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1st Source Corporation (Parent Company Only) Financial Information
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
1st Source Corporation (Parent Company Only) Financial Information 1st Source Corporation (Parent Company Only) Financial Information
STATEMENTS OF FINANCIAL CONDITION
December 31 (Dollars in thousands)
 
2019
 
2018
ASSETS
 
 

 
 

Cash and cash equivalents
 
$
107,285

 
$
106,647

Short-term investments with bank subsidiary
 
500

 
500

Investments in:
 
 

 
 

Bank subsidiaries
 
806,192

 
740,697

Non-bank subsidiaries
 
1

 
1

Right of use assets
 
17,106

 
—

Other assets
 
4,442

 
4,191

Total assets
 
$
935,526

 
$
852,036

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

Commercial paper
 
$
3,993

 
$
4,325

Long-term debt and mandatorily redeemable securities
 
25,819

 
24,676

Subordinated notes
 
58,764

 
58,764

Operating lease liability
 
17,329

 
—

Other liabilities
 
1,344

 
2,189

Total liabilities
 
107,249

 
89,954

Total shareholders’ equity
 
828,277

 
762,082

Total liabilities and shareholders’ equity
 
$
935,526

 
$
852,036


STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Year Ended December 31 (Dollars in thousands)
 
2019
 
2018
 
2017
Income:
 
 

 
 

 
 

Dividends from bank subsidiary
 
$
46,735

 
$
45,080

 
$
38,317

Dividends from non-bank subsidiary
 
—

 
—

 
958

Rental income from subsidiaries
 
2,505

 
2,613

 
2,354

Other
 
366

 
367

 
422

Investment securities and other investment gains (losses)
 
109

 
(180
)
 
6,431

Total income
 
49,715

 
47,880

 
48,482

Expenses:
 
 

 
 

 
 

Interest on subordinated notes
 
3,677

 
3,625

 
4,002

Interest on long-term debt and mandatorily redeemable securities
 
2,228

 
1,624

 
1,685

Interest on commercial paper and other short-term borrowings
 
13

 
14

 
17

Occupancy
 
1,861

 
1,774

 
2,070

Other
 
586

 
642

 
1,733

Total expenses
 
8,365

 
7,679

 
9,507

Income before income tax benefit and equity in undistributed income of subsidiaries
 
41,350

 
40,201

 
38,975

Income tax benefit
 
987

 
1,009

 
204

Income before equity in undistributed income of subsidiaries
 
42,337

 
41,210

 
39,179

Equity in undistributed income of subsidiaries:
 
 

 
 

 
 

Bank subsidiaries
 
49,678

 
41,204

 
28,872

Non-bank subsidiaries
 
—

 
—

 
—

Net income
 
$
92,015

 
$
82,414

 
$
68,051

Comprehensive income
 
$
107,863

 
$
75,788

 
$
63,375


STATEMENTS OF CASH FLOWS
Year Ended December 31 (Dollars in thousands) 
 
2019
 
2018
 
2017
Operating activities:
 
 

 
 

 
 

Net income
 
$
92,015

 
$
82,414

 
$
68,051

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

 
 

Equity (undistributed) distributed in excess of income of subsidiaries
 
(49,678
)
 
(41,204
)
 
(28,872
)
Depreciation of premises and equipment
 
2

 
2

 
2

Amortization of right of use assets
 
1,350

 
—

 
—

Stock-based compensation
 
78

 
71

 
48

Realized/unrealized investment securities and other investment (gains) losses
 
(109
)
 
180

 
(6,431
)
Other
 
533

 
45

 
4,122

Net change in operating activities
 
44,191

 
41,508

 
36,920

Investing activities:
 
 

 
 

 
 

Proceeds from sales and maturities of investment securities
 
—

 
—

 
6,327

Net change in partnership investments
 
(260
)
 
(980
)
 
(62
)
Capital contribution to subsidiary
 
(325
)
 
—

 
—

Return of capital from subsidiaries
 
—

 
—

 
854

Net change in investing activities
 
(585
)
 
(980
)
 
7,119

Financing activities:
 
 

 
 

 
 

Net change in commercial paper
 
(332
)
 
(1,790
)
 
354

Proceeds from issuance of long-term debt and mandatorily redeemable securities
 
1,611

 
1,867

 
1,248

Payments on long-term debt and mandatorily redeemable securities
 
(2,068
)
 
(1,064
)
 
(667
)
Stock issued under stock purchase plans
 
49

 
145

 
153

Net proceeds from issuance of treasury stock
 
1,878

 
1,763

 
2,176

Acquisition of treasury stock
 
(15,085
)
 
(9,271
)
 
(41
)
Cash dividends paid on common stock
 
(29,021
)
 
(25,686
)
 
(20,431
)
Net change in financing activities
 
(42,968
)
 
(34,036
)
 
(17,208
)
Net change in cash and cash equivalents
 
638

 
6,492

 
26,831

Cash and cash equivalents, beginning of year
 
106,647

 
100,155

 
73,324

Cash and cash equivalents, end of year
 
$
107,285

 
$
106,647

 
$
100,155