1st Source Corp. (SRCE, Financial) filed Quarterly Report for the period ended 2010-06-30.
1st Source Corp. has a market cap of $394.9 million; its shares were traded at around $16.26 with a P/E ratio of 17.7 and P/S ratio of 1.3. The dividend yield of 1st Source Corp. stocks is 3.6%.SRCE is in the portfolios of Jim Simons of Renaissance Technologies LLC.
As of June 30, 2010, total shareholders' equity was $589.50 million, up $19.18 million or 3.36% from the $570.32 million at December 31, 2009. In addition to net income of $17.47 million, other significant changes in shareholders equity during the first six months of 2010 included $10.06 million of dividends paid and/or accrued. The accumulated other comprehensive income/(loss) component of shareholders equity totaled $14.33 million at June 30, 2010, compared to $5.09 million at December 31, 2009. The increase in accumulated other comprehensive income/(loss) during 2010 was primarily a result of changes in unrealized gain/(loss) on securities in the available-for-sale portfolio. Our equity-to-assets ratio was 13.01% as of June 30, 2010, compared to 12.56% at December 31, 2009. Book value per common share rose to $19.93 at June 30, 2010, from $19.30 at December 31, 2009.
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, Federal Reserve Bank borrowings, and the capability to package loans for sale. Our loan to asset ratio was 69.11% at June 30, 2010 compared to 68.10% at December 31, 2009 and 69.41% at June 30, 2009. Cash and cash equivalents totaled $65.34 million at June 30, 2010 compared to $72.87 million at December 31, 2009 and $70.80 million at June 30, 2009. At June 30, 2010, the consolidated statement of financial condition was rate sensitive by $329.19 million more liabilities than assets scheduled to reprice within one year, or approximately 0.88%. Management believes that the present funding sources provide adequate liquidity to meet our cash flow needs.
Net income for the three and six month periods ended June 30, 2010 was $7.80 million and $17.47 million respectively, compared to $6.28 million and $12.53 million for the same periods in 2009. Diluted net income per common share was $0.25 and $0.57 respectively, for the three and six month periods ended June 30, 2010, compared to $0.19 and $0.39 for the same periods in 2009. Return on average common shareholders' equity was 5.93% for the six months ended June 30, 2010, compared to 4.12% in 2009. The return on total average assets was 0.78% for the six months ended June 30, 2010, compared to 0.56% in 2009.
The largest contributor to the decrease in the yield on average earning assets for the six months ended June 30, 2010, compared to the six months ended June 30, 2009, was an increase in average investment securities at yields lower than other earning assets. Total average investment securities increased $67.05 million or 7.89% and $90.50 million or 11.11% respectively, for the three and six month periods over one year ago. Average mortgages held for sale decreased $86.06 million or 70.88% and $70.89 million or 71.66% respectively, for the three and six month periods ended June 30, 2010, over the comparable periods a year ago primarily due to a decrease in refinance activity. Average net loans and leases decreased $58.16 million or 1.83% for the second quarter of 2010 from the second quarter of 2009 and $101.29 million or 3.15% for the six months ended June 30, 2010 compared to the same period in 2009. Average other investments, which include federal funds sold, time deposits with other banks, Federal Reserve Bank excess balances, Federal Reserve Bank and Federal Home Loan Bank stock and commercial paper, increased $19.83 million or 24.42% and $11.32 million or 10.76% for the three and six month periods ended June 30, 2010, over the comparable periods a year ago.
Average short-term borrowings decreased $29.07 million or 15.89% and $42.95 million or 21.45% respectively, for the second quarter of 2010 and the first six months of 2010, compared to the same periods in 2009. The decrease in average short-term borrowings was primarily due to lower repurchase agreements. Interest paid on short-term borrowings decreased 11 basis points for the second quarter of 2010 and 14 basis points for the first six months of 2010 due to the interest rate decrease on adjustable rate borrowings. Average long-term debt increased $7.15 million or 35.54% during the second quarter of 2010 as compared to the second quarter of 2009 and increased $2.73 million or 13.00% during the first six months of 2010 as compared to the first six months of 2009. The increase in long-term borrowings was the result of higher borrowings with the Federal Home Loan Bank. Interest paid on long-term borrowings increased 194 basis points for the second quarter and 38 basis points for the first six months of 2010 due to an increase in expense for mandatorily redeembable securities.
