1st Source Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 19, 2017 at 09:05 pm
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1st Source Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $48,724,000 against $48,017,000 a year ago. Net interest income was $43,383,000 against $43,211,000 a year ago. Net interest income after provision for loan and lease losses was $42,641,000 against $43,211,000 a year ago. Income before income taxes was $23,236,000 against $22,369,000 a year ago. Net income was $15,225,000 against $14,417,000 a year ago. Diluted net income per common share was $0.58 against $0.55 a year ago. Return on average assets was 1.11% against 1.11% a year ago. Return on average common shareholders's equity was 8.96% against 8.84% a year ago.
For the year, the company reported total interest income of $22,101,000 against $18,163,000 a year ago. Net interest income was $169,659,000 against $166,521,000 a year ago. Net interest income after provision for loan and lease losses was $163,826,000 against $164,361,000 a year ago. Income before income taxes was $89,126,000 against $88,563,000 a year ago. Net income was $57,786,000 against $57,486,000 a year ago. Diluted net income per common share was $2.22 against $2.17 a year ago. Tangible common book value per share was $22.75 against $21.49 a year ago. Book value per common share was $26.00 against $24.75 a year ago. Return on average assets was 1.08% against 1.15% a year ago. Return on average common shareholders's equity was 8.71% against 9.05% a year ago.
The company reported net charge-offs of $1.10 million were recorded for the fourth quarter of 2016 compared with net recoveries of $0.50 million in the same quarter 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.
1st Source Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016