1st Source Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>1st Source Corp has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

1ST SOURCE CORP (SRCE) filed a Annual Report (10-K) with the SEC on February 20, 2024. 1st Source Corp filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company is classified under SIC code 6022 (State Commercial Banks). Its principal business address is 100 North Michigan Street, South Bend, IN. The company was formerly known as FBT Bancorp Inc, with a name change on August 18, 1982.

Why It Matters

For investors and stakeholders tracking 1ST SOURCE CORP, this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health, including its assets, liabilities, revenue streams, and operational performance, which is crucial for investors to assess its stability and growth prospects. As a commercial bank, the detailed financial data within the 10-K is essential for understanding its lending activities, deposit base, and overall market position within the banking sector.

Risk Assessment

Risk Level: — 1ST SOURCE CORP shows moderate risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than immediate or significant new risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand 1st Source Corp's performance and outlook for the upcoming fiscal year.

Key Players & Entities

• 1ST SOURCE CORP (company) — FILER
• FBT BANCORP INC (company) — FORMER COMPANY
• 100 NORTH MICHIGAN STREET (company) — BUSINESS ADDRESS
• SOUTH BEND (company) — BUSINESS ADDRESS CITY
• IN (company) — BUSINESS ADDRESS STATE
• 46601 (company) — BUSINESS ADDRESS ZIP
• P O BOX 1602 (company) — MAIL ADDRESS
• 19820818 (date) — DATE OF NAME CHANGE

FAQ

Industry Context

1st Source Corp operates within the State Commercial Banks industry (SIC 6022).

Regulatory Implications

As a commercial bank, 1st Source Corp is subject to regulations governing financial institutions in Indiana and at the federal level.

What Investors Should Do

1. Analyze the company's revenue and expense structure for fiscal year 2023.
2. Assess the company's loan portfolio composition and any associated risks.
3. Review management's discussion and analysis for insights into future strategies and outlook.

Key Dates

• 2024-02-20T00:00:00.000Z: 10-K Filing — Filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, with no prior period filing data provided in this extract for comparison.

Key Financial Figures

• $8.73 b — 23, we had consolidated total assets of $8.73 billion, total loans and leases of $6.52
• $6.52 b — 8.73 billion, total loans and leases of $6.52 billion, total deposits of $7.04 billion,
• $7.04 b — ses of $6.52 billion, total deposits of $7.04 billion, and total shareholders' equity o
• $989.57 million — lion, and total shareholders' equity of $989.57 million. Our principal executive office is loc
• $100,000 — inance receivables generally range from $100,000 to $33 million with fixed or variable i
• $33 million — vables generally range from $100,000 to $33 million with fixed or variable interest rates a
• $500,000 — inance receivables generally range from $500,000 to $25 million with fixed or variable i
• $25 million — vables generally range from $500,000 to $25 million with fixed or variable interest rates a
• $45 million — vables generally range from $100,000 to $45 million with fixed or variable interest rates a
• $50,000 — inance receivables generally range from $50,000 to $20 million with fixed or variable i
• $20 million — ivables generally range from $50,000 to $20 million with fixed or variable interest rates a
• $57.00 million — onsolidated subsidiary created to issue $57.00 million of trust preferred securities and lendi
• $163,000 — s learning. In 2023, we reimbursed over $163,000 to colleagues for tuition at 16 differe
• $3,600 — sities with an average of approximately $3,600 per colleague who used the benefit. To
• $186,000 — n 2023, our colleagues contributed over $186,000 to local United Way organizations. In

Filing Documents

• source-20231231.htm (10-K) — 4107KB
• ex-232023123110k.htm (EX-23) — 6KB
• ex-3112023123110k.htm (EX-31.1) — 10KB
• ex-3122023123110k.htm (EX-31.2) — 10KB
• ex-3212023123110k.htm (EX-32.1) — 4KB
• ex-3222023123110k.htm (EX-32.2) — 4KB
• exhibit971clawbackpolicy.htm (EX-97.1) — 15KB
• source-20231231_g1.jpg (GRAPHIC) — 1092KB
• 0000034782-24-000033.txt (&nbsp;) — 23204KB
• source-20231231.xsd (EX-101.SCH) — 93KB
• source-20231231_cal.xml (EX-101.CAL) — 165KB
• source-20231231_def.xml (EX-101.DEF) — 651KB
• source-20231231_lab.xml (EX-101.LAB) — 1440KB
• source-20231231_pre.xml (EX-101.PRE) — 953KB
• source-20231231_htm.xml (XML) — 4626KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 14 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6. [Reserved] 15 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Reports of Independent Registered Public Accounting Firm 39 Consolidated Statements of Financial Condition 42 Consolidated Statements of Income 43 Consolidated Statements of Comprehensive Income 44 Consolidated Statements of Shareholders' Equity 44 Consolidated Statements of Cash Flow s 45

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 46 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83 Item 9A.

Controls and Procedures

Controls and Procedures 83 Item 9B. Other Information 83 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 Part III Item 10. Directors, Executive Officers and Corporate Governance 84 Item 11.

Executive Compensation

Executive Compensation 84 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13. Certain Relationships and Related Transactions, and Director Independence 84 Item 14. Principal Accountant Fees and Services 84 Part IV Item 15. Exhibits and Financial Statement Schedules 85 Item 16. Form 10-K Summary 87

Signatures

Signatures 87 Certifications 2 Table of Contents Part I

Business

Item 1. Business . 1ST SOURCE CORPORATION 1st Source Corporation, an Indiana corporation incorporated in 1971, is a bank holding company headquartered in South Bend, Indiana that provides, through its subsidiaries (collectively referred to as "1st Source", the "Company", "we", and "our"), a broad array of financial products and services. 1st Source Bank ("Bank"), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients through most of our 78 banking center locations in 18 counties in Indiana and Michigan and Sarasota County in Florida. 1st Source Bank's Specialty Finance Group, with 18 locations nationwide, offers specialized financing services for construction equipment, new and pre-owned private and cargo aircraft, and various vehicle types (cars, trucks, vans) for fleet purposes. While our Specialty Finance lending portfolio is concentrated in certain equipment types, we serve a diverse client base. We are not dependent upon any single industry or client. At December 31, 2023, we had consolidated total assets of $8.73 billion, total loans and leases of $6.52 billion, total deposits of $7.04 billion, and total shareholders' equity of $989.57 million. Our principal executive office is located at 100 North Michigan Street, South Bend, Indiana 46601 and our telephone number is (574) 235-2000. Access to our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports is available, free of charge, at www.1stsource.com soon after the material is electronically filed with or furnished to the Securities and Exchange Commission (SEC). Information on our website is not incorporated by reference into this Form 10-K or our other public filings. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC

View Full Filing

View this 10-K filing on SEC EDGAR