Company Quick10K Filing
1st Source
Price46.82 EPS3
Shares26 P/E17
MCap1,200 P/FCF21
Net Debt-127 EBIT136
TEV1,073 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-22
10-Q 2020-06-30 Filed 2020-07-23
10-Q 2020-03-31 Filed 2020-04-23
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-17
10-Q 2019-06-30 Filed 2019-07-18
10-Q 2019-03-31 Filed 2019-04-18
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-18
10-Q 2018-06-30 Filed 2018-07-19
10-Q 2018-03-31 Filed 2018-04-19
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-19
10-Q 2017-06-30 Filed 2017-07-20
10-Q 2017-03-31 Filed 2017-04-20
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-10-20
10-Q 2016-06-30 Filed 2016-07-21
10-Q 2016-03-31 Filed 2016-04-21
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-22
10-Q 2015-06-30 Filed 2015-07-23
10-Q 2015-03-31 Filed 2015-04-23
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-09-30 Filed 2011-10-20
10-Q 2011-06-30 Filed 2011-07-21
10-Q 2011-03-31 Filed 2011-04-21
10-K 2010-12-31 Filed 2011-02-17
10-Q 2010-09-30 Filed 2010-10-21
10-Q 2010-06-30 Filed 2010-07-22
10-Q 2010-03-31 Filed 2010-04-22
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-11-13
8-K 2020-10-22
8-K 2020-07-23
8-K 2020-07-23
8-K 2020-07-03
8-K 2020-06-05
8-K 2020-05-15
8-K 2020-04-23
8-K 2020-04-23
8-K 2020-04-16
8-K 2020-04-14
8-K 2020-03-20
8-K 2020-02-13
8-K 2020-01-23
8-K 2020-01-23
8-K 2019-11-05
8-K 2019-10-17
8-K 2019-08-09
8-K 2019-07-30
8-K 2019-07-18
8-K 2019-07-09
8-K 2019-05-31
8-K 2019-04-18
8-K 2019-04-18
8-K 2019-02-14
8-K 2019-01-24
8-K 2018-10-31
8-K 2018-08-16
8-K 2018-05-08
8-K 2018-04-19
8-K 2018-04-19
8-K 2018-04-03
8-K 2018-02-07
8-K 2018-01-29
8-K 2018-01-18

SRCE 10Q Quarterly Report

Note 1 - Accounting Policies
Note 2 - Recent Accounting Pronouncements
Note 3 - Investment Securities Available - for - Sale
Note 4 - Loan and Lease Financings
Note 5 - Reserve for Loan and Lease Losses
Note 6 - Lease Investments
Note 7 - Mortgage Servicing Rights
Note 8 - Commitments and Financial Instruments with Off - Balance - Sheet Risk
Note 9 - Derivative Financial Instruments
Note 10 - Variable Interest Entities
Note 11 - Earnings per Share
Note 12 - Stock Based Compensation
Note 13 - Accumulated Other Comprehensive Income (Loss)
Note 14 - Income Taxes
Note 15 - Fair Value Measurements
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex31193020.htm
EX-31.2 ex31293020.htm
EX-32.1 ex32193020.htm
EX-32.2 ex32293020.htm

1st Source Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

source-20200930
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Table of Contents

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 September 30, 2020
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 October 16, 2020 — 25,553,644 shares



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EXHIBITS 
 
 
 
 

