1ST SOURCE CORP
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 20, 2024
SRCE$87.85-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flow
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31 (Dollars in thousands) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating activities: | |||
| Net income | $124,934 | $120,532 | $118,557 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision (recovery of provision) for credit losses | 5,866 | 13,245 | (4,303) |
| Depreciation of premises and equipment | 4,452 | 4,596 | 5,093 |
| Depreciation of equipment owned and leased to others | 7,093 | 10,023 | 13,694 |
| Stock-based compensation | 4,891 | 3,587 | 4,214 |
| Amortization of investment securities premiums and accretion of discounts, net | 3,939 | 3,951 | 6,684 |
| Amortization of mortgage servicing rights | 845 | 1,287 | 2,117 |
| Mortgage servicing rights recoveries | — | — | (812) |
| Amortization of right of use assets | 3,073 | 3,181 | 3,095 |
| Deferred income taxes | (9,462) | (9,461) | 15,396 |
| Losses on investment securities available-for-sale | 2,926 | 184 | 680 |
| Originations of loans held for sale, net of principal collected | (43,665) | (86,185) | (261,558) |
| Proceeds from the sales of loans held for sale | 47,060 | 97,166 | 268,226 |
| Net gains on sale of loans held for sale | (923) | (1,611) | (7,067) |
| Net gains on sale of other real estate and repossessions | (123) | (410) | (672) |
| Change in interest receivable | (5,485) | (6,987) | 2,482 |
| Change in interest payable | 23,521 | 4,115 | (2,111) |
| Change in other assets | 4,089 | 413 | 17,757 |
| Change in other liabilities | 17,864 | 21,910 | (14,990) |
| Other | (2,959) | (4,006) | 279 |
| Net change in operating activities | 187,936 | 175,530 | 166,761 |
| Investing activities: | |||
| Proceeds from sales of investment securities available-for-sale | 102,437 | 23,795 | 99,208 |
| Proceeds from maturities and paydowns of investment securities available-for-sale | 145,006 | 206,426 | 336,364 |
| Purchases of investment securities available-for-sale | (47,494) | (327,496) | (1,145,697) |
| Net change in partnership investments | (51,121) | (18,292) | (24,897) |
| Net change in other investments | 218 | 1,896 | 240 |
| Loans sold or participated to others | 49,603 | 57,473 | 54,623 |
| Proceeds from principal payments on direct finance leases | 71,044 | 58,654 | 40,751 |
| Net change in loans and leases | (628,268) | (784,355) | 36,414 |
| Net change in equipment owned under operating leases | 4,241 | 6,710 | 2,913 |
| Purchases of premises and equipment | (5,980) | (2,380) | (2,886) |
| Proceeds from disposal of premises and equipment | 142 | 49 | 129 |
| Purchases of bank owned life insurance policies | — | (10,000) | — |
| Proceeds from sales of other real estate and repossessions | 1,886 | 2,648 | 4,279 |
| Net change in investing activities | (358,286) | (784,872) | (598,559) |
| Financing activities: | |||
| Net change in demand deposits and savings accounts | (487,911) | (7,122) | 1,016,257 |
| Net change in time deposits | 598,227 | 256,322 | (283,220) |
| Net change in short-term borrowings | 96,830 | 15,502 | 49,386 |
| Payments on long-term debt | (3,450) | (25,530) | (13,460) |
| Stock issued under stock purchase plans | 78 | 252 | 90 |
| Acquisition of treasury stock | (12,469) | (6,836) | (33,136) |
| Net contributions from (distributions to) noncontrolling interests | 18,990 | 6,466 | 9,361 |
| Cash dividends paid on common stock | (33,074) | (32,102) | (31,340) |
| Net change in financing activities | 177,221 | 206,952 | 713,938 |
| Net change in cash and cash equivalents | 6,871 | (402,390) | 282,140 |
| Cash and cash equivalents, beginning of year | 122,797 | 525,187 | 243,047 |
| Cash and cash equivalents, end of year | $129,668 | $122,797 | $525,187 |
| Supplemental Information: | |||
| Non-cash transactions: | |||
| Loans transferred to other real estate and repossessions | $2,038 | $1,811 | $2,440 |
| Common stock matching contribution to Employee Stock Ownership and Profit Sharing Plan | 1,753 | 683 | 715 |
| Right of use assets obtained in exchange for lease obligation | 3,852 | 2,027 | 1,344 |
| Cash paid for: | |||
| Interest | $114,739 | $26,233 | $20,245 |
| Income taxes | 17,799 | 23,258 | 15,360 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.