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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 June 30, 2023
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 July 14, 2023 — 24,687,881 shares



TABLE OF CONTENTS
  Page
   
 
   
 
 
 
 
 
 
   
 
   
   
   
EXHIBITS 
 
 
 
 

2



1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited - Dollars in thousands)
June 30,
2023
December 31,
2022
ASSETS  
Cash and due from banks$86,742 $84,703 
Federal funds sold and interest bearing deposits with other banks25,933 38,094 
Investment securities available-for-sale1,661,405 1,775,128 
Other investments25,320 25,293 
Mortgages held for sale2,321 3,914 
Loans and leases, net of unearned discount: 
Commercial and agricultural797,188 812,031 
Solar376,905 381,163 
Auto and light truck901,054 808,117 
Medium and heavy duty truck319,634 313,862 
Aircraft1,060,340 1,077,722 
Construction equipment1,012,969 938,503 
Commercial real estate985,323 943,745 
Residential real estate and home equity617,495 584,737 
Consumer144,435 151,282 
Total loans and leases6,215,343 6,011,162 
Allowance for loan and lease losses(143,542)(139,268)
Net loans and leases6,071,801 5,871,894 
Equipment owned under operating leases, net26,582 31,700 
Net premises and equipment44,089 44,773 
Goodwill and intangible assets83,897 83,907 
Accrued income and other assets386,728 380,010 
Total assets$8,414,818 $8,339,416 
LIABILITIES  
Deposits:  
Noninterest-bearing demand$1,721,947 $1,998,151 
Interest-bearing deposits:
Interest-bearing demand2,528,231 2,591,464 
Savings1,163,166 1,198,191 
Time1,563,174 1,140,459 
Total interest-bearing deposits5,254,571 4,930,114 
Total deposits6,976,518 6,928,265 
Short-term borrowings:  
Federal funds purchased and securities sold under agreements to repurchase69,308 141,432 
Other short-term borrowings118,377 74,097 
Total short-term borrowings187,685 215,529 
Long-term debt and mandatorily redeemable securities46,649 46,555 
Subordinated notes58,764 58,764 
Accrued expenses and other liabilities165,115 166,537 
Total liabilities7,434,731 7,415,650 
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 June 30, 2023 and December 31, 2022
436,538 436,538 
Retained earnings744,442 694,862 
Cost of common stock in treasury (3,523,113 shares at June 30, 2023 and 3,543,388 shares at December 31, 2022)
(120,410)(119,642)
Accumulated other comprehensive loss(139,550)(147,690)
Total shareholders’ equity921,020 864,068 
Noncontrolling interests59,067 $59,698 
Total equity980,087 923,766 
Total liabilities and equity$8,414,818 $8,339,416 
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
June 30,
Six Months Ended
June 30,
 2023202220232022
Interest income:    
Loans and leases$93,300 $60,415 $179,989 $115,623 
Investment securities, taxable5,946 6,289 12,594 12,633 
Investment securities, tax-exempt330 157 812 291 
Other978 1,168 1,615 1,531 
Total interest income100,554 68,029 195,010 130,078 
Interest expense:    
Deposits28,870 3,553 50,133 5,929 
Short-term borrowings1,625 23 3,018 47 
Subordinated notes1,028 851 2,048 1,674 
Long-term debt and mandatorily redeemable securities515 140 1,730 (652)
Total interest expense32,038 4,567 56,929 6,998 
Net interest income68,516 63,462 138,081 123,080 
Provision for credit losses47 2,503 3,096 4,736 
Net interest income after provision for credit losses68,469 60,959 134,985 118,344 
Noninterest income:    
Trust and wealth advisory6,467 6,087 12,146 12,001 
Service charges on deposit accounts3,118 2,942 6,121 5,734 
Debit card4,701 4,561 9,208 8,755 
Mortgage banking926 1,062 1,728 2,439 
Insurance commissions1,641 1,568 3,670 3,473 
Equipment rental2,326 3,295 4,829 6,957 
Losses on investment securities available-for-sale  (44) 
Other3,590 3,315 8,434 6,616 
Total noninterest income22,769 22,830 46,092 45,975 
Noninterest expense:    
Salaries and employee benefits28,236 25,562 56,833 51,029 
Net occupancy2,676 2,524 5,298 5,335 
Furniture and equipment1,414 1,384 2,721 2,679 
Data processing6,268 5,402 12,425 10,610 
Depreciation – leased equipment1,876 2,664 3,898 5,679 
Professional fees1,704 2,094 2,386 3,702 
FDIC and other insurance1,344 893 2,704 1,743 
Business development and marketing1,649 1,669 3,621 2,937 
Other3,998 3,463 8,700 7,277 
Total noninterest expense49,165 45,655 98,586 90,991 
Income before income taxes42,073 38,134 82,491 73,328 
Income tax expense9,626 8,804 18,913 16,597 
Net income32,447 29,330 63,578 56,731 
Net (income) loss attributable to noncontrolling interests(12)(16)(19)(27)
Net income available to common shareholders$32,435 $29,314 $63,559 $56,704 
Per common share:    
Basic net income per common share$1.30 $1.18 $2.55 $2.28 
Diluted net income per common share$1.30 $1.18 $2.55 $2.28 
Cash dividends$0.32 $0.31 $0.64 $0.62 
Basic weighted average common shares outstanding24,686,435 24,691,747 24,686,760 24,717,625 
Diluted weighted average common shares outstanding24,686,435 24,691,747 24,686,760 24,717,625 
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
June 30,
Six Months Ended
June 30,
 2023202220232022
Net income$32,447 $29,330 $63,578 $56,731 
Other comprehensive income (loss):    
Unrealized (depreciation) appreciation of available-for-sale securities(15,813)(34,692)10,663 (127,786)
Reclassification adjustment for realized losses included in net income  44  
Income tax effect3,728 8,218 (2,567)30,636 
Other comprehensive (loss) income, net of tax(12,085)(26,474)8,140 (97,150)
Comprehensive income (loss)20,362 2,856 $71,718 $(40,419)
Comprehensive (income) loss attributable to noncontrolling interests(12)(16)(19)(27)
Comprehensive income (loss) available to common shareholders$20,350 $2,840 $71,699 $(40,446)
The accompanying notes are a part of the unaudited consolidated financial statements.

