1st Source Corporation (Parent Company Only) Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of statements of financial condition

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

Schedule of statements of income

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

Schedule of statements of cash flow

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