1st Source Corporation (SRCE) 10-Year Financial Performance & Capital Metrics

SRCE • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

About1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards. The company also offers commercial, small business, agricultural, and real estate loans for general corporate purposes, including financing for industrial and commercial properties, equipment, inventories, accounts receivables, and renewable energy and acquisition financing; and commercial leasing, treasury management, and retirement planning services. In addition, it provides trust, investment, agency, and custodial services comprising administration of estates and personal trusts, as well as management of investment accounts for individuals, employee benefit plans, and charitable foundations. Further, the company offers equipment loan and lease products for construction equipment, new and pre-owned aircraft, auto and light trucks, and medium and heavy duty trucks; and finances construction equipment, aircrafts, medium and heavy duty trucks, step vans, vocational work trucks, motor coaches, shuttle buses, funeral cars, automobiles, and other equipment. Additionally, it provides corporate and personal property, casualty, and individual and group health and life insurance products and services. As of December 31, 2021, the company operated through 79 banking centers in 18 counties in Indiana and Michigan, as well as Sarasota County in Florida. 1st Source Corporation was founded in 1863 and is headquartered in South Bend, Indiana.Show more

Net Interest Income $301M +8.0%
Total Revenue $570M +12.4%
Net Income $133M +6.2%
Return on Equity 11.79% -6.0%
Net Interest Margin 3.37% +5.5%
Efficiency Ratio 35.7% -10.2%
ROA 1.5% +2.6%
Equity / Assets 13.23% +8.1%
Book Value per Share 48.23 +11.1%
Tangible BV/Share 44.81 +12.1%
Debt/Equity 0.28 -26.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 29 years of consecutive increases
✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 35.7% efficiency ratio
✓Well capitalized: 13.2% equity/assets
✓Healthy dividend yield of 2.2%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.32%