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1st Source Corp. has a market cap of $394.9 million; its shares were traded at around $16.26 with a P/E ratio of 17.7 and P/S ratio of 1.3. The dividend yield of 1st Source Corp. stocks is 3.6%.SRCE is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Our total assets at June 30, 2010, were $4.53 billion, a decrease of $10.79 million or 0.24% from December 31, 2009. Total loans and leases were $3.13 billion, an increase of $38.60 million or 1.25% from December 31, 2009. Fed funds sold and interest bearing deposits with other banks were $42.98 million, a decrease of $98.19 million or 69.55% from December 31, 2009. Total investment securities, available for sale were $932.58 million which represented an increase of $30.95 million or 3.43% and total deposits were $3.61 billion, a decrease of $42.88 million or 1.17% over the comparable figures at the end of 2009.As of June 30, 2010, total shareholders' equity was $589.50 million, up $19.18 million or 3.36% from the $570.32 million at December 31, 2009. In addition to net income of $17.47 million, other significant changes in shareholders equity during the first six months of 2010 included $10.06 million of dividends paid and/or accrued. The accumulated other comprehensive income/(loss) component of shareholders equity totaled $14.33 million at June 30, 2010, compared to $5.09 million at December 31, 2009. The increase in accumulated other comprehensive income/(loss) during 2010 was primarily a result of changes in unrealized gain/(loss) on securities in the available-for-sale portfolio. Our equity-to-assets ratio was 13.01% as of June 30, 2010, compared to 12.56% at December 31, 2009. Book value per common share rose to $19.93 at June 30, 2010, from $19.30 at December 31, 2009.
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, Federal Reserve Bank borrowings, and the capability to package loans for sale. Our loan to asset ratio was 69.11% at June 30, 2010 compared to 68.10% at December 31, 2009 and 69.41% at June 30, 2009. Cash and cash equivalents totaled $65.34 million at June 30, 2010 compared to $72.87 million at December 31, 2009 and $70.80 million at June 30, 2009. At June 30, 2010, the consolidated statement of financial condition was rate sensitive by $329.19 million more liabilities than assets scheduled to reprice within one year, or approximately 0.88%. Management believes that the present funding sources provide adequate liquidity to meet our cash flow needs.
Net income for the three and six month periods ended June 30, 2010 was $7.80 million and $17.47 million respectively, compared to $6.28 million and $12.53 million for the same periods in 2009. Diluted net income per common share was $0.25 and $0.57 respectively, for the three and six month periods ended June 30, 2010, compared to $0.19 and $0.39 for the same periods in 2009. Return on average common shareholders' equity was 5.93% for the six months ended June 30, 2010, compared to 4.12% in 2009. The return on total average assets was 0.78% for the six months ended June 30, 2010, compared to 0.56% in 2009.
The largest contributor to the decrease in the yield on average earning assets for the six months ended June 30, 2010, compared to the six months ended June 30, 2009, was an increase in average investment securities at yields lower than other earning assets. Total average investment securities increased $67.05 million or 7.89% and $90.50 million or 11.11% respectively, for the three and six month periods over one year ago. Average mortgages held for sale decreased $86.06 million or 70.88% and $70.89 million or 71.66% respectively, for the three and six month periods ended June 30, 2010, over the comparable periods a year ago primarily due to a decrease in refinance activity. Average net loans and leases decreased $58.16 million or 1.83% for the second quarter of 2010 from the second quarter of 2009 and $101.29 million or 3.15% for the six months ended June 30, 2010 compared to the same period in 2009. Average other investments, which include federal funds sold, time deposits with other banks, Federal Reserve Bank excess balances, Federal Reserve Bank and Federal Home Loan Bank stock and commercial paper, increased $19.83 million or 24.42% and $11.32 million or 10.76% for the three and six month periods ended June 30, 2010, over the comparable periods a year ago.
Average short-term borrowings decreased $29.07 million or 15.89% and $42.95 million or 21.45% respectively, for the second quarter of 2010 and the first six months of 2010, compared to the same periods in 2009. The decrease in average short-term borrowings was primarily due to lower repurchase agreements. Interest paid on short-term borrowings decreased 11 basis points for the second quarter of 2010 and 14 basis points for the first six months of 2010 due to the interest rate decrease on adjustable rate borrowings. Average long-term debt increased $7.15 million or 35.54% during the second quarter of 2010 as compared to the second quarter of 2009 and increased $2.73 million or 13.00% during the first six months of 2010 as compared to the first six months of 2009. The increase in long-term borrowings was the result of higher borrowings with the Federal Home Loan Bank. Interest paid on long-term borrowings increased 194 basis points for the second quarter and 38 basis points for the first six months of 2010 due to an increase in expense for mandatorily redeembable securities.
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