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Section 1: 10-Q (10-Q 1ST QUARTER 2020)

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
Commission file number 0-6233
403713583_source-20200331_g1.jpg
1st Source Corporation
(Exact name of registrant as specified in its charter)
Indiana
 35-1068133
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

100 North Michigan Street  
South Bend,IN 46601
(Address of principal executive offices) (Zip Code)
(574) 235-2000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock - without par valueSRCEThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  x  Yes  o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  x Yes  o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerx Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  x No
Number of shares of common stock outstanding as of April 17, 2020 — 25,535,634 shares



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TABLE OF CONTENTS

  Page
   
 
   
 
 
 
 
 
 
   
 
   
   
   
EXHIBITS 
 
 
 
 

2

Table of Contents


1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited - Dollars in thousands)
March 31,
2020
December 31,
2019
ASSETS  
Cash and due from banks$72,756  $67,215  
Federal funds sold and interest bearing deposits with other banks49,543  16,150  
Investment securities available-for-sale1,057,169  1,040,583  
Other investments28,414  28,414  
Mortgages held for sale13,449  20,277  
Loans and leases, net of unearned discount: 
Commercial and agricultural1,166,462  1,132,791  
Auto and light truck577,757  588,807  
Medium and heavy duty truck278,076  294,824  
Aircraft773,132  784,040  
Construction equipment718,307  705,451  
Commercial real estate930,757  908,177  
Residential real estate and home equity545,606  532,003  
Consumer139,417  139,434  
Total loans and leases5,129,514  5,085,527  
Reserve for loan and lease losses(120,798) (111,254) 
Net loans and leases5,008,716  4,974,273  
Equipment owned under operating leases, net101,238  111,684  
Net premises and equipment52,431  52,219  
Goodwill and intangible assets83,964  83,971  
Accrued income and other assets267,438  227,990  
Total assets$6,735,118  $6,622,776  
LIABILITIES  
Deposits:  
Noninterest-bearing demand$1,219,327  $1,216,834  
Interest-bearing deposits:
Interest-bearing demand1,591,419  1,677,200  
Savings840,606  814,794  
Time1,624,559  1,648,498  
Total interest-bearing deposits4,056,584  4,140,492  
Total deposits5,275,911  5,357,326  
Short-term borrowings:  
Federal funds purchased and securities sold under agreements to repurchase135,942  120,459  
Other short-term borrowings146,903  25,434  
Total short-term borrowings282,845  145,893  
Long-term debt and mandatorily redeemable securities81,877  71,639  
Subordinated notes58,764  58,764  
Accrued expenses and other liabilities158,419  140,518  
Total liabilities5,857,816  5,774,140  
SHAREHOLDERS’ EQUITY  
Preferred stock; no par value
  
Authorized 10,000,000 shares; none issued or outstanding
    
Common stock; no par value
 
Authorized 40,000,000 shares; issued 28,205,674 at March 31, 2020 and December 31, 2019
436,538  436,538  
Retained earnings472,911  463,269  
Cost of common stock in treasury (2,670,290 shares at March 31, 2020 and 2,696,200 shares at December 31, 2019)
(76,203) (76,702) 
Accumulated other comprehensive income17,651  5,172  
Total shareholders’ equity850,897  828,277  
Noncontrolling interests$26,405  $20,359  
Total equity$877,302  $848,636  
Total liabilities and equity$6,735,118  $6,622,776  
The accompanying notes are a part of the consolidated financial statements.
3

