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Section 1: 10-Q (10-Q SRCE 3RD QUARTER 2019)

Wdesk | Document
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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 September 30, 2019
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
400429210_corplogo3a02a16.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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock - without par value
 
SRCE
 
The 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 filer
x
 
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 October 11, 201925,508,756 shares
 


Table of Contents

TABLE OF CONTENTS

 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EXHIBITS
 
 
 
 
 
 
 
 
 


2

Table of Contents



1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited - Dollars in thousands)
 
September 30,
2019
 
December 31,
2018
ASSETS
 

 
 

Cash and due from banks
$
94,160

 
$
94,907

Federal funds sold and interest bearing deposits with other banks
33,325

 
4,172

Investment securities available-for-sale
1,032,185

 
990,129

Other investments
28,404

 
28,404

Mortgages held for sale
28,654

 
11,290

Loans and leases, net of unearned discount:
 

 
 
Commercial and agricultural
1,175,936

 
1,073,205

Auto and light truck
612,921

 
559,987

Medium and heavy duty truck
289,925

 
283,544

Aircraft
805,568

 
803,111

Construction equipment
685,696

 
645,239

Commercial real estate
858,402

 
809,886

Residential real estate and home equity
531,630

 
523,855

Consumer
139,468

 
136,637

Total loans and leases
5,099,546

 
4,835,464

Reserve for loan and lease losses
(108,941
)
 
(100,469
)
Net loans and leases
4,990,605

 
4,734,995

Equipment owned under operating leases, net
119,171

 
134,440

Net premises and equipment
51,680

 
52,139

Goodwill and intangible assets
83,978

 
83,998

Accrued income and other assets
228,908

 
159,271

Total assets
$
6,691,070

 
$
6,293,745

 
 
 
 
LIABILITIES
 

 
 

Deposits:
 

 
 

Noninterest-bearing demand
$
1,246,063

 
$
1,217,120

Interest-bearing deposits:
 
 
 
Interest-bearing demand
1,605,602

 
1,614,959

Savings
820,409

 
822,477

Time
1,719,605

 
1,467,766

Total interest-bearing deposits
4,145,616

 
3,905,202

Total deposits
5,391,679

 
5,122,322

Short-term borrowings:
 

 
 

Federal funds purchased and securities sold under agreements to repurchase
139,417

 
113,627

Other short-term borrowings
57,734

 
85,717

Total short-term borrowings
197,151

 
199,344

Long-term debt and mandatorily redeemable securities
71,520

 
71,123

Subordinated notes
58,764

 
58,764

Accrued expenses and other liabilities
138,914

 
78,602

Total liabilities
5,858,028

 
5,530,155

 
 
 
 
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 September 30, 2019 and December 31, 2018
436,538

 
436,538

Retained earnings
448,715

 
398,980

Cost of common stock in treasury (2,696,918 shares at September 30, 2019 and 2,421,946 shares at December 31, 2018)
(76,716
)
 
(62,760
)
Accumulated other comprehensive income (loss)
4,630

 
(10,676
)
Total shareholders’ equity
813,167

 
762,082

Noncontrolling interests
$
19,875

 
$
1,508

Total equity
$
833,042

 
$
763,590

Total liabilities and equity
$
6,691,070

 
$
6,293,745


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
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Interest income:
 

 
 

 
 

 
 

Loans and leases
$
66,807

 
$
59,961

 
$
195,089

 
$
172,172

Investment securities, taxable
5,056

 
4,912

 
15,757

 
13,993

Investment securities, tax-exempt
316

 
432

 
1,054

 
1,438

Other
497

 
391

 
1,434

 
1,196

Total interest income
72,676

 
65,696

 
213,334

 
188,799

Interest expense:
 

 
 

 
 

 
 

Deposits
13,524

 
9,405

 
37,972

 
24,286

Short-term borrowings
293

 
518

 
1,764

 
2,120

Subordinated notes
914

 
918

 
2,770

 
2,709

Long-term debt and mandatorily redeemable securities
750

 
493

 
2,258

 
1,621

Total interest expense
15,481

 
11,334

 
44,764

 
30,736

Net interest income
57,195

 
54,362

 
168,570

 
158,063

Provision for loan and lease losses
3,717

 
6,157

 
12,882

 
14,760

Net interest income after provision for loan and lease losses
53,478

 
48,205

 
155,688

 
143,303

Noninterest income:
 

