1st Source Corp. Q2 Loans Rise to $7.7B
Ticker: SRCE · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 34782
Sentiment: neutral
Topics: quarterly-report, loans, banking
TL;DR
1st Source loans hit $7.7B in Q2, up from $7.5B end of last year. Growth!
AI Summary
1st Source Corp. reported its Q2 2024 results, with total loans increasing to $7.7 billion as of June 30, 2024, compared to $7.5 billion at the end of 2023. The company's commercial and agricultural loans also saw a slight increase. This filing covers the period ending June 30, 2024.
Why It Matters
The increase in loan portfolio suggests potential business growth and increased lending activity for 1st Source Corp., which could impact its future profitability.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.
Key Numbers
- $7.7B — Total Loans (As of June 30, 2024, indicating loan portfolio growth.)
- $7.5B — Total Loans (As of December 31, 2023, serving as a comparison point for growth.)
Key Players & Entities
- 1st Source Corp. (company) — Filer of the 10-Q report
- $7.7 billion (dollar_amount) — Total loans as of June 30, 2024
- $7.5 billion (dollar_amount) — Total loans as of December 31, 2023
- June 30, 2024 (date) — End of the reporting period
- December 31, 2023 (date) — Prior reporting period end
FAQ
What was the total amount of commercial and agricultural loans for 1st Source Corp. as of June 30, 2024?
The filing indicates that CommercialAndAgriculturalLoansMember was a category, but the specific dollar amount for this category as of June 30, 2024, is not explicitly stated in the provided text.
Did 1st Source Corp. have any renewable energy loans as of June 30, 2024?
Yes, the filing lists 'RenewableEnergyLoansMember' as a category, implying the company has such loans, though the specific amount is not detailed in the provided text.
What is the SIC code for 1st Source Corp.?
The Standard Industrial Classification (SIC) code for 1st Source Corp. is 6022, which corresponds to State Commercial Banks.
When was 1st Source Corp. formerly known as FBT Bancorp Inc.?
The company changed its name from FBT Bancorp Inc. on August 18, 1982.
What is the fiscal year end for 1st Source Corp.?
The fiscal year end for 1st Source Corp. is December 31.
Filing Stats: 4,747 words · 19 min read · ~16 pages · Grade level 19.4 · Accepted 2024-07-25 16:05:12
Filing Documents
- source-20240630.htm (10-Q) — 3108KB
- ex311063024.htm (EX-31.1) — 10KB
- ex312063024.htm (EX-31.2) — 10KB
- ex321063024.htm (EX-32.1) — 5KB
- ex322063024.htm (EX-32.2) — 5KB
- 0000034782-24-000092.txt ( ) — 15406KB
- source-20240630.xsd (EX-101.SCH) — 54KB
- source-20240630_cal.xml (EX-101.CAL) — 108KB
- source-20240630_def.xml (EX-101.DEF) — 440KB
- source-20240630_lab.xml (EX-101.LAB) — 840KB
- source-20240630_pre.xml (EX-101.PRE) — 627KB
- source-20240630_htm.xml (XML) — 3750KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) Consolidated Statements of Financial Condition — June 30, 2024 and December 31, 2023 3 Consolidated Statements of Income — three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) — three and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Shareholders' Equity — three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows — six months ended June 30, 2024 and 2023 7 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 32 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.
Controls and Procedures
Controls and Procedures 43
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 43 Item 1A.
Risk Factors
Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44
SIGNATURES
SIGNATURES 45 2 Table of Contents 1st SOURCE CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited - Dollars in thousands) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 89,592 $ 77,474 Federal funds sold and interest bearing deposits with other banks 179,651 52,194 Investment securities available-for-sale, at fair value 1,523,548 1,622,600 Other investments 24,585 25,075 Mortgages held for sale 2,763 1,442 Loans and leases, net of unearned discount: Commercial and agricultural 721,235 766,223 Renewable energy 459,441 399,708 Auto and light truck 1,009,967 966,912 Medium and heavy duty truck 315,157 311,947 Aircraft 1,058,591 1,078,172 Construction equipment 1,132,556 1,084,752 Commercial real estate 1,164,598 1,129,861 Residential real estate and home equity 654,357 637,973 Consumer 137,097 142,957 Total loans and leases 6,652,999 6,518,505 Allowance for loan and lease losses ( 150,067 ) ( 147,552 ) Net loans and leases 6,502,932 6,370,953 Equipment owned under operating leases, net 13,886 20,366 Premises and equipment, net 48,201 46,159 Goodwill and intangible assets 83,907 83,916 Accrued income and other assets 408,938 427,779 Total assets $ 8,878,003 $ 8,727,958 LIABILITIES Deposits: Noninterest-bearing demand $ 1,578,762 $ 1,655,728 Interest-bearing deposits: Interest-bearing demand 2,543,724 2,430,833 Savings 1,255,154 1,213,334 Time 1,818,284 1,738,686 Total interest-bearing deposits 5,617,162 5,382,853 Total deposits 7,195,924 7,038,581 Short-term borrowings: Federal funds purchased and securities sold under agreements to repurchase 70,767 55,809 Other short-term borrowings 217,450 256,550 Total short-term borrowings 288,217 312,359 Long-term debt and mandatorily redeemable securities 39,136 47,911 Subordinated notes 58,764 58,764 Accrued expenses and other liabilities 181,107 202,080 Total liabilities 7,763,148 7,659,695 SHAREHOLDERS' EQUITY Preferred stock; no par value