1st Source Corporation (Parent Company Only) Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of statements of financial condition

STATEMENTS OF FINANCIAL CONDITION

December 31 (Dollars in thousands)	2020		2019
ASSETS
Cash and cash equivalents	$	113,242	$	107,285
Short-term investments with bank subsidiary	500		500
Investments in:
Bank subsidiaries	858,993		806,192
Non-bank subsidiaries	1		1
Right of use assets	17,452		17,106
Other assets	5,251		4,442
Total assets	$	995,439	$	935,526
LIABILITIES AND SHAREHOLDERS’ EQUITY
Commercial paper	$	4,767	$	3,993
Long-term debt and mandatorily redeemable securities	26,681		25,819
Subordinated notes	58,764		58,764
Operating lease liability	17,369		17,329
Other liabilities	1,013		1,344
Total liabilities	108,594		107,249
Total shareholders’ equity	886,845		828,277
Total liabilities and shareholders’ equity	$	995,439	$	935,526

Schedule of statements of income

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Year Ended December 31 (Dollars in thousands)	2020		2019		2018
Income:
Dividends from bank subsidiary	$	46,207	$	46,735	$	45,080
Rental (reimbursements to) income from subsidiaries	(908)		2,505		2,613
Other	293		366		367
Investment securities and other investment (losses) gains	(44)		109		(180)
Total income	45,548		49,715		47,880
Expenses:
Interest on subordinated notes	3,367		3,677		3,625
Interest on long-term debt and mandatorily redeemable securities	2,151		2,228		1,624
Interest on commercial paper and other short-term borrowings	11		13		14
Occupancy	1,816		1,861		1,774
Other	667		586		642
Total expenses	8,012		8,365		7,679
Income before income tax benefit and equity in undistributed income of subsidiaries	37,536		41,350		40,201
Income tax benefit	1,747		987		1,009
Income before equity in undistributed income of subsidiaries	39,283		42,337		41,210
Equity in undistributed income of subsidiaries:
Bank subsidiaries	42,178		49,678		41,204
Net income	$	81,461	$	92,015	$	82,414
Comprehensive income	$	94,660	$	107,863	$	75,788

Schedule of statements of cash flow

STATEMENTS OF CASH FLOWS

Year Ended December 31 (Dollars in thousands)	2020		2019		2018
Operating activities:
Net income	$	81,461	$	92,015	$	82,414
Adjustments to reconcile net income to net cash provided by operating activities:
Equity (undistributed) distributed in excess of income of subsidiaries	(42,178)		(49,678)		(41,204)
Depreciation of premises and equipment	2		2		2
Amortization of right of use assets	1,107		1,350		—
Stock-based compensation	94		78		71
Realized/unrealized investment securities and other investment losses (gains)	44		(109)		180
Other	(103)		533		45
Net change in operating activities	40,427		44,191		41,508
Investing activities:
Net change in partnership investments	(182)		(260)		(980)
Capital contribution to subsidiary	—		(325)		—
Net change in investing activities	(182)		(585)		(980)
Financing activities:
Net change in commercial paper	774		(332)		(1,790)
Proceeds from issuance of long-term debt and mandatorily redeemable securities	1,640		1,611		1,867
Payments on long-term debt and mandatorily redeemable securities	(2,268)		(2,068)		(1,064)
Stock issued under stock purchase plans	39		49		145
Net proceeds from issuance of treasury stock	1,706		1,878		1,763
Acquisition of treasury stock	(6,415)		(15,085)		(9,271)
Cash dividends paid on common stock	(29,764)		(29,021)		(25,686)
Net change in financing activities	(34,288)		(42,968)		(34,036)
Net change in cash and cash equivalents	5,957		638		6,492
Cash and cash equivalents, beginning of year	107,285		106,647		100,155
Cash and cash equivalents, end of year	$	113,242	$	107,285	$	106,647