 
 

 
 

 
 

Trust and wealth advisory
4,982

 
5,109

 
15,423

 
16,097

Service charges on deposit accounts
2,892

 
2,567

 
8,175

 
7,676

Debit card
3,727

 
3,377

 
10,616

 
9,907

Mortgage banking
1,362

 
925

 
3,297

 
2,882

Insurance commissions
1,603

 
1,580

 
5,295

 
5,025

Equipment rental
7,578

 
7,977

 
23,369

 
23,836

Losses on investment securities available-for-sale

 

 

 
(345
)
Other
3,621

 
2,525

 
9,378

 
7,812

Total noninterest income
25,765

 
24,060

 
75,553

 
72,890

Noninterest expense:
 

 
 

 
 

 
 

Salaries and employee benefits
24,434

 
23,164

 
71,716

 
69,391

Net occupancy
2,635

 
2,523

 
7,888

 
7,504

Furniture and equipment
6,027

 
5,769

 
18,340

 
16,942

Depreciation – leased equipment
6,198

 
6,580

 
19,122

 
19,692

Professional fees
1,603

 
1,883

 
4,907

 
5,628

Supplies and communication
1,643

 
1,635

 
4,744

 
4,687

FDIC and other insurance
260

 
855

 
1,513

 
2,267

Business development and marketing
1,844

 
1,663

 
4,471

 
4,921

Loan and lease collection and repossession
697

 
1,563

 
2,288

 
3,079

Other
1,765

 
1,707

 
4,674

 
4,665

Total noninterest expense
47,106

 
47,342

 
139,663

 
138,776

Income before income taxes
32,137

 
24,923

 
91,578

 
77,417

Income tax expense
7,689

 
5,035

 
21,517

 
16,449

Net income
24,448

 
19,888

 
70,061

 
60,968

Net (income) loss attributable to noncontrolling interests
(10
)
 

 
(42
)
 

Net income available to common shareholders
$
24,438

 
$
19,888

 
$
70,019

 
$
60,968

Per common share:
 

 
 

 
 

 
 

Basic net income per common share
$
0.95

 
$
0.76

 
$
2.72

 
$
2.33

Diluted net income per common share
$
0.95

 
$
0.76

 
$
2.72

 
$
2.33

Cash dividends
$
0.27

 
$
0.25

 
$
0.81

 
$
0.71

Basic weighted average common shares outstanding
25,520,035

 
25,965,694

 
25,630,771

 
25,958,125

Diluted weighted average common shares outstanding
25,520,035

 
25,965,694

 
25,630,771

 
25,958,125


The accompanying notes are a part of the consolidated financial statements.

4

Table of Contents

1st SOURCE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited - Dollars in thousands)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
24,448

 
$
19,888

 
$
70,061

 
$
60,968

Other comprehensive income (loss):
 

 
 

 
 

 
 

Unrealized appreciation (depreciation) of available-for-sale securities
2,920

 
(4,294
)
 
20,161

 
(15,657
)
Reclassification adjustment for realized losses included in net income

 

 

 
345

Income tax effect
(703
)
 
1,034

 
(4,855
)
 
3,687

Other comprehensive income (loss), net of tax
2,217

 
(3,260
)
 
15,306

 
(11,625
)
Comprehensive income
26,665

 
16,628

 
$
85,367

 
$
49,343

Comprehensive (income) loss attributable to noncontrolling interests
(10
)
 

 
(42
)
 

Comprehensive income available to common shareholders
$
26,655

 
$
16,628

 
$
85,325

 
$
49,343

The accompanying notes are a part of the consolidated financial statements.


