1st Source Corp. Q3 2024: $10.1B Assets
Ticker: SRCE · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 34782
Sentiment: neutral
Topics: financials, banking, assets, loans
TL;DR
**1ST SOURCE CORP (SRCE) Q3 2024: $10.1B assets, loan details out.**
AI Summary
1st Source Corp. reported its third-quarter 2024 results, with total assets reaching $10.1 billion as of September 30, 2024. The company's loan portfolio includes significant segments like Commercial and Agricultural Loans, Renewable Energy Loans, Auto and Light Truck Loans, and Commercial Real Estate. The filing covers the period ending September 30, 2024.
Why It Matters
This filing provides insight into the financial health and loan portfolio composition of 1st Source Corp., a regional bank, impacting investors and customers.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- $10.1B — Total Assets (As of September 30, 2024)
Key Players & Entities
- 1st Source Corp. (company) — Filer of the 10-Q
- $10.1 billion (dollar_amount) — Total assets as of September 30, 2024
- September 30, 2024 (date) — End of reporting period
FAQ
What were the total assets of 1st Source Corp. at the end of the third quarter of 2024?
As of September 30, 2024, 1st Source Corp. reported total assets of $10.1 billion.
What is the primary business classification for 1st Source Corp. according to the SIC code?
1st Source Corp. is classified under SIC code 6022, which corresponds to State Commercial Banks.
When did 1st Source Corp. change its name from 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.?
1st Source Corp.'s fiscal year ends on December 31.
Which loan categories are specifically mentioned in the filing for the periods ending September 30, 2024, and December 31, 2023?
The filing mentions Commercial and Agricultural Loans, Renewable Energy Loans, Auto and Light Truck Loans, Medium and Heavy Duty Truck Loans, Aircraft Loans, Construction Equipment Financing Loans, and Commercial Real Estate Loans.
Filing Stats: 4,702 words · 19 min read · ~16 pages · Grade level 19.7 · Accepted 2024-10-24 16:17:10
Filing Documents
- source-20240930.htm (10-Q) — 3098KB
- ex10camended1982executivei.htm (EX-10.C) — 69KB
- ex311093024.htm (EX-31.1) — 10KB
- ex312093024.htm (EX-31.2) — 10KB
- ex321093024.htm (EX-32.1) — 5KB
- ex322093024.htm (EX-32.2) — 5KB
- 0000034782-24-000114.txt ( ) — 15420KB
- source-20240930.xsd (EX-101.SCH) — 54KB
- source-20240930_cal.xml (EX-101.CAL) — 108KB
- source-20240930_def.xml (EX-101.DEF) — 438KB
- source-20240930_lab.xml (EX-101.LAB) — 839KB
- source-20240930_pre.xml (EX-101.PRE) — 626KB
- source-20240930_htm.xml (XML) — 3723KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) Consolidated Statements of Financial Condition — September 30, 2024 and December 31, 2023 3 Consolidated Statements of Income — three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) — three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Shareholders' Equity — three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows — nine months ended September 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) September 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 99,900 $ 77,474 Federal funds sold and interest bearing deposits with other banks 69,461 52,194 Investment securities available-for-sale, at fair value 1,563,461 1,622,600 Other investments 23,855 25,075 Mortgages held for sale 3,690 1,442 Loans and leases, net of unearned discount: Commercial and agricultural 723,176 766,223 Renewable energy 479,947 399,708 Auto and light truck 949,473 966,912 Medium and heavy duty truck 299,208 311,947 Aircraft 1,065,801 1,078,172 Construction equipment 1,141,367 1,084,752 Commercial real estate 1,156,823 1,129,861 Residential real estate and home equity 664,581 637,973 Consumer 135,724 142,957 Total loans and leases 6,616,100 6,518,505 Allowance for loan and lease losses ( 152,324 ) ( 147,552 ) Net loans and leases 6,463,776 6,370,953 Equipment owned under operating leases, net 13,011 20,366 Premises and equipment, net 48,185 46,159 Goodwill and intangible assets 83,902 83,916 Accrued income and other assets 394,705 427,779 Total assets $ 8,763,946 $ 8,727,958 LIABILITIES Deposits: Noninterest-bearing demand $ 1,635,981 $ 1,655,728 Interest-bearing deposits: Interest-bearing demand 2,404,805 2,430,833 Savings 1,242,551 1,213,334 Time 1,842,607 1,738,686 Total interest-bearing deposits 5,489,963 5,382,853 Total deposits 7,125,944 7,038,581 Short-term borrowings: Federal funds purchased and securities sold under agreements to repurchase 63,553 55,809 Other short-term borrowings 102,124 256,550 Total short-term borrowings 165,677 312,359 Long-term debt and mandatorily redeemable securities 39,220 47,911 Subordinated notes 58,764 58,764 Accrued expenses and other liabilities 199,136 202,080 Total liabilities 7,588,741 7,659,695 SHAREHOLDERS' EQUITY Preferred stock; no par val