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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
Commission file number 0-6233
1st Source Corporation
(Exact name of registrant as specified in its charter)
Indiana
 35-1068133
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
100 North Michigan Street  
South Bend,IN 46601
(Address of principal executive offices) (Zip Code)
(574) 235-2000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock - without par valueSRCEThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  x  Yes  o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  x Yes  o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerx Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  x No
Number of shares of common stock outstanding as of April 19, 2024 — 24,489,694 shares



TABLE OF CONTENTS
  Page
   
 
   
 
 
 
 
 
 
   
 
   
   
   

2



1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited - Dollars in thousands)
March 31,
2024
December 31,
2023
ASSETS  
Cash and due from banks$41,533 $77,474 
Federal funds sold and interest bearing deposits with other banks39,381 52,194 
Investment securities available-for-sale1,583,244 1,622,600 
Other investments25,075 25,075 
Mortgages held for sale2,881 1,442 
Loans and leases, net of unearned discount: 
Commercial and agricultural731,527 766,223 
Renewable energy413,662 399,708 
Auto and light truck997,465 966,912 
Medium and heavy duty truck303,799 311,947 
Aircraft1,104,058 1,078,172 
Construction equipment1,092,585 1,084,752 
Commercial real estate1,135,595 1,129,861 
Residential real estate and home equity643,856 637,973 
Consumer140,225 142,957 
Total loans and leases6,562,772 6,518,505 
Allowance for loan and lease losses(148,024)(147,552)
Net loans and leases6,414,748 6,370,953 
Equipment owned under operating leases, net16,691 20,366 
Net premises and equipment45,689 46,159 
Goodwill and intangible assets83,912 83,916 
Accrued income and other assets414,683 427,779 
Total assets$8,667,837 $8,727,958 
LIABILITIES  
Deposits:  
Noninterest-bearing demand$1,618,498 $1,655,728 
Interest-bearing deposits:
Interest-bearing demand2,364,751 2,430,833 
Savings1,270,401 1,213,334 
Time1,801,661 1,738,686 
Total interest-bearing deposits5,436,813 5,382,853 
Total deposits7,055,311 7,038,581 
Short-term borrowings:  
Federal funds purchased and securities sold under agreements to repurchase82,591 55,809 
Other short-term borrowings166,989 256,550 
Total short-term borrowings249,580 312,359 
Long-term debt and mandatorily redeemable securities39,406 47,911 
Subordinated notes58,764 58,764 
Accrued expenses and other liabilities183,227 202,080 
Total liabilities7,586,288 7,659,695 
SHAREHOLDERS’ EQUITY  
Preferred stock; no par value
  
Authorized 10,000,000 shares; none issued or outstanding
  
Common stock; no par value
 
Authorized 40,000,000 shares; issued 28,205,674 at March 31, 2024 and December 31, 2023
436,538 436,538 
Retained earnings812,413 789,842 
Cost of common stock in treasury (3,728,016 shares at March 31, 2024 and 3,771,070 shares at December 31, 2023)
(129,790)(130,489)
Accumulated other comprehensive loss(109,275)(106,323)
Total shareholders’ equity1,009,886 989,568 
Noncontrolling interests71,663 78,695 
Total equity1,081,549 1,068,263 
Total liabilities and equity$8,667,837 $8,727,958 
The accompanying notes are a part of the unaudited consolidated financial statements.
3

1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited - Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
 20242023
Interest income:  
Loans and leases$109,202 $86,689 
Investment securities, taxable6,079 6,648 
Investment securities, tax-exempt260 482 
Other927 637 
Total interest income116,468 94,456 
Interest expense:  
Deposits39,744 21,263 
Short-term borrowings3,102 1,393 
Subordinated notes1,061 1,020 
Long-term debt and mandatorily redeemable securities646 1,215 
Total interest expense44,553 24,891 
Net interest income71,915 69,565 
Provision for credit losses6,595 3,049 
Net interest income after provision for credit losses65,320 66,516 
Noninterest income:  
Trust and wealth advisory6,287 5,679 
Service charges on deposit accounts3,070 3,003 
Debit card4,201 4,507 
Mortgage banking950 802 
Insurance commissions1,776 2,029 
Equipment rental1,671 2,503 
Losses on investment securities available-for-sale (44)
Other4,201 4,844 
Total noninterest income22,156 23,323 
Noninterest expense:  
Salaries and employee benefits29,572 28,597 
Net occupancy2,996 2,622 
Furniture and equipment1,149 1,307 
Data processing6,500 6,157 
Depreciation – leased equipment1,288 2,022 
Professional fees1,345 682 
FDIC and other insurance1,657 1,360 
Business development and marketing1,744 1,972 
Other3,335 4,702 
Total noninterest expense49,586 49,421 
Income before income taxes37,890 40,418 
Income tax expense8,428 9,287 
Net income29,462 31,131 
Net (income) loss attributable to noncontrolling interests(7)(7)
Net income available to common shareholders$29,455 $31,124 
Per common share:  
Basic net income per common share$1.19 $1.25 
Diluted net income per common share$1.19 $1.25 
Cash dividends$0.34 $0.32 
Basic weighted average common shares outstanding24,459,088 24,687,087 
Diluted weighted average common shares outstanding24,459,088 24,687,087 
The accompanying notes are a part of the unaudited consolidated financial statements.
4