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1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited - Dollars in thousands)
September 30,
2020
December 31,
2019
ASSETS  
Cash and due from banks$62,575 $67,215 
Federal funds sold and interest bearing deposits with other banks91,641 16,150 
Investment securities available-for-sale1,083,427 1,040,583 
Other investments27,674 28,414 
Mortgages held for sale20,990 20,277 
Loans and leases, net of unearned discount: 
Commercial and agricultural1,681,519 1,132,791 
Auto and light truck527,582 588,807 
Medium and heavy duty truck271,248 294,824 
Aircraft806,162 784,040 
Construction equipment723,596 705,451 
Commercial real estate961,550 908,177 
Residential real estate and home equity519,881 532,003 
Consumer135,498 139,434 
Total loans and leases5,627,036 5,085,527 
Reserve for loan and lease losses(136,817)(111,254)
Net loans and leases5,490,219 4,974,273 
Equipment owned under operating leases, net79,703 111,684 
Net premises and equipment49,933 52,219 
Goodwill and intangible assets83,953 83,971 
Accrued income and other assets300,834 227,990 
Total assets$7,290,949 $6,622,776 
LIABILITIES  
Deposits:  
Noninterest-bearing demand$1,720,768 $1,216,834 
Interest-bearing deposits:
Interest-bearing demand1,885,771 1,677,200 
Savings992,320 814,794 
Time1,297,996 1,648,498 
Total interest-bearing deposits4,176,087 4,140,492 
Total deposits5,896,855 5,357,326 
Short-term borrowings:  
Federal funds purchased and securities sold under agreements to repurchase158,834 120,459 
Other short-term borrowings6,740 25,434 
Total short-term borrowings165,574 145,893 
Long-term debt and mandatorily redeemable securities81,659 71,639 
Subordinated notes58,764 58,764 
Accrued expenses and other liabilities173,082 140,518 
Total liabilities6,375,934 5,774,140 
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 September 30, 2020 and December 31, 2019
436,538 436,538 
Retained earnings497,419 463,269 
Cost of common stock in treasury (2,652,030 shares at September 30, 2020 and 2,696,200 shares at December 31, 2019)
(75,861)(76,702)
Accumulated other comprehensive income19,658 5,172 
Total shareholders’ equity877,754 828,277 
Noncontrolling interests37,261 20,359 
Total equity915,015 848,636 
Total liabilities and equity$7,290,949 $6,622,776 
The accompanying notes are a part of the unaudited consolidated financial statements.
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1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited - Dollars in thousands, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Interest income:    
Loans and leases$58,318 $66,807 $178,659 $195,089 
Investment securities, taxable4,103 5,056 14,140 15,757 
Investment securities, tax-exempt207 316 703 1,054 
Other289 497 951 1,434 
Total interest income62,917 72,676 194,453 213,334 
Interest expense:    
Deposits6,532 13,524 25,648 37,972 
Short-term borrowings83 293 427 1,764 
Subordinated notes824 914 2,543 2,770 
Long-term debt and mandatorily redeemable securities610 750 2,122 2,258 
Total interest expense8,049 15,481 30,740 44,764 
Net interest income54,868 57,195 163,713 168,570 
Provision for loan and lease losses9,303 3,717 31,031 12,882 
Net interest income after provision for loan and lease losses45,565 53,478 132,682 155,688 
Noninterest income:    
Trust and wealth advisory5,153 4,982 15,590 15,423 
Service charges on deposit accounts2,336 2,892 6,851 8,175 
Debit card4,019 3,727 10,993 10,616 
Mortgage banking6,474 1,362 12,125 3,297 
Insurance commissions1,825 1,603 5,401 5,295 
Equipment rental5,593 7,578 18,213 23,369 
Gains on investment securities available-for-sale  279  
Other2,641 3,621 8,452 9,378 
Total noninterest income28,041 25,765 77,904 75,553 
Noninterest expense:    
Salaries and employee benefits25,609 24,434 74,009 71,716 
Net occupancy2,512 2,635 7,737 7,888 
Furniture and equipment6,247 6,027 18,912 18,340 
Depreciation – leased equipment4,694 6,198 15,263 19,122 
Professional fees2,041 1,603 4,741 4,907 
Supplies and communication1,305 1,643 4,329 4,744 
FDIC and other insurance868 260 1,755 1,513 
Business development and marketing923 1,844 3,403 4,471 
Loan and lease collection and repossession1,054 697 2,655 2,288 
Other1,790 1,765 5,599 4,674 
Total noninterest expense47,043 47,106 138,403 139,663 
Income before income taxes26,563 32,137 72,183 91,578 
Income tax expense6,509 7,689 17,185 21,517 
Net income20,054 24,448 54,998 70,061 
Net loss (income) attributable to noncontrolling interests4 (10)(25)(42)
Net income available to common shareholders$20,058 $24,438 $54,973 $70,019 
Per common share:    
Basic net income per common share$0.78 $0.95 $2.14 $2.72 
Diluted net income per common share$0.78 $0.95 $2.14 $2.72 
Cash dividends$0.28 $0.27 $0.85 $0.81 
Basic weighted average common shares outstanding25,552,374 25,520,035 25,538,910 25,630,771 
Diluted weighted average common shares outstanding25,552,374 25,520,035 25,538,910 25,630,771 
The accompanying notes are a part of the unaudited consolidated financial statements.
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1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited - Dollars in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income$20,054 $24,448 $54,998 $70,061 
Other comprehensive income:    
Unrealized (depreciation) appreciation of available-for-sale securities(303)2,920 19,360 20,161 
Reclassification adjustment for realized gains included in net income  (279) 
Income tax effect73 (703)(4,595)(4,855)
Other comprehensive (loss) income, net of tax(230)2,217 14,486 15,306 
Comprehensive income19,824 26,665 $69,484 $85,367 
Comprehensive loss (income) attributable to noncontrolling interests4 (10)(25)(42)
Comprehensive income available to common shareholders$19,828 $26,655 $69,459 $85,325 
The accompanying notes are a part of the unaudited consolidated financial statements.

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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 July 1, 2019$— $436,538 $431,091 $(75,380)$2,413 $794,662 $10,024 $804,686 
Net income— — 24,438 — — 24,438 10 24,448 
Other comprehensive income— — — — 2,217 2,217 — 2,217 
Issuance of 3,544 common shares under stock based compensation awards
— — 91 70 — 161 — 161 
Cost of 30,000 shares of common stock acquired for treasury
— — — (1,406)— (1,406)— (1,406)
Common stock dividend ($0.27 per share)
— — (6,905)— — (6,905)— (6,905)
Contributions from noncontrolling interests— — — — —  9,879 9,879 
Distributions to noncontrolling interests— — — — —