1ST SOURCE CORP Files 10-Q for Q1 2024

TL;DR

<b>1st Source Corp has filed its Q1 2024 10-Q report detailing financial performance and position.</b>

AI Summary

1ST SOURCE CORP (SRCE) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. 1st Source Corp filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is commercial banking. The filing includes financial data for the periods ending March 31, 2024, and December 31, 2023. Key financial statement components like common stock, retained earnings, and treasury stock are detailed.

Why It Matters

For investors and stakeholders tracking 1ST SOURCE CORP, this filing contains several important signals. This 10-Q provides investors with an updated view of 1st Source Corp's financial health and operational performance for the first three months of 2024. The detailed financial statements and disclosures within the report are crucial for assessing the company's stability, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — 1ST SOURCE CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) for a well-established financial institution, indicating routine disclosure rather than significant new risks.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand changes in loan portfolios, deposit levels, and overall profitability for Q1 2024.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-04-25 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2024-03-31 — Quarter End Date (Reporting period end date)

Key Players & Entities

• 1ST SOURCE CORP (company) — Filer name
• 0000034782 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• IN (company) — State of Incorporation
• 100 NORTH MICHIGAN STREET (company) — Business Address Street 1
• SOUTH BEND (company) — Business Address City
• 46601 (company) — Business Address ZIP
• 5742352702 (company) — Business Phone

FAQ

Industry Context

1st Source Corp operates within the commercial banking industry, providing a range of financial services.

Regulatory Implications

As a commercial bank, 1st Source Corp is subject to regulations from various financial authorities, including those overseeing banking operations and capital requirements.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity as of March 31, 2024.
2. Review the income statement for revenue and expense trends during the first quarter of 2024.
3. Examine disclosures related to loan portfolios and deposit activities.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the year-end report.

Filing Documents

• source-20240331.htm (10-Q) — 2681KB
• ex311033124.htm (EX-31.1) — 10KB
• ex312033124.htm (EX-31.2) — 10KB
• ex321033124.htm (EX-32.1) — 5KB
• ex322033124.htm (EX-32.2) — 5KB
• 0000034782-24-000054.txt (&nbsp;) — 14229KB
• source-20240331.xsd (EX-101.SCH) — 54KB
• source-20240331_cal.xml (EX-101.CAL) — 107KB
• source-20240331_def.xml (EX-101.DEF) — 438KB
• source-20240331_lab.xml (EX-101.LAB) — 819KB
• source-20240331_pre.xml (EX-101.PRE) — 616KB
• source-20240331_htm.xml (XML) — 3423KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Financial Condition — March 31, 2024 and December 31, 2023 3 Consolidated Statements of Income — three months ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) — three months ended March 31, 2024 and 2023 5 Consolidated Statements of Shareholders' Equity — three months ended March 31, 2024 and 2023 5 Consolidated Statements of Cash Flows — three months ended March 31, 2024 and 2023 6 Notes to the Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 41

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 42

SIGNATURES

SIGNATURES 43 2 Table of Contents 1st SOURCE CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited - Dollars in thousands) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks $ 41,533 $ 77,474 Federal funds sold and interest bearing deposits with other banks 39,381 52,194 Investment securities available-for-sale 1,583,244 1,622,600 Other investments 25,075 25,075 Mortgages held for sale 2,881 1,442 Loans and leases, net of unearned discount: Commercial and agricultural 731,527 766,223 Renewable energy 413,662 399,708 Auto and light truck 997,465 966,912 Medium and heavy duty truck 303,799 311,947 Aircraft 1,104,058 1,078,172 Construction equipment 1,092,585 1,084,752 Commercial real estate 1,135,595 1,129,861 Residential real estate and home equity 643,856 637,973 Consumer 140,225 142,957 Total loans and leases 6,562,772 6,518,505 Allowance for loan and lease losses ( 148,024 ) ( 147,552 ) Net loans and leases 6,414,748 6,370,953 Equipment owned under operating leases, net 16,691 20,366 Net premises and equipment 45,689 46,159 Goodwill and intangible assets 83,912 83,916 Accrued income and other assets 414,683 427,779 Total assets $ 8,667,837 $ 8,727,958 LIABILITIES Deposits: Noninterest-bearing demand $ 1,618,498 $ 1,655,728 Interest-bearing deposits: Interest-bearing demand 2,364,751 2,430,833 Savings 1,270,401 1,213,334 Time 1,801,661 1,738,686 Total interest-bearing deposits 5,436,813 5,382,853 Total deposits 7,055,311 7,038,581 Short-term borrowings: Federal funds purchased and securities sold under agreements to repurchase 82,591 55,809 Other short-term borrowings 166,989 256,550 Total short-term borrowings 249,580 312,359 Long-term debt and mandatorily redeemable securities 39,406 47,911 Subordinated notes 58,764 58,764 Accrued expenses and other liabilities 183,227 202,080 Total liabilities 7,586,288 7,659,695 SHAREHOLDERS' EQUITY Preferred stock; no par value Authorized 10,0

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View this 10-Q filing on SEC EDGAR