Table of Contents
1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited - Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
 20202019
Interest income:  
Loans and leases$61,526  $62,683  
Investment securities, taxable5,550  5,515  
Investment securities, tax-exempt264  385  
Other346  438  
Total interest income67,686  69,021  
Interest expense:  
Deposits10,851  11,470  
Short-term borrowings254  931  
Subordinated notes884  928  
Long-term debt and mandatorily redeemable securities853  744  
Total interest expense12,842  14,073  
Net interest income54,844  54,948  
Provision for loan and lease losses11,353  4,918  
Net interest income after provision for loan and lease losses43,491  50,030  
Noninterest income:  
Trust and wealth advisory4,848  4,858  
Service charges on deposit accounts2,605  2,498  
Debit card3,373  3,220  
Mortgage banking2,336  936  
Insurance commissions1,881  2,174  
Equipment rental6,630  7,982  
Gains on investment securities available-for-sale280    
Other2,669  2,456  
Total noninterest income24,622  24,124  
Noninterest expense:  
Salaries and employee benefits24,401  23,495  
Net occupancy2,721  2,772  
Furniture and equipment6,407  6,024  
Depreciation – leased equipment5,427  6,524  
Professional fees1,442  1,598  
Supplies and communication1,634  1,493  
FDIC and other insurance288  645  
Business development and marketing1,359  949  
Loan and lease collection and repossession763  1,361  
Other2,093  343  
Total noninterest expense46,535  45,204  
Income before income taxes21,578  28,950  
Income tax expense5,160  6,754  
Net income16,418  22,196  
Net (income) loss attributable to noncontrolling interests(5)   
Net income available to common shareholders$16,413  $22,196  
Per common share:  
Basic net income per common share$0.64  $0.86  
Diluted net income per common share$0.64  $0.86  
Cash dividends$0.29  $0.27  
Basic weighted average common shares outstanding25,523,356  25,759,186  
Diluted weighted average common shares outstanding25,523,356  25,759,186  
The accompanying notes are a part of the consolidated financial statements.
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1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited - Dollars in thousands)
Three Months Ended
March 31,
 20202019
Net income$16,418  $22,196  
Other comprehensive income:  
Unrealized appreciation of available-for-sale securities16,717  9,573  
Reclassification adjustment for realized gains included in net income(280)   
Income tax effect(3,958) (2,305) 
Other comprehensive income, net of tax12,479  7,268  
Comprehensive income$28,897  $29,464  
Comprehensive (income) loss attributable to noncontrolling interests(5)   
Comprehensive income available to common shareholders$28,892  $29,464  
The accompanying notes are a part of the consolidated financial statements.

1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited - Dollars in thousands, except per share amounts)