1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited - Dollars in thousands)
Three Months Ended
March 31,
 20242023
Net income$29,462 $31,131 
Other comprehensive income (loss):  
Unrealized (depreciation) appreciation of available-for-sale securities(3,791)26,476 
Reclassification adjustment for realized losses included in net income 44 
Income tax effect839 (6,295)
Other comprehensive (loss) income, net of tax(2,952)20,225 
Comprehensive income (loss)26,510 51,356 
Comprehensive (income) loss attributable to noncontrolling interests(7)(7)
Comprehensive income (loss) available to common shareholders$26,503 $51,349 
The accompanying notes are a part of the unaudited consolidated financial statements.

1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited - Dollars in thousands, except per share amounts)
Three Months Ended
Preferred
Stock
Common
Stock
Retained
Earnings
Cost of
Common
Stock
in Treasury
Accumulated
Other
Comprehensive
Income (Loss), Net
Total Shareholders’ EquityNoncontrolling InterestsTotal Equity
Balance at January 1, 2023$— $436,538 $694,862 $(119,642)$(147,690)$864,068 $59,698 $923,766 
Net income— — 31,124 — — 31,124 7 31,131 
Other comprehensive income— — — — 20,225 20,225 — 20,225 
Issuance of 49,625 common shares under stock based compensation awards
— — 1,426 999 — 2,425 — 2,425 
Cost of 16,359 shares of common stock acquired for treasury
— — — (766)— (766)— (766)
Common stock dividend ($0.32 per share)
— — (7,917)— — (7,917)— (7,917)
Distributions to noncontrolling interests— — — — —  (420)(420)
Balance at March 31, 2023$— $436,538 $719,495 $(119,409)$(127,465)$909,159 $59,285 968,444 
Balance at January 1, 2024$— $436,538 $789,842 $(130,489)$(106,323)$989,568 $78,695 $1,068,263 
Net income— — 29,455 — — 29,455 7 29,462 
Other comprehensive loss— — — — (2,952)(2,952)— (2,952)
Issuance of 43,054 common shares under stock based compensation awards
— — 1,462 699 — 2,161 — 2,161 
Common stock dividend ($0.34 per share)
— — (8,346)— — (8,346)— (8,346)
Distributions to noncontrolling interests— — — — —  (1,119)(1,119)
Liquidation of noncontrolling interests— — — — — — (5,920)(5,920)
Balance at March 31, 2024$— $436,538 $812,413 $(129,790)$(109,275)$1,009,886 $71,663 $1,081,549 
The accompanying notes are a part of the unaudited consolidated financial statements.
5