5

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 April 1, 2022$— $436,538 $624,503 $(115,654)$(80,537)$864,850 $54,620 $919,470 
Net income— — 29,314 — — 29,314 16 29,330 
Other comprehensive loss— — — — (26,474)(26,474)— (26,474)
Issuance of 22,272 common shares under stock based compensation awards
— — 474 439 — 913 — 913 
Cost of 104,400 shares of common stock acquired for treasury
— — — (4,661)— (4,661)— (4,661)
Common stock dividend ($0.31 per share)
— — (7,691)— — (7,691)— (7,691)
Distributions to noncontrolling interests— — — — —  (220)(220)
Balance at June 30, 2022$— $436,538 $646,600 $(119,876)$(107,011)$856,251 $54,416 $910,667 
Balance at April 1, 2023$— $436,538 $719,495 $(119,409)$(127,465)$909,159 $59,285 $968,444 
Net income— — 32,435 — — 32,435 12 32,447 
Other comprehensive loss— — — — (12,085)(12,085)— (12,085)
Issuance of 20,285 common shares under stock based compensation awards
— — 448 410 — 858 — 858 
Cost of 33,276 shares of common stock acquired for treasury
— — — (1,411)— (1,411)— (1,411)
Common stock dividend ($0.32 per share)
— — (7,936)— — (7,936)— (7,936)
Distributions to noncontrolling interests— — — — —  (230)(230)
Balance at June 30, 2023$— $436,538 $744,442 $(120,410)$(139,550)$921,020 $59,067 $980,087 
Six Months Ended
Preferred
Stock
Common
Stock
Retained
Earnings
Cost of
Common
Stock
in Treasury
Accumulated
Other
Comprehensive
Income (Loss), Net
Total Shareholders’ EquityNoncontrolling InterestsTotal Equity
Balance at January 1, 2022$— $436,538 $603,787 $(114,209)$(9,861)$916,255 $53,209 $969,464 
Net income— — 56,704 — — 56,704 27 56,731 
Other comprehensive loss— — — — (97,150)(97,150)— (97,150)
Issuance of 60,714 common shares under stock based compensation awards
— — 1,498 1,169 — 2,667 — 2,667 
Cost of 149,819 shares of common stock acquired for treasury
— — — (6,836)— (6,836)— (6,836)
Common stock dividend ($0.62 per share)
— — (15,389)— — (15,389)— (15,389)
Contributions from noncontrolling interests— — — — —  1,627 1,627 
Distributions to noncontrolling interests— — — — —  (447)(447)
Balance at June 30, 2022$— $436,538 $646,600 $(119,876)$(107,011)$856,251 $54,416 910,667 
Balance at January 1, 2023$— $436,538 $694,862 $(119,642)$(147,690)$864,068 $59,698 $923,766 
Net income— — 63,559 — — 63,559 19 63,578 
Other comprehensive income— — — — 8,140 8,140 — 8,140 
Issuance of 69,910 common shares under stock based compensation awards
— — 1,874 1,409 — 3,283 — 3,283 
Cost of 49,635 shares of common stock acquired for treasury
— — — (2,177)— (2,177)— (2,177)
Common stock dividend ($0.64 per share)
— — (15,853)— — (15,853)— (15,853)
Distributions to noncontrolling interests— — — — —  (650)(650)
Balance at June 30, 2023$— $436,538 $744,442 $(120,410)$(139,550)$921,020 $59,067 $980,087 
The accompanying notes are a part of the unaudited consolidated financial statements.
6

1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - Dollars in thousands)
 Six Months Ended June 30,
