1st Source Corp (SRCE) Misses Q1 EPS by 5c

1st Source Corp (NASDAQ: SRCE) reported Q1 EPS of $0.73, $0.05 worse than the analyst estimate of $0.78.

QUARTERLY HIGHLIGHTS

• Net income improved to $19.12 million, up 17.96% over the first quarter of 2017. Diluted net income per common share improved to $0.73 from the prior year’s first quarter of $0.62.
• Return on average assets increased to 1.31% and return on average common shareholders’ equity increased to 10.67% from 1.21% and 9.61%, respectively in the first quarter of 2017.
• Net charge-offs (recoveries) of $0.34 million and nonperforming assets to loans and leases of 0.74% compared to $(0.58) million and 0.63%, respectively in the first quarter of 2017.
• Average loans and leases grew $401.55 million, up 9.59% from the first quarter of 2017.
• Average deposits grew $409.48 million, up 9.52% from the first quarter of 2017.
• Net interest income increased $6.81 million, up 15.56% from the first quarter of 2017.
• Noninterest income increased $0.50 million, up 2.15% from the first quarter of 2017 (decreased 1.41% excluding leased equipment depreciation).
• Noninterest expenses increased $4.44 million or 10.79% from the first quarter of 2017 (increased 10.41% excluding leased equipment depreciation).

For earnings history and earnings-related data on 1st Source Corp (SRCE) click here.

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