Three Months Ended
Preferred
Stock
Common
Stock
Retained
Earnings
Cost of
Common
Stock
in Treasury
Accumulated
Other
Comprehensive
Income (Loss), Net
Total Shareholders’ EquityNoncontrolling InterestsTotal Equity
Balance at January 1, 2019$—  $436,538  $398,980  $(62,760) $(10,676) $762,082  $1,508  $763,590  
Cumulative-effect adjustment—  —  (301) —    (301) —  (301) 
Balance at January 1, 2019, adjusted—  436,538  398,679  (62,760) (10,676) 761,781  1,508  763,289  
Net income—  —  22,196  —  —  22,196    22,196  
Other comprehensive income—  —  —  —  7,268  7,268  —  7,268  
Issuance of 38,365 common shares under stock based compensation awards
—  —  533  882  —  1,415  —  1,415  
Cost of 154,160 shares of common stock acquired for treasury
—  —  —  (7,258) —  (7,258) —  (7,258) 
Common stock dividend ($0.27 per share)
—  —  (6,980) —  —  (6,980) —  (6,980) 
Contributions from noncontrolling interests—  —  —  —  —    1,171  1,171  
Balance at March 31, 2019$—  $436,538  $414,428  $(69,136) $(3,408) $778,422  $2,679  781,101  
Balance at January 1, 2020$—  $436,538  $463,269  $(76,702) $5,172  $828,277  $20,359  $848,636  
Net income—  —  16,413  —  —  16,413  5  16,418  
Other comprehensive income—  —  —  —  12,479  12,479  —  12,479  
Issuance of 25,910 common shares under stock based compensation awards
—  —  638  499  —  1,137  —  1,137  
Cost of 0 shares of common stock acquired for treasury
—  —  —    —    —    
Common stock dividend ($0.29 per share)
—  —  (7,409) —  —  (7,409) —  (7,409) 
Contributions from noncontrolling interests—  —  —  —  —    6,140  6,140  
Distributions to noncontrolling interests—  —  —  —  —    (99) (99) 
Balance at March 31, 2020$—  $436,538  $472,911  $(76,203) $17,651  $850,897  $26,405  $877,302  
The accompanying notes are a part of the consolidated financial statements.
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1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - Dollars in thousands)
 Three Months Ended March 31,
 20202019
Operating activities:  
Net income$16,418  $22,196  
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for loan and lease losses11,353  4,918  
Depreciation of premises and equipment1,435  1,466  
Depreciation of equipment owned and leased to others5,427  6,524  
Stock-based compensation736  673  
Amortization of investment securities premiums and accretion of discounts, net717  824  
Amortization of mortgage servicing rights409  233  
Amortization of right of use assets704  785  
Deferred income taxes(2,941) 444  
Gains on investment securities available-for-sale(280)   
Originations of loans held for sale, net of principal collected(33,104) (19,966) 
Proceeds from the sales of loans held for sale41,699  22,534  
Net gain on sale of loans held for sale(1,767) (488) 
Net gain on sale of other real estate and repossessions(23) (167) 
Net gain on sale of premises and equipment  (1,288) 
Change in interest receivable(702) (2,696) 
Change in interest payable(199) 2,427  
Change in other assets(826) 1,115  
Change in other liabilities(6,237) (4,735) 
Other486  598  
Net change in operating activities33,305  35,397  
Investing activities:  
Proceeds from sales of investment securities available-for-sale5,578    
Proceeds from maturities and paydowns of investment securities available-for-sale121,353  28,840  
Purchases of investment securities available-for-sale(127,517) (33,072) 
Net change in partnership investments(12,904) (3,171) 
Loans sold or participated to others2,863  2,862  
Proceeds from principal payments on direct finance leases9,682  15,238  
Net change in loans and leases(59,609) (121,297) 
Net change in equipment owned under operating leases5,019  (3,678) 
Purchases of premises and equipment(1,659) (2,821) 
Proceeds from disposal of premises and equipment12  3,426  
Proceeds from sales of other real estate and repossessions764  4,044  
Net change in investing activities(56,418) (109,629) 
Financing activities:  
Net change in demand deposits and savings accounts(57,476) (95,505) 
Net change in time deposits(23,939) 97,274  
Net change in short-term borrowings136,952  56,044  
Proceeds from issuance of long-term debt10,000    
Payments on long-term debt(1,917) (1,718) 
Acquisition of treasury stock  (7,258) 
Net change in noncontrolling interests6,041  1,171  
Cash dividends paid on common stock(7,614) (7,174) 
Net change in financing activities62,047  42,834  
Net change in cash and cash equivalents38,934  (31,398) 
Cash and cash equivalents, beginning of year83,365  99,079  
Cash and cash equivalents, end of period$122,299  $67,681  
Supplemental Information:  
Non-cash transactions:  
Loans transferred to other real estate and repossessed assets$1,268  $8,939  
Common stock matching contribution to Employee Stock Ownership and Profit Sharing Plan622  300  
Right of use assets obtained in exchange for lease obligations31  1,058  
The accompanying notes are a part of the consolidated financial statements.
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1ST SOURCE CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — Accounting Policies
1st Source Corporation is a bank holding company headquartered in South Bend, Indiana that provides, through its subsidiaries (collectively referred to as “1st Source” or “the Company”), a broad array of financial products and services.
Basis of Presentation – The accompanying unaudited consolidated financial statements reflect all adjustments (all of which are normal and recurring in nature) which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position, the results of operations, changes in comprehensive income, changes in shareholders’ equity, and cash flows for the periods presented. These unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (SEC) and, therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been omitted.
The Notes to the Consolidated Financial Statements appearing in 1st Source Corporation’s Annual Report on Form 10-K (2019 Annual Report), which include descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. The Consolidated Statement of Financial Condition at December 31,