1ST SOURCE CORP

For the period ended Dec 31, 2023. Filed Feb 20, 2024.

About this filing

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.

See the whole filing, with its images and exhibits

Contents

Consolidated Statements of Income

Year Ended December 31 (Dollars in thousands, except per share amounts)	2023	2022	2021
Interest income:
Loans and leases	$387,298	$263,894	$235,031
Investment securities, taxable	24,501	26,294	17,767
Investment securities, tax-exempt	1,445	1,049	601
Other	3,663	2,579	1,373
Total interest income	416,907	293,816	254,772
Interest expense:
Deposits	123,162	25,231	12,276
Short-term borrowings	7,032	1,497	115
Subordinated notes	4,174	3,550	3,267
Long-term debt and mandatorily redeemable securities	3,892	69	2,476
Total interest expense	138,260	30,347	18,134
Net interest income	278,647	263,469	236,638
Provision (recovery of provision) for credit losses	5,866	13,245	(4,303)
Net interest income after provision for credit losses	272,781	250,224	240,941
Noninterest income:
Trust and wealth advisory	23,706	23,107	23,782
Service charges on deposit accounts	12,749	12,146	10,589
Debit card	17,980	18,052	18,125
Mortgage banking	3,471	4,122	11,822
Insurance commissions	6,911	6,703	7,247
Equipment rental	8,837	12,274	16,647
Losses on investment securities available-for-sale	(2,926)	(184)	(680)
Other	19,895	15,042	12,560
Total noninterest income	90,623	91,262	100,092
Noninterest expense:
Salaries and employee benefits	115,612	105,110	105,808
Net occupancy	11,090	10,728	10,524
Furniture and equipment	5,653	5,448	5,977
Data processing	25,055	22,375	19,877
Depreciation — leased equipment	7,093	10,023	13,694
Professional fees	6,705	7,280	8,676
FDIC and other insurance	5,926	3,625	2,677
Business development and marketing	7,157	5,823	8,013
Other	17,433	14,287	10,902
Total noninterest expense	201,724	184,699	186,148
Income before income taxes	161,680	156,787	154,885
Income tax expense	36,746	36,255	36,328
Net income	124,934	120,532	118,557
Net (income) loss attributable to noncontrolling interests	(7)	(23)	(23)
Net income available to common shareholders	$124,927	$120,509	$118,534
Basic net income per common share	$5.03	$4.84	$4.70
Diluted net income per common share	$5.03	$4.84	$4.70

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.