 million or 35.86% for the first quarter of 2009, compared to the same period in 2008. The decrease in average short-term borrowings was primarily due to lower repurchase agreements and lower Federal Home Loan Bank borrowings. Interest paid on short-term borrowings decreased 217 basis points due to the interest rate decrease in adjustable rate borrowings. Average subordinated notes decreased $5.10 million for the first quarter of 2009, compared to the same period in 2008. Average long-term debt decreased $12.27 million or 36.01% during the first three months of 2009 as compared to the first three months of 2008. The majority of the decrease in long-term debt was made up of Federal Home Loan Bank borrowings.
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1ST SOURCE CORP.is a bank holding company engaged in general banking business. The bank offers a broad range of commercial banking personal banking and trust services. In addition 1st Source Bank provides highly specialized financing services for: automobile fleets in the rental and leasing industries; privately-held used aircraft; heavy duty trucks and construction equipment.These services are marketed nationwide. 1st Source Corp. has a market cap of $475 million; its shares were traded at around $19.04 with a P/E ratio of 12 and P/S ratio of 1.5. The dividend yield of 1st Source Corp. stocks is 2.9%. 1st Source Corp. had an annual average earning growth of 8.5% over the past 5 years.
Highlight of Business Operations:
Our total assets at March 31, 2009, were $4.60 billion, an increase of $137.11 million or 3.07% from December 31, 2008. Total loans and leases were $3.21 billion, a decrease of $83.49 million or 2.53% from December 31, 2008. Total investment securities, available for sale were $929.98 million which represented an increase of $205.23 million or 28.32% and total deposits increased $33.33 million or 0.95% over the comparable figures at the end of 2008.Nonperforming assets at March 31, 2009, were $69.12 million, which was an increase of $24.95 million or 56.49% from the $44.17 million reported at December 31, 2008. At March 31, 2009, nonperforming assets were 2.09% of net loans and leases compared to 1.30% at December 31, 2008. Accrued income and other assets were as follows:
As of March 31, 2009, total shareholders' equity was $567.20 million, up $113.54 million or 25.03% from the $453.66 million at December 31, 2008. In addition to net income of $6.25 million, other significant changes in shareholders equity during the first three months of 2009 included $111.00 million from the issuance of preferred stock and common stock warrants to the Treasury as part of the Treasury's Capital Purchase Program and $4.43 million of dividends paid and/or accrued. The accumulated other comprehensive income/(loss) component of shareholders equity totaled $4.97 million at March 31, 2009, compared to $5.82 million at December 31, 2008. The decline in accumulated other comprehensive income/(loss) for the first quarter of 2009 was primarily a result of changes in unrealized gain/(loss) on securities in the available-for-sale portfolio. Our equity-to-assets ratio was 12.33% as of March 31, 2009, compared to 10.16% at December 31, 2008. Book value per common share rose to $19.15 at March 31, 2009, up from $18.82 at December 31, 2008.
Effective liquidity management ensures that the cash flow requirements of depositors and borrowers, as well as the operating cash needs of 1st Source Corporation, are met. Funds are available from a number of sources, including the securities portfolio, the core deposit base, Federal Home Loan Bank borrowings, and the capability to package loans for sale. Our loan to asset ratio was 69.87% at March 31, 2009 compared to 73.88% at December 31, 2008 and 71.48% at March 31, 2008. Cash and cash equivalents totaled $60.44 million at March 31, 2009 compared to $119.77 million at December 31, 2008 and $118.84 million at March 31, 2008. At March 31, 2009, the consolidated statement of financial condition was rate sensitive by $63.00 million more assets than liabilities scheduled to reprice within one year, or approximately 1.02%. Management believes that the present funding sources provide adequate liquidity to meet our cash flow needs.
Net income for the three-month period ended March 31, 2009, was $6.25 million, compared to $9.35 million for the same period in 2008. Diluted net income per common share was $0.20 for the three month period ended March 31, 2009, compared to $0.38 for the same period in 2008. Return on average common shareholders' equity was 4.31% for the three months ended March 31, 2009, compared to 8.56% in 2008. The return on total average assets was 0.56% for the three months ended March 31, 2009, compared to 0.86% in 2008.
Average short-term borrowings decreased $121.66 million or 35.86% for the first quarter of 2009, compared to the same period in 2008. The decrease in average short-term borrowings was primarily due to lower repurchase agreements and lower Federal Home Loan Bank borrowings. Interest paid on short-term borrowings decreased 217 basis points due to the interest rate decrease in adjustable rate borrowings. Average subordinated notes decreased $5.10 million for the first quarter of 2009, compared to the same period in 2008. Average long-term debt decreased $12.27 million or 36.01% during the first three months of 2009 as compared to the first three months of 2008. The majority of the decrease in long-term debt was made up of Federal Home Loan Bank borrowings.
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