 20232022
Operating activities:  
Net income$63,578 $56,731 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses3,096 4,736 
Depreciation of premises and equipment2,307 2,322 
Depreciation of equipment owned and leased to others3,898 5,679 
Stock-based compensation2,240 1,619 
Amortization of investment securities premiums and accretion of discounts, net2,062 2,110 
Amortization of mortgage servicing rights435 736 
Amortization of right of use assets1,554 1,577 
Deferred income taxes(4,100)(3,259)
Losses on investment securities available-for-sale44  
Originations of loans held for sale, net of principal collected(19,345)(55,752)
Proceeds from the sales of loans held for sale21,571 64,533 
Net gain on sale of loans held for sale(633)(1,022)
Net gain on sale of other real estate and repossessions(103)(269)
Change in interest receivable(397)(377)
Change in interest payable14,216 409 
Change in other assets(1,078)(729)
Change in other liabilities2,899 9,788 
Other(617)(1,879)
Net change in operating activities91,627 86,953 
Investing activities:  
Proceeds from sales of investment securities available-for-sale64,928  
Proceeds from maturities and paydowns of investment securities available-for-sale60,396 102,979 
Purchases of investment securities available-for-sale(3,000)(206,223)
Net change in partnership investments(18,770)(10,081)
Net change in other investments(27)1,651 
Loans sold or participated to others36,385 10,223 
Proceeds from principal payments on direct finance leases28,659 21,358 
Net change in loans and leases(269,172)(237,225)
Net change in equipment owned under operating leases1,220 6,175 
Purchases of premises and equipment(1,625)(552)
Proceeds from disposal of premises and equipment3 18 
Purchases of bank owned life insurance policies (10,000)
Proceeds from sales of other real estate and repossessions963 2,305 
Net change in investing activities(100,040)(319,372)
Financing activities:  
Net change in demand deposits and savings accounts(374,462)165,019 
Net change in time deposits422,715 (99,188)
Net change in short-term borrowings(27,844)(32,188)
Payments on long-term debt(3,055)(23,414)
Stock issued under stock purchase plans77 252 
Acquisition of treasury stock(2,177)(6,836)
Net (distributions to) contributions from noncontrolling interests(650)1,180 
Cash dividends paid on common stock(16,313)(15,830)
Net change in financing activities(1,709)(11,005)
Net change in cash and cash equivalents(10,122)(243,424)
Cash and cash equivalents, beginning of year122,797 525,187 
Cash and cash equivalents, end of period$112,675 $281,763 
Supplemental Information:  
Non-cash transactions:  
Loans transferred to other real estate and repossessed assets$668 $1,279 
Common stock matching contribution to Employee Stock Ownership and Profit Sharing Plan1,753 683 
Right of use assets obtained in exchange for lease obligations2,710 561 
The accompanying notes are a part of the unaudited consolidated financial statements.
7