1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - Dollars in thousands)
 Three Months Ended March 31,
 20242023
Operating activities:  
Net income$29,462 $31,131 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses6,595 3,049 
Depreciation of premises and equipment1,032 1,146 
Depreciation of equipment owned and leased to others1,288 2,022 
Stock-based compensation1,310 1,121 
Amortization of investment securities premiums and accretion of discounts, net767 855 
Amortization of mortgage servicing rights184 221 
Amortization of right of use assets759 778 
Deferred income taxes2,379 (993)
Losses on investment securities available-for-sale 44 
Originations of loans held for sale, net of principal collected(10,727)(8,862)
Proceeds from the sales of loans held for sale9,652 10,934 
Net gain on sale of loans held for sale(364)(226)
Net gain on sale of other real estate and repossessions(96)(39)
Change in interest receivable(453)(125)
Change in interest payable2,695 7,599 
Change in other assets(1,725)(5,422)
Change in other liabilities(399)3,987 
Other(399)(367)
Net change in operating activities41,960 46,853 
Investing activities:  
Proceeds from sales of investment securities available-for-sale 64,928 
Proceeds from maturities and paydowns of investment securities available-for-sale55,723 25,341 
Purchases of investment securities available-for-sale(20,925)(3,000)
Net change in partnership investments(10,259)(5,274)
Loans sold or participated to others22,276 16,026 
Proceeds from principal payments on direct finance leases17,810 13,043 
Net change in loans and leases(91,045)(134,913)
Net change in equipment owned under operating leases2,387 (405)
Purchases of premises and equipment(575)(408)
Proceeds from disposal of premises and equipment13 2 
Proceeds from sales of other real estate and repossessions905 391 
Net change in investing activities(23,690)(24,269)
Financing activities:  
Net change in demand deposits and savings accounts(46,245)(397,447)
Net change in time deposits62,975 270,646 
Net change in short-term borrowings(62,779)87,507 
Payments on long-term debt(11,264)(2,727)
Acquisition of treasury stock (766)
Net (distributions to) contributions from noncontrolling interests(1,119)(420)
Cash dividends paid on common stock(8,592)(8,137)
Net change in financing activities(67,024)(51,344)
Net change in cash and cash equivalents(48,754)(28,760)
Cash and cash equivalents, beginning of year129,668 122,797 
Cash and cash equivalents, end of period$80,914 $94,037 
Supplemental Information:  
Non-cash transactions:  
Loans transferred to other real estate and repossessed assets$412 $484 
Common stock matching contribution to Employee Stock Ownership and Profit Sharing Plan1,153 1,753 
Right of use assets obtained in exchange for lease obligations535 2,495 
Liquidation of noncontrolling interests5,920  
The accompanying notes are a part of the unaudited consolidated financial statements.
6

1ST SOURCE CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — Accounting Policies
1st Source Corporation is a bank holding company headquartered in South Bend, Indiana that provides, through its subsidiaries (collectively referred to as “1st Source” or “the Company”), a broad array of financial products and services.
Basis of Presentation – The accompanying unaudited consolidated financial statements reflect all adjustments (all of which are normal and recurring in nature) which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position, the results of operations, changes in comprehensive income (loss), changes in shareholders’ equity, and cash flows for the periods presented. These unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (SEC) and, therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been omitted.
The Notes to the Consolidated Financial Statements appearing in 1st Source Corporation’s Annual Report on Form 10-K (2023 Annual Report), which include descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. The Consolidated Statement of Financial Condition at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation.
Use of Estimates in the Preparation of Financial Statements – Financial statements prepared in accordance with GAAP require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
Loans and Leases – Loans are stated at the principal amount outstanding, net of unamortized deferred loan origination fees and costs and net of unearned income. Interest income is accrued as earned based on unpaid principal balances. Origination fees and direct loan and lease origination costs are deferred, and the net amount amortized to interest income over the estimated life of the related loan or lease. Loan commitment fees are deferred and amortized into other income over the commitment period.
Direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased property, net of unamortized deferred lease origination fees and costs and unearned income. Only those costs incurred as a direct result of closing a lease transaction are capitalized and all other initial direct costs are expensed immediately. Interest income on direct financing leases is recognized over the term of the lease to achieve a constant periodic rate of return on the outstanding investment.
Accrued interest is included in Accrued Income and Other Assets on the Consolidated Statements of Financial Condition and is excluded from the calculation of the allowance for credit losses. The accrual of interest on loans and leases is discontinued when a loan or lease becomes contractually delinquent for 90 days, or when an individual analysis of a borrower’s credit worthiness indicates a credit should be placed on nonperforming status, except for residential mortgage loans and consumer loans that are well secured and in the process of collection. Residential mortgage loans are placed on nonaccrual at the time the loan is placed in foreclosure. When interest accruals are discontinued, interest credited to income in the current year is reversed and interest accrued in the prior year is charged to the allowance for loan and lease losses. However, in some cases, the Company may elect to continue the accrual of interest when the net realizable value of collateral is sufficient to cover the principal and accrued interest. When a loan or lease is classified as nonaccrual and the future collectability of the recorded loan or lease balance is doubtful, collections on interest and principal are applied as a reduction to principal outstanding. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured, which is typically evidenced by a sustained repayment performance of at least six months.
Occasionally, the Company modifies loans and leases to borrowers in financial distress (typically denoted by internal credit quality graded “substandard” or worse) by providing term extensions, other-than-insignificant payment delays, or interest rate reductions. In some cases, a combination of modifications are made to the same loan or lease. These modifications typically result from the Company’s loss mitigation activities. If the Company determines that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance for loan and lease losses estimate or a charge-off to the allowance for loan and lease losses.
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Note 2 — Recent Accounting Pronouncements
Investments-Equity Method and Joint Ventures: In March 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards (ASU) No. 2023-02 “Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for public business entities for fiscal years including interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted in any interim period. The Company adopted ASU 2023-02 on January 1, 2024, and it had no impact on its accounting and disclosures.
Fair Value Measurements: In June 2022, the FASB issued ASU No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. This guidance is effective for public business entities for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. The Company adopted ASU 2022-03 on January 1, 2024, and it had no impact on its accounting and disclosures.
Income Taxes: In December 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” Among other things, these amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate.) The amendments also require that all entities disclose on an annual basis the following information about income taxes paid: (1) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received.) This guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis although retrospective application is permitted. The Company is continuing to assess ASU 2023-09 and its impact on its accounting and disclosures.
Segment Reporting: In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments require, among other things, that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 208. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all periods presented in the financial statements. The Company is continuing to assess ASU 2023-07 and its impact on its accounting and disclosures.


