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

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of statements of financial condition

STATEMENTS OF FINANCIAL CONDITION

December 31 (Dollars in thousands)	2023		2022
ASSETS
Cash and cash equivalents	$	105,889	$	104,678
Short-term investments with bank subsidiary	500		500
Investments in:
Bank subsidiaries	965,688		842,707
Non-bank subsidiaries	1		1
Right of use assets	13,895		14,730
Other assets	6,821		6,234
Total assets	$	1,092,794	$	968,850
LIABILITIES AND SHAREHOLDERS’ EQUITY
Commercial paper	$	—	$	3,096
Long-term debt and mandatorily redeemable securities	27,158		25,240
Subordinated notes	58,764		58,764
Operating lease liability	11,682		13,509
Other liabilities	5,622		4,173
Total liabilities	103,226		104,782
Total shareholders’ equity	989,568		864,068
Total liabilities and shareholders’ equity	$	1,092,794	$	968,850

Schedule of statements of income

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Year Ended December 31 (Dollars in thousands)	2023		2022		2021
Income:
Dividends from bank subsidiary	$	50,152	$	49,588	$	46,207
Rental income from subsidiaries	1,832		1,740		1,873
Other	239		148		146
Investment securities and other investment gains	261		353		342
Total income	52,484		51,829		48,568
Expenses:
Interest on subordinated notes	4,174		3,550		3,267
Interest on long-term debt and mandatorily redeemable securities	3,606		(341)		1,799
Interest on commercial paper and other short-term borrowings	2		1		3
Occupancy	1,718		1,625		1,722
Other	917		890		711
Total expenses	10,417		5,725		7,502
Income before income tax benefit and equity in undistributed income of subsidiaries	42,067		46,104		41,066
Income tax benefit	1,246		1,099		998
Income before equity in undistributed income of subsidiaries	43,313		47,203		42,064
Equity in undistributed income of subsidiaries:
Bank subsidiaries	81,621		73,329		76,493
Net income	$	124,934	$	120,532	$	118,557
Comprehensive income (loss)	$	166,301	$	(17,297)	$	90,325

Schedule of statements of cash flow

STATEMENTS OF CASH FLOWS

Year Ended December 31 (Dollars in thousands)	2023		2022		2021
Operating activities:
Net income	$	124,934	$	120,532	$	118,557
Adjustments to reconcile net income to net cash provided by operating activities:
Equity (undistributed) distributed in excess of income of subsidiaries	(81,621)		(73,329)		(76,493)
Depreciation of premises and equipment	—		—		1
Amortization of right of use assets	1,354		1,376		1,346
Stock-based compensation	152		120		102
Realized/unrealized investment securities and other investment gains	(261)		(353)		(342)
Other	2,863		(702)		1,556
Net change in operating activities	47,421		47,644		44,727
Investing activities:
Net change in partnership investments	(246)		102		(74)
Net change in investing activities	(246)		102		(74)
Financing activities:
Net change in commercial paper	(3,096)		(871)		(800)
Proceeds from issuance of long-term debt and mandatorily redeemable securities	1,908		1,862		1,738
Payments on long-term debt and mandatorily redeemable securities	(2,887)		(2,708)		(2,427)
Stock issued under stock purchase plans	78		252		90
Net proceeds from issuance of treasury stock	3,576		2,792		2,523
Acquisition of treasury stock	(12,469)		(6,836)		(33,136)
Cash dividends paid on common stock	(33,074)		(32,102)		(31,340)
Net change in financing activities	(45,964)		(37,611)		(63,352)
Net change in cash and cash equivalents	1,211		10,135		(18,699)
Cash and cash equivalents, beginning of year	104,678		94,543		113,242
Cash and cash equivalents, end of year	$	105,889	$	104,678	$	94,543