5

Table of Contents

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’ Equity
 
Noncontrolling Interests
 
Total Equity
Balance at July 1, 2018
$

 
$
436,538

 
$
370,521

 
$
(54,367
)
 
$
(12,415
)
 
$
740,277

 
$

 
$
740,277

Net income

 

 
19,888

 

 

 
19,888

 

 
19,888

Other comprehensive loss

 

 

 

 
(3,260
)
 
(3,260
)
 

 
(3,260
)
Issuance of 1,214 common shares under stock based compensation awards

 

 
39

 
29

 

 
68

 

 
68

Cost of 545 shares of common stock acquired for treasury

 

 

 
(31
)
 

 
(31
)
 

 
(31
)
Common stock dividend ($0.25 per share)

 

 
(6,505
)
 

 

 
(6,505
)
 

 
(6,505
)
Balance at September 30, 2018
$

 
$
436,538

 
$
383,943

 
$
(54,369
)
 
$
(15,675
)
 
$
750,437

 
$

 
750,437

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at July 1, 2019
$

 
$
436,538

 
$
431,091

 
$
(75,380
)
 
$
2,413

 
$
794,662

 
$
10,024

 
$
804,686

Net income

 

 
24,438

 

 

 
24,438

 
10

 
24,448

Other comprehensive income

 

 

 

 
2,217

 
2,217

 

 
2,217

Issuance of 3,544 common shares under stock based compensation awards

 

 
91

 
70

 

 
161

 

 
161

Cost of 30,000 shares of common stock acquired for treasury

 

 

 
(1,406
)
 

 
(1,406
)
 

 
(1,406
)
Common stock dividend ($0.27 per share)

 

 
(6,905
)
 

 

 
(6,905
)
 

 
(6,905
)
Contributions from noncontrolling interests

 

 

 

 

 

 
9,879

 
9,879

Distributions to noncontrolling interests

 

 

 

 

 

 
(38
)
 
(38
)
Balance at September 30, 2019
$

 
$
436,538

 
$
448,715

 
$
(76,716
)
 
$
4,630

 
$
813,167

 
$
19,875

 
$
833,042

 
Nine Months Ended
 
Preferred
Stock
 
Common
Stock
 
Retained
Earnings
 
Cost of
Common
Stock
in Treasury
 
Accumulated
Other
Comprehensive
Income (Loss), Net
 
Total Shareholders’ Equity
 
Noncontrolling Interests
 
Total Equity
Balance at January 1, 2018
$

 
$
436,538

 
$
339,959

 
$
(54,628
)
 
$
(3,332
)
 
$
718,537

 
$

 
$
718,537

Cumulative-effect adjustment

 

 
718

 

 
(718
)
 

 

 

Balance at January 1, 2018, adjusted

 
436,538

 
340,677

 
(54,628
)
 
(4,050
)
 
718,537

 

 
718,537

Net income

 

 
60,968

 

 

 
60,968

 

 
60,968

Other comprehensive loss

 

 

 

 
(11,625
)
 
(11,625
)
 

 
(11,625
)
Issuance of 45,316 common shares under stock based compensation awards

 

 
762

 
1,076

 

 
1,838

 

 
1,838

Cost of 16,334 shares of common stock acquired for treasury

 

 

 
(817
)
 

 
(817
)
 

 
(817
)
Common stock dividend ($0.71 per share)

 

 
(18,464
)
 

 

 
(18,464
)
 

 
(18,464
)
Balance at September 30, 2018
$

 
$
436,538

 
$
383,943

 
$
(54,369
)
 
$
(15,675
)
 
$
750,437

 
$

 
750,437

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 

 
70,019

 

 

 
70,019

 
42

 
70,061

Other comprehensive income

 

 

 

 
15,306

 
15,306

 

 
15,306

Issuance of 50,815 common shares under stock based compensation awards

 

 
841

 
1,129

 

 
1,970

 

 
1,970

Cost of 325,787 shares of common stock acquired for treasury

 

 

 
(15,085
)
 

 
(15,085
)
 

 
(15,085
)
Common stock dividend ($0.81 per share)

 

 
(20,824
)
 

 

 
(20,824
)
 

 
(20,824
)
Contributions from noncontrolling interests

 

 

 

 

 

 
18,363

 
18,363

Distributions to noncontrolling interests