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Note 3 — Investment Securities Available-For-Sale
The following table shows investment securities available-for-sale.
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2024    
U.S. Treasury and Federal agencies securities$958,300 $13 $(55,428)$902,885 
U.S. States and political subdivisions securities92,875 223 (5,449)87,649 
Mortgage-backed securities — Federal agencies667,973 64 (82,900)585,137 
Corporate debt securities7,044  (64)6,980 
Foreign government and other securities600  (7)593 
Total debt securities available-for-sale$1,726,792 $300 $(143,848)$1,583,244 
December 31, 2023    
U.S. Treasury and Federal agencies securities$979,530 $178 $(56,842)$922,866 
U.S. States and political subdivisions securities97,522 508 (5,466)92,564 
Mortgage-backed securities — Federal agencies676,257 476 (78,481)598,252 
Corporate debt securities8,448  (119)8,329 
Foreign government and other securities600  (11)589 
Total debt securities available-for-sale$1,762,357 $1,162 $(140,919)$1,622,600 
Amortized cost excludes accrued interest receivable which is included in Accrued Income and Other Assets on the Consolidated Statements of Financial Condition. At March 31, 2024 and December 31, 2023, accrued interest receivable on investment securities available-for-sale was $4.50 million and $4.60 million, respectively.
At March 31, 2024 and December 31, 2023, the residential mortgage-backed securities held by the Company consisted primarily of GNMA, FNMA and FHLMC pass-through certificates which are guaranteed by those respective agencies of the United States government (Government Sponsored Enterprise, GSEs).
The following table shows the contractual maturities of investments in debt securities available-for-sale at March 31, 2024. Expected maturities will differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(Dollars in thousands)Amortized CostFair Value
Due in one year or less$298,957 $292,127 
Due after one year through five years727,883 674,372 
Due after five years through ten years13,151 12,729 
Due after ten years18,828 18,879 
Mortgage-backed securities667,973 585,137 
Total debt securities available-for-sale$1,726,792 $1,583,244 
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The following table summarizes gross unrealized losses and fair value by investment category and age. At March 31, 2024, the Company’s available-for-sale securities portfolio consisted of 661 securities, 606 of which were in an unrealized loss position.
 Less than 12 Months12 months or LongerTotal
(Dollars in thousands) Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
March 31, 2024      
U.S. Treasury and Federal agencies securities$8,812 $(84)$883,797 $(55,344)$892,609 $(55,428)
U.S. States and political subdivisions securities5,194 (114)64,560 (5,335)69,754 (5,449)
Mortgage-backed securities - Federal agencies19,900 (73)537,697 (82,827)557,597 (82,900)
Corporate debt securities  6,980 (64)6,980 (64)
Foreign government and other securities  593 (7)593 (7)
Total debt securities available-for-sale$33,906 $(271)$1,493,627 $(143,577)$1,527,533 $(143,848)
December 31, 2023      
U.S. Treasury and Federal agencies securities$ $ $913,417 $(56,842)$913,417 $(56,842)
U.S. States and political subdivisions securities1,251 (2)69,747 (5,464)70,998 (5,466)
Mortgage-backed securities - Federal agencies8,553 (98)550,748 (78,383)559,301 (78,481)
Corporate debt securities  8,329 (119)8,329 (119)
Foreign government and other securities  589 (11)589 (11)
Total debt securities available-for-sale$9,804 $(100)$1,542,830 $(140,819)$1,552,634 $(140,919)
The Company does not consider available-for-sale securities with unrealized losses at March 31, 2024 to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase.
The following table shows the gross realized gains and losses from the available-for-sale debt securities portfolio. Realized gains and losses of all securities are computed using the specific identification cost basis.
Three Months Ended
March 31,
(Dollars in thousands)20242023
Gross realized gains$ $1,286 
Gross realized losses (1,330)
Net realized losses$ $(44)
At March 31, 2024 and December 31, 2023, investment securities available-for-sale with carrying values of $375.73 million and $411.38 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.
Note 4 — Loan and Lease Financings
The Company evaluates loans and leases for credit quality at least annually but more frequently if certain circumstances occur (such as material new information which becomes available and indicates a potential change in credit risk). The Company uses two methods to assess credit risk: loan or lease credit quality grades and credit risk classifications. The purpose of the loan or lease credit quality grade is to document the degree of risk associated with individual credits as well as inform management of the degree of risk in the portfolio taken as a whole. Credit risk classifications are used to categorize loans by degree of risk and to designate individual or committee approval authorities for higher risk credits at the time of origination. Credit risk classifications include categories for: Acceptable, Marginal, Special Attention, Special Risk, Restricted by Policy, Regulated and Prohibited by Law.
