LSB #559 "Oh, How Great Is Your Compassion"

Biblical citations in the hymnal:  Titus 3:4-7, Ephesians 2:4-9, 1 Peter 1:3-5, 2 Corinthians 9:15

Titus 3:4-7:  "4 But when the goodness and loving kindness of God our Savior appeared, 5 he saved us, not because of works done by us in righteousness, but according to his own mercy, by the washing of regeneration and renewal of the Holy Spirit, 6 whom he poured out on us richly through Jesus Christ our Savior, 7 so that being justified by his grace we might become heirs according to the hope of eternal life."

Ephesians 2:4-9:  "4 But God, being rich in mercy, because of the great love with which he loved us, 5 even when we were dead in our trespasses, made us alive together with Christ - by grace you have been saved - 6 and raised us up with him and seated us with him in the heavenly places in Christ Jesus,  7 so that in the coming ages he might show the immeasurable riches of his grace in kindness toward us in Christ Jesus.  8 For by grace you have been saved through faith.  And this is not your own doing; it is the gift of God, 9 not a result of works, so that no one may boast."

1 Peter 1:3-5:  "3 Blessed be the God and Father of our Lord Jesus Christ!  According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead, 4 to an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you, 5 who by God's power are being guarded through faith for a salvation ready to be revealed in the last time."

2 Corinthians 9:15:  "Thanks be to God for his inexpressible gift!"

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The text is public domain:

Oh, how great is Your compassion,

Faithful Father, God of grace,

That with all our fallen race

In our depth of degradation

You had mercy so that we

Might be saved eternally!

Your great love for this has striven

That we may, from sin made free,

Live with You eternally.

Your dear Son Himself has given

And extends His gracious call,

To His supper leads us all.

Firmly to our soul's salvation

Witnesses Your Spirit, Lord,

In Your Sacraments and Word.

There He sends true consolation,

Giving us the gift of faith

That we fear not hell nor death.

Lord, Your mercy will not leave me;

Ever will Your truth abide.

Then in You I will confide.

Since Your Word cannot deceive me,

My salvation is to me

Safe and sure eternally.

I will praise Your great compassion,

Faithful Father, God of grace,

That with all our fallen race

In our depth of degradation

You had mercy so that we

Might be saved eternally.

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The Biblical passages cited for this hymn are similar enough that it's difficult to see where (or if) the hymn draws from any one particular text over the others.  The first and last verses seem to point to the text from Ephesians a bit more, however; the line "In our depth of degradation" has some relation to "and raised us up with him" from verse 6.  The hymn's third verse seems to come more from the Titus text, which is the only one of these texts that mentions the Holy Spirit.  The beginning of the last verse ("I will praise Your great compassion") could be drawn from 2 Corinthians 9:15.