5Y8.23%

3Y17.13%

TTM-

Profit (Net Income) CAGR

10Y8.61%

5Y7.6%

3Y3.81%

TTM14.63%

EPS CAGR

10Y9.26%

5Y8.47%

3Y4.48%

TTM14.86%

ROCE

10Y Avg12.53%

5Y Avg12.98%

3Y Avg13.42%

Latest12.09%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	166.52M	169.66M	185.63M	213.91M	223.87M	225.82M	236.64M	263.47M	278.65M	300.82M
NII Growth %	0.04%	0.02%	0.09%	0.15%	0.05%	0.01%	0.05%	0.11%	0.06%	0.08%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	184.68M	191.76M	212.38M	257.32M	282.88M	263.03M	254.77M	293.82M	416.91M	484.02M
Interest Expense	18.16M	22.1M	26.75M	43.41M	59.01M	37.21M	18.13M	30.35M	138.26M	183.2M
Loan Loss Provision	2.16M	5.83M	8.98M	19.46M	15.83M	36M	-4.3M	13.24M	5.87M	12.47M
Non-Interest Income+	83.32M	88.94M	98.71M	97.05M	101.13M	103.89M	100.09M	91.26M	90.62M	86.31M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	268M	280.7M	311.09M	354.37M	384.01M	366.92M	354.86M	385.08M	507.53M	570.32M
Revenue Growth %	0.05%	0.05%	0.11%	0.14%	0.08%	-0.04%	-0.03%	0.09%	0.32%	0.12%
Non-Interest Expense	159.11M	163.65M	174M	186.47M	189.01M	187.37M	185.34M	184.7M	201.72M	203.6M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	88.56M	89.13M	101.36M	105.03M	120.15M	106.34M	154.88M	156.79M	161.68M	171.06M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.05%	0.01%	0.14%	0.04%	0.14%	-0.11%	0.46%	0.01%	0.03%	0.06%
Pretax Income+	88.56M	89.13M	101.36M	105.03M	120.15M	106.34M	154.88M	156.79M	161.68M	171.06M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	31.08M	31.34M	33.31M	22.61M	28.14M	24.88M	36.33M	36.26M	36.75M	38.44M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	57.49M	57.79M	68.05M	82.41M	91.96M	81.44M	118.53M	120.51M	124.93M	132.62M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.01%	0.01%	0.18%	0.21%	0.12%	-0.11%	0.46%	0.02%	0.04%	0.06%
Net Income (Continuing)	57.49M	57.79M	68.05M	82.41M	92.02M	81.46M	118.56M	120.53M	124.93M	132.62M
EPS (Diluted)+	2.17	2.22	2.60	3.16	3.57	3.17	4.70	4.84	5.03	5.36
EPS Growth %	-0.02%	0.02%	0.17%	0.22%	0.13%	-0.11%	0.48%	0.03%	0.04%	0.07%
EPS (Basic)	2.17	2.22	2.60	3.16	3.57	3.17	4.70	4.84	5.03	5.36
Diluted Shares Outstanding	26.17M	25.88M	25.93M	25.94M	25.6M	25.53M	25.04M	24.69M	24.62M	24.5M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	65.17M	58.58M	73.64M	94.91M	67.22M	74.19M	54.42M	84.7M	77.47M	76.84M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	4.73B	4.99B	5.38B	5.76B	6.06B	6.59B	7.12B	7.68B	8.02B	8.26B
Investments Growth %	0.07%	0.05%	0.08%	0.07%	0.05%	0.09%	0.08%	0.08%	0.04%	0.03%
Long-Term Investments	3.94B	4.14B	4.47B	4.77B	5.02B	5.39B	5.26B	5.9B	6.4B	7.32B
Accounts Receivables	0	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	83.68M	83.86M	83.87M	83.87M	83.87M	83.87M	83.9M	83.9M
Intangible Assets	84.68M	84.1M	62K	133K	104K	82K	60K	40K	21K	2K
PP&E (Net)	163.56M	175.5M	194.19M	186.58M	163.9M	114.41M	95.47M	76.47M	66.53M	64.94M
Other Assets	14.55M	49.73M	4.4M	4.17M	16.15M	168.86M	470.77M	38.09M	479.97M	444.27M
Total Current Assets	986.75M	1.04B	1.13B	1.24B	1.34B	1.56B	2.19B	2.24B	1.7B	1.02B
Total Non-Current Assets	4.2B	4.45B	4.75B	5.05B	5.29B	5.76B	5.91B	6.1B	7.03B	7.91B
Total Assets+	5.19B	5.49B	5.89B	6.29B	6.62B	7.32B	8.1B	8.34B	8.73B	8.93B
Asset Growth %	0.07%	0.06%	0.07%	0.07%	0.05%	0.1%	0.11%	0.03%	0.05%	0.02%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.02%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	349.37M	425.01M	324.47M	312.69M	258.32M	270.91M	309.44M	302.94M	397.39M	325.05M
Net Debt	284.2M	366.44M	250.84M	217.78M	191.11M	196.72M	255.02M	218.24M	319.92M	248.21M