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All loans and leases, except residential real estate loans‚ home equity loans, and consumer loans, are assigned credit quality grades on a scale from 1 to 12, with grade 1 representing superior credit quality. The criteria used to assign grades to extensions of credit that exhibit potential problems or well-defined weaknesses are primarily based upon the degree of risk and the likelihood of orderly repayment, and their effect on the Company’s safety and soundness. Loans or leases graded 7 or weaker are considered “special attention” credits and, as such, relationships in excess of $250,000 are reviewed quarterly as part of management’s evaluation of the appropriateness of the allowance for loan and lease losses. Grade 7 credits are defined as “watch” and contain greater than average credit risk and are monitored to limit the exposure to increased risk; grade 8 credits are “special mention” and, following regulatory guidelines, are defined as having potential weaknesses that deserve management’s close attention. Credits that exhibit well-defined weaknesses and a distinct possibility of loss are considered “classified” and are graded 9 through 12 corresponding to the regulatory definitions of “substandard” (grades 9 and 10) and the more severe “doubtful” (grade 11) and “loss” (grade 12). For residential real estate and home equity and consumer loans, credit quality is based on the aging status of the loan and by payment activity. Nonperforming loans are those loans which are on nonaccrual status or are 90 days or more past due.
Below is a summary of the Company’s loan and lease portfolio segments and a discussion of the risk characteristics relevant to each portfolio segment.
Commercial and agricultural – loans are to entities within the Company’s local market communities. Loans are for business or agri-business purposes and include working capital lines of credit secured by accounts receivable and inventory that are generally renewable annually and term loans secured by equipment with amortizations based on the expected life of the underlying collateral, generally three to seven years. These loans are typically further supported by personal guarantees. Commercial exposure is to a wide range of industries and services. Risks in this sector are also varied and are most impacted by general economic conditions. Risk mitigants include appropriate underwriting and monitoring and, when appropriate, government guarantees, including SBA and FSA.
Renewable energy – loans are for the purpose of financing solar related projects and may include construction draw notes, operating loans, letters of credit and may entail a tax equity structure. Collateral in a multi-state area includes tangible assets of the borrower, assignment of intangible assets including power purchase agreements, and pledges of permits and licenses. Financing is provided to qualified borrowers throughout the continental United States with an emphasis on the region east of the Rocky Mountains.
Auto and light truck – loans are secured by vehicles and borrowers are nationwide. The portfolio predominantly consists of loans to borrowers in the auto rental and commercial auto leasing industries. Borrowers in the auto rental segment are primarily independent auto rental entities with on-airport and off-airport locations, and some insurance replacement business. Loan amortizations are relatively short, generally eighteen months, but up to four years. Auto leasing customers lease to businesses and the Company takes assignment of the lease stream and places its lien on the vehicles. Terms are generally longer than the auto rental sector, three to seven years and match the underlying leases. Risks in both these segments include economic risks and collateral risks, principally used vehicle values.
Medium and heavy duty truck – loans and full-service truck leases are secured by heavy-duty trucks, commonly Class 8 trucks, and are generally personally guaranteed. In addition to economic risks, collateral risk is significant. Financing is generally at full cost, plus additional expenditures to get the vehicle operational, such as taxes, insurance and fees. It takes three to four years of debt amortization to reach an equity position in the collateral.
Aircraft – loans are to domestic and foreign borrowers with the domestic segment further divided into two pools: 1) personal and business use, and 2) dealers and operators. The Company’s focus for the foreign sector is Latin America, principally Mexico and Brazil. Loans are primarily secured by new and used business jets and helicopters, with appropriate advances, amortizations of ten to fifteen years, and are generally guaranteed by individuals. The most significant risk in the Aircraft portfolio is collateral risk - volatility in underlying values and maintenance concerns. The portfolio is subject to national and global economic risks.
Construction equipment – loans are to borrowers throughout the country secured by specific equipment. The borrowers include highway and road builders, asphalt producers and pavers, suppliers of aggregate products, site developers, frac sand operations, general construction equipment dealers and operators, and crane rental entities. Generally, loans include personal guarantees. The construction equipment industry is heavily dependent on both the U.S. and global economy. Market growth is reliant on investments from public and private sectors into urbanization and infrastructure projects.
Commercial real estate – loans are generally to entities within the local market communities served by the Company with advances generally within regulatory guidelines. Historically, the Company’s exposure to commercial real estate has been primarily to the less risky owner-occupied segment. The non-owner-occupied segment accounts for less than half of the commercial real estate portfolio and includes hotels, apartment complexes and warehousing facilities. There is limited exposure to construction loans. Many commercial real estate loans carry personal guarantees. Additional risks in the commercial real estate portfolio stem from geographical concentration in northern Indiana and southwest Michigan and general economic conditions.
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Residential real estate and home equity – loans predominantly include one-to-four family mortgages to borrowers in the Company’s local market communities and are appropriately underwritten and secured by residential real estate.
Consumer – loans are to individuals in the Company’s local markets and auto loans are generally secured by personal vehicles and appropriately underwritten.

