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 2020-06-30 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 2020-07-23 Officers, Exhibits
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-07-03 Officers
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 ex31163020.htm
EX-31.2 ex31263020.htm
EX-32.1 ex32163020.htm
EX-32.2 ex32263020.htm

1st Source Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

source-20200630
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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 June 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 July 17, 2020 — 25,550,365 shares



Table of Contents
TABLE OF CONTENTS

  Page
   
 
   
 
 
 
 
 
 
   
 
   
   
   
EXHIBITS 
 
 
 
 

2

Table of Contents


1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited - Dollars in thousands)
June 30,
2020
December 31,
2019
ASSETS  
Cash and due from banks$67,591  $67,215  
Federal funds sold and interest bearing deposits with other banks112,645  16,150  
Investment securities available-for-sale1,055,797  1,040,583  
Other investments30,619  28,414  
Mortgages held for sale36,508  20,277  
Loans and leases, net of unearned discount: 
Commercial and agricultural1,710,712  1,132,791  
Auto and light truck563,606  588,807  
Medium and heavy duty truck284,432  294,824  
Aircraft782,160  784,040  
Construction equipment739,027  705,451  
Commercial real estate942,971  908,177  
Residential real estate and home equity531,972  532,003  
Consumer137,442  139,434  
Total loans and leases5,692,322  5,085,527  
Reserve for loan and lease losses(131,283) (111,254) 
Net loans and leases5,561,039  4,974,273  
Equipment owned under operating leases, net86,183  111,684  
Net premises and equipment51,486  52,219  
Goodwill and intangible assets83,959  83,971  
Accrued income and other assets279,319  227,990  
Total assets$7,365,146  $6,622,776  
LIABILITIES  
Deposits:  
Noninterest-bearing demand$1,684,102  $1,216,834  
Interest-bearing deposits:
Interest-bearing demand1,866,415  1,677,200  
Savings942,891  814,794  
Time1,500,048  1,648,498  
Total interest-bearing deposits4,309,354  4,140,492  
Total deposits5,993,456  5,357,326  
Short-term borrowings:  
Federal funds purchased and securities sold under agreements to repurchase169,483  120,459  
Other short-term borrowings7,536  25,434  
Total short-term borrowings177,019  145,893  
Long-term debt and mandatorily redeemable securities81,760  71,639  
Subordinated notes58,764  58,764  
Accrued expenses and other liabilities152,494  140,518  
Total liabilities6,463,493  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 June 30, 2020 and December 31, 2019
436,538  436,538  
Retained earnings484,491  463,269  
Cost of common stock in treasury (2,655,319 shares at June 30, 2020 and 2,696,200 shares at December 31, 2019)
(75,922) (76,702) 
Accumulated other comprehensive income19,888  5,172  
Total shareholders’ equity864,995  828,277  
Noncontrolling interests$36,658  $20,359  
Total equity$901,653  $848,636  
Total liabilities and equity$7,365,146  $6,622,776  
The accompanying notes are a part of the unaudited consolidated financial statements.
3

Table of Contents
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,
 2020201920202019
Interest income:    
Loans and leases$58,815  $65,599  $120,341  $128,282  
Investment securities, taxable4,487  5,186  10,037  10,701  
Investment securities, tax-exempt232  353  496  738  
Other316  499  662  937  
Total interest income63,850  71,637  131,536  140,658  
Interest expense:    
Deposits8,265  12,978  19,116  24,448  
Short-term borrowings90  540  344  1,471  
Subordinated notes835  928  1,719  1,856  
Long-term debt and mandatorily redeemable securities659  764  1,512  1,508  
Total interest expense9,849  15,210  22,691  29,283  
Net interest income54,001  56,427  108,845  111,375  
Provision for loan and lease losses10,375  4,247  21,728  9,165  
Net interest income after provision for loan and lease losses43,626  52,180  87,117  102,210  
Noninterest income:    
Trust and wealth advisory5,589  5,583  10,437  10,441  
Service charges on deposit accounts1,910  2,785  4,515  5,283  
Debit card3,601  3,669  6,974  6,889  
Mortgage banking3,315  999  5,651  1,935  
Insurance commissions1,695  1,518  3,576  3,692  
Equipment rental5,990  7,809  12,620  15,791  
(Losses) gains on investment securities available-for-sale(1)   279    
Other3,142  3,301  5,811  5,757  
Total noninterest income25,241  25,664  49,863  49,788  
Noninterest expense:    
Salaries and employee benefits23,999  23,787  48,400  47,282  
Net occupancy2,504  2,481  5,225  5,253  
Furniture and equipment6,258  6,289  12,665  12,313  
Depreciation – leased equipment5,142  6,400  10,569  12,924  
Professional fees1,258  1,706  2,700  3,304  
Supplies and communication1,390  1,608  3,024  3,101  
FDIC and other insurance599  608  887  1,253  
Business development and marketing1,121  1,678  2,480  2,627  
Loan and lease collection and repossession838  230  1,601  1,591  
Other1,716  2,566  3,809  2,909  
Total noninterest expense44,825  47,353  91,360  92,557  
Income before income taxes24,042  30,491  45,620  59,441  
Income tax expense5,516  7,074  10,676  13,828  
Net income18,526  23,417  34,944  45,613  
Net (income) loss attributable to noncontrolling interests(24) (32) (29) (32) 
Net income available to common shareholders$18,502  $23,385  $34,915  $45,581  
Per common share:    
Basic net income per common share$0.72  $0.91  $1.36  $1.76  
Diluted net income per common share$0.72  $0.91  $1.36  $1.76  
Cash dividends$0.28  $0.27  $0.57  $0.54  
Basic weighted average common shares outstanding25,540,855  25,615,718  25,532,105  25,687,056  
Diluted weighted average common shares outstanding25,540,855  25,615,718  25,532,105  25,687,056  
The accompanying notes are a part of the unaudited consolidated financial statements.
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Table of Contents
1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited - Dollars in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Net income$18,526  $23,417  $34,944  $45,613  
Other comprehensive income:    
Unrealized appreciation of available-for-sale securities2,946  7,668  19,663  17,241  
Reclassification adjustment for realized losses (gains) included in net income1    (279)   
Income tax effect(710) (1,847) (4,668) (4,152) 
Other comprehensive income, net of tax2,237  5,821  14,716  13,089  
Comprehensive income20,763  29,238  $49,660  $58,702  
Comprehensive (income) loss attributable to noncontrolling interests(24) (32) (29) (32) 
Comprehensive income available to common shareholders$20,739  $29,206  $49,631  $58,670  
The accompanying notes are a part of the unaudited consolidated financial statements.

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Table of Contents
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, 2019$—  $436,538  $414,428  $(69,136) $(3,408) $778,422  $2,679  $781,101  
Net income—  —  23,385  —  —  23,385  32  23,417  
Other comprehensive income—  —  —  —