1St Source Corporation Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2014
January 21, 2015 at 09:05 pm
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1st Source Corporation announced unaudited consolidated earnings results for fourth quarter and full year ended Dec. 31, 2014. For the quarter, the company reported total interest income of $45,196,000, net interest income of $40,839,000, income before income taxes of $19,544,000, net income of $14,996,000 or $0.62 per diluted share compared to the total interest income of $44,130,000, net interest income of $39,034,000, income before income taxes of $19,288,000, net income of $13,716,000 or $0.56 per diluted share for the same quarter a year ago. Return on average assets was 1.23% compared to 1.17% a year ago. Return on average common shareholders' equity was 9.72% compared to 9.26% a year ago.
For the year, the company reported total interest income of $178,554,000, net interest income of $160,329,000, income before income taxes of $84,443,000, net income of $58,069,000 or $2.39 per diluted share compared to the total interest income of $179,585,000, net interest income of $156,817,000, income before income taxes of $83,943,000, net income of $54,958,000 or $2.23 per diluted share for the previous year. Return on average assets was 1.21% compared to 1.19% a year ago. Return on average common shareholders' equity was 9.65% compared to 9.55% a year ago. Book value per share was $25.75 compared to $24.07 a year ago.
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, offers a range of financial products and services. Its banking subsidiary, 1st Source Bank (Bank), offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients through its 78 banking center locations in 18 counties in Indiana and Michigan and Sarasota County in Florida. The Bank offers specialized financing services for construction equipment, new and pre-owned private and cargo aircraft, and various vehicle types for fleet purposes. It also offers a range of trust, investment, agency, and custodial services for individual, estate and trust, corporate, and not-for-profit clients. Its insurance agency subsidiary, 1st Source Insurance, Inc., offers property and casualty, individual and group health, and life insurance for individuals and businesses. It also owns and manages certain available-for-sale investment securities.