The following table shows the amortized cost of loans and leases, segregated by portfolio segment, credit quality rating and year of origination as of March 31, 2024 and gross charge-offs for the three months ended March 31, 2024.
Term Loans and Leases by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Commercial and agricultural
Grades 1-6$29,804 $134,685 $103,941 $63,360 $36,297 $30,654 $293,531 $ $692,272 
Grades 7-12951 7,037 8,377 4,000 423 274 18,193  39,255 
Total commercial and agricultural30,755 141,722 112,318 67,360 36,720 30,928 311,724  731,527 
Current period gross charge-offs 132 43 543   6,350  7,068 
Renewable energy
Grades 1-66,608 193,477 23,558 80,269 27,553 82,197   413,662 
Grades 7-12         
Total renewable energy6,608 193,477 23,558 80,269 27,553 82,197   413,662 
Current period gross charge-offs         
Auto and light truck
Grades 1-6168,080 494,575 202,078 51,822 20,256 14,804   951,615 
Grades 7-12857 37,092 4,504 453 2,045 899   45,850 
Total auto and light truck168,937 531,667 206,582 52,275 22,301 15,703   997,465 
Current period gross charge-offs     1   1 
Medium and heavy duty truck
Grades 1-618,478 91,212 105,988 39,785 21,221 14,407   291,091 
Grades 7-12 3,160 7,450 1,675  423   12,708 
Total medium and heavy duty truck18,478 94,372 113,438 41,460 21,221 14,830   303,799 
Current period gross charge-offs         
Aircraft
Grades 1-690,279 261,627 333,332 187,762 130,375 56,277 7,275  1,066,927 
Grades 7-12 10,118 12,605 3,663 4,262 6,483   37,131 
Total aircraft90,279 271,745 345,937 191,425 134,637 62,760 7,275  1,104,058 
Current period gross charge-offs   15  53   68 
Construction equipment
Grades 1-696,604 430,306 305,122 116,595 56,930 29,149 27,423 2,075 1,064,204 
Grades 7-12269 6,938 19,752 920 502    28,381 
Total construction equipment96,873 437,244 324,874 117,515 57,432 29,149 27,423 2,075