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 (2022 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, 2022 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.
8

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 is assessing ASU 2023-02 and its 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. Early adoption is permitted. The Company has assessed ASU 2022-03 and does not expect it to have a material impact on its accounting and disclosures.
Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. In January 2021, the FASB issued ASU 2021-01 which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December of 2022, the FASB issued ASU No. 2022-06 which extended the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. The guidance ensures the relief in Topic 848 covers the period of time during which a significant number of modifications may take place and the ASU defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company implemented its transition plan away from LIBOR as of June 30, 2023. The adoption of these ASUs did not have a material impact on its accounting and disclosures.
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
June 30, 2023    
U.S. Treasury and Federal agencies securities$1,043,977 $ $(84,699)$959,278 
U.S. States and political subdivisions securities110,145 141 (7,375)102,911 
Mortgage-backed securities — Federal agencies681,552 3 (91,120)590,435 
Corporate debt securities8,467  (266)8,201 
Foreign government and other securities600  (20)580 
Total debt securities available-for-sale$1,844,741 $144 $(183,480)$1,661,405 
December 31, 2022    
U.S. Treasury and Federal agencies securities$1,090,743 $ $(92,145)$998,598 
U.S. States and political subdivisions securities130,670 591 (8,499)122,762 
Mortgage-backed securities — Federal agencies730,672 60 (93,674)637,058 
Corporate debt securities16,486  (355)16,131 
Foreign government and other securities600  (21)579 
Total debt securities available-for-sale$1,969,171 $651 $(194,694)$1,775,128 
Amortized cost excludes accrued interest receivable which is included in Accrued Income and Other Assets on the Consolidated Statements of Financial Condition. At June 30, 2023 and December 31, 2022, accrued interest receivable on investment securities available-for-sale was $4.96 million and $5.98 million, respectively.
At June 30, 2023 and December 31, 2022, 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).
9

The following table shows the contractual maturities of investments in debt securities available-for-sale at June 30, 2023. 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$123,846 $121,030 
Due after one year through five years1,001,283 914,043 
Due after five years through ten years15,333 13,272 
Due after ten years22,727 22,625 
Mortgage-backed securities681,552 590,435 
Total debt securities available-for-sale$1,844,741 $1,661,405 
The following table summarizes gross unrealized losses and fair value by investment category and age. At June 30, 2023, the Company’s available-for-sale securities portfolio consisted of 709 securities, 666 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
June 30, 2023      
U.S. Treasury and Federal agencies securities$14,317 $(474)$944,961 $(84,225)$959,278 $(84,699)
U.S. States and political subdivisions securities21,967 (277)63,862 (7,098)85,829 (7,375)
Mortgage-backed securities - Federal agencies82,096 (3,993)506,019 (87,127)588,115 (91,120)
Corporate debt securities  8,201 (266)8,201 (266)
Foreign government and other securities  580 (20)580 (20)
Total debt securities available-for-sale$118,380 $(4,744)$1,523,623 $(178,736)$1,642,003 $(183,480)
December 31, 2022      
U.S. Treasury and Federal agencies securities$164,481 $(6,299)$834,117 $(85,846)$998,598 $(92,145)
U.S. States and political subdivisions securities57,592