1st Source Corporation (Parent Company Only) Financial Information |
1st Source Corporation (Parent Company Only) Financial Information STATEMENTS OF FINANCIAL CONDITION | | | | | | | | | | | | | | | December 31 (Dollars in thousands) | | 2021 | | 2020 | ASSETS | | | | | Cash and cash equivalents | | $ | 94,543 | | | $ | 113,242 | | Short-term investments with bank subsidiary | | 500 | | | 500 | | | | | | | Investments in: | | | | | Bank subsidiaries | | 907,238 | | | 858,993 | | Non-bank subsidiaries | | 1 | | | 1 | | Right of use assets | | 16,106 | | | 17,452 | | Other assets | | 6,877 | | | 5,251 | | Total assets | | $ | 1,025,265 | | | $ | 995,439 | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | Commercial paper | | $ | 3,967 | | | $ | 4,767 | | Long-term debt and mandatorily redeemable securities | | 27,102 | | | 26,681 | | Subordinated notes | | 58,764 | | | 58,764 | | Operating lease liability | | 15,463 | | | 17,369 | | Other liabilities | | 3,714 | | | 1,013 | | Total liabilities | | 109,010 | | | 108,594 | | Total shareholders’ equity | | 916,255 | | | 886,845 | | Total liabilities and shareholders’ equity | | $ | 1,025,265 | | | $ | 995,439 | |
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | | | | | | | | | | | | | | | | | | | | | Year Ended December 31 (Dollars in thousands) | | 2021 | | 2020 | | 2019 | Income: | | | | | | | Dividends from bank subsidiary | | $ | 46,207 | | | $ | 46,207 | | | $ | 46,735 | | | | | | | | | Rental income from (reimbursements to) subsidiaries | | 1,873 | | | (908) | | | 2,505 | | Other | | 146 | | | 293 | | | 366 | | Investment securities and other investment gains (losses) | | 342 | | | (44) | | | 109 | | Total income | | 48,568 | | | 45,548 | | | 49,715 | | Expenses: | | | | | | | Interest on subordinated notes | | 3,267 | | | 3,367 | | | 3,677 | | Interest on long-term debt and mandatorily redeemable securities | | 1,799 | | | 2,151 | | | 2,228 | | Interest on commercial paper and other short-term borrowings | | 3 | | | 11 | | | 13 | | Occupancy | | 1,722 | | | 1,816 | | | 1,861 | | Other | | 711 | | | 667 | | | 586 | | Total expenses | | 7,502 | | | 8,012 | | | 8,365 | | Income before income tax benefit and equity in undistributed income of subsidiaries | | 41,066 | | | 37,536 | | | 41,350 | | Income tax benefit | | 998 | | | 1,747 | | | 987 | | Income before equity in undistributed income of subsidiaries | | 42,064 | | | 39,283 | | | 42,337 | | Equity in undistributed income of subsidiaries: | | | | | | | Bank subsidiaries | | 76,493 | | | 42,178 | | | 49,678 | | | | | | | | | Net income | | $ | 118,557 | | | $ | 81,461 | | | $ | 92,015 | | Comprehensive income | | $ | 90,325 | | | $ | 94,660 | | | $ | 107,863 | |
STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | | | | | | | | | Year Ended December 31 (Dollars in thousands) | | 2021 | | 2020 | | 2019 | Operating activities: | | | | | | | Net income | | $ | 118,557 | | | $ | 81,461 | | | $ | 92,015 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | Equity (undistributed) distributed in excess of income of subsidiaries | | (76,493) | | | (42,178) | | | (49,678) | | Depreciation of premises and equipment | | 1 | | | 2 | | | 2 | | Amortization of right of use assets | | 1,346 | | | 1,107 | | | 1,350 | | Stock-based compensation | | 102 | | | 94 | | | 78 | | Realized/unrealized investment securities and other investment (gains) losses | | (342) | | | 44 | | | (109) | | | | | | | | | Other | | 1,556 | | | (103) | | | 533 | | Net change in operating activities | | 44,727 | | | 40,427 | | | 44,191 | | Investing activities: | | | | | | | | | | | | | | Net change in partnership investments | | (74) | | | (182) | | | (260) | | Capital contribution to subsidiary | | — | | | — | | | (325) | | | | | | | | | Net change in investing activities | | (74) | | | (182) | | | (585) | | Financing activities: | | | | | | | Net change in commercial paper | | (800) | | | 774 | | | (332) | | Proceeds from issuance of long-term debt and mandatorily redeemable securities | | 1,738 | | | 1,640 | | | 1,611 | | Payments on long-term debt and mandatorily redeemable securities | | (2,427) | | | (2,268) | | | (2,068) | | Stock issued under stock purchase plans | | 90 | | | 39 | | | 49 | | Net proceeds from issuance of treasury stock | | 2,523 | | | 1,706 | | | 1,878 | | Acquisition of treasury stock | | (33,136) | | | (6,415) | | | (15,085) | | Cash dividends paid on common stock | | (31,340) | | | (29,764) | | | (29,021) | | Net change in financing activities | | (63,352) | | | (34,288) | | | (42,968) | | Net change in cash and cash equivalents | | (18,699) | | | 5,957 | | | 638 | | Cash and cash equivalents, beginning of year | | 113,242 | | | 107,285 | | | 106,647 | | Cash and cash equivalents, end of year | | $ | 94,543 | | | $ | 113,242 | | | $ | 107,285 | |
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