Long-Term Debt	116.14M	133.07M	109.88M	113.34M	112.43M	120.27M	109.42M	87.41M	85.03M	75.85M
Short-Term Debt	233.23M	291.94M	214.59M	199.34M	145.89M	150.64M	200.03M	215.53M	312.36M	249.2M
Other Liabilities	0	0	18.95M	16.54M	17.97M	20.36M	20.6M	17.91M	223.72M	195.35M
Total Current Liabilities	4.43B	4.68B	5.04B	5.4B	5.64B	6.25B	7B	7.31B	7.35B	7.48B
Total Non-Current Liabilities	116.14M	133.07M	128.82M	129.89M	130.4M	140.63M	130.01M	105.32M	308.75M	271.2M
Total Liabilities	4.54B	4.81B	5.17B	5.53B	5.77B	6.39B	7.13B	7.42B	7.66B	7.75B
Total Equity+	644.05M	672.65M	718.54M	763.59M	848.64M	930.67M	969.46M	923.77M	1.07B	1.18B
Equity Growth %	0.05%	0.04%	0.07%	0.06%	0.11%	0.1%	0.04%	-0.05%	0.16%	0.11%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.09%	0.1%	0.11%	0.11%	0.09%	0.12%	0.13%	0.13%	0.12%
Book Value per Share	24.61	25.99	27.71	29.44	33.15	36.46	38.72	37.42	43.40	48.23
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	436.54M	436.54M	436.54M	436.54M	436.54M	436.54M	436.54M	436.54M	436.54M	436.54M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	251.81M	290.82M	339.96M	398.98M	463.27M	514.18M	603.79M	694.86M	789.84M	890.94M
Accumulated OCI	6.55M	1.34M	-3.33M	-10.68M	5.17M	18.37M	-9.86M	-147.69M	-106.32M	-87.23M
Treasury Stock	-50.85M	-56.06M	-54.63M	-62.76M	-76.7M	-82.24M	-114.21M	-119.64M	-130.49M	-129.18M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	100.61M	98.06M	139.7M	159.69M	164.61M	154.49M	166.76M	175.53M	187.94M	193.85M
Operating CF Growth %	0.39%	-0.03%	0.42%	0.14%	0.03%	-0.06%	0.08%	0.05%	0.07%	0.03%
Net Income	57.49M	57.79M	68.05M	82.41M	92.02M	81.46M	118.56M	120.53M	124.93M	132.62M
Depreciation & Amortization	24.48M	28.4M	31.96M	32.82M	35.27M	31.08M	24M	19.09M	15.46M	12.36M
Deferred Taxes	1.62M	2.86M	2.77M	-550K	-5.73M	-24.16M	15.4M	-9.46M	-9.46M	2.43M
Other Non-Cash Items	12.94M	4.1M	14.93M	25.37M	10.86M	50.78M	1.46M	22.33M	12.12M	16.91M
Working Capital Changes	234K	2.04M	19.02M	16.09M	29.43M	12.04M	3.14M	19.45M	39.99M	23.88M
Cash from Investing+	-381.61M	-309.85M	-484.64M	-457.95M	-333.92M	-582.66M	-598.56M	-784.87M	-358.29M	-276.61M
Purchase of Investments	-148.94M	-313.56M	-472.88M	-255.21M	-351.2M	-597.3M	-1.15B	-327.5M	-47.49M	-324.73M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-307.04M	-201.55M	-366.5M	-332.69M	-289.49M	-435.52M	114.21M	-687.11M	-552.47M	-371.53M
Cash from Financing+	294.54M	240.37M	314.67M	319.3M	153.6M	587.85M	713.94M	206.95M	177.22M	77.91M
Dividends Paid	-18.13M	-19.42M	-20.43M	-25.69M	-29.02M	-29.76M	-31.34M	-32.1M	-33.07M	-35.4M
Share Repurchases	-9.97M	-8.03M	-41K	-9.27M	-15.09M	-6.42M	-33.14M	-6.84M	-12.47M	-178K
Stock Issued	149K	120K	153K	145K	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	-1000K
Other Financing	336.48M	194.69M	419.12M	371.25M	253.85M	612.18M	742.49M	255.92M	129.38M	189.28M
Net Change in Cash+	13.53M	28.58M	-30.27M	21.05M	-15.71M	159.68M	282.14M	-402.39M	6.87M	-4.84M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	66.19M	79.72M	108.3M	78.03M	99.08M	83.36M	243.05M	525.19M	122.8M	129.67M
Cash at End	79.72M	108.3M	78.03M	99.08M	83.36M	243.05M	525.19M	122.8M	129.67M	124.83M
Interest Paid	17.36M	21.53M	25.53M	40.41M	54.04M	47.13M	20.25M	26.23M	114.74M	176.23M
Income Taxes Paid	30.43M	19.87M	10.57M	8.27M	5.58M	13.46M	15.36M	23.26M	17.8M	11.28M
Free Cash Flow+	36.6M	59.02M	88.25M	135.53M	154.08M	151.64M	163.88M	173.15M	181.96M	181.49M
FCF Growth %	-0.01%	0.61%	0.5%	0.54%	0.14%	-0.02%	0.08%	0.06%	0.05%	-0%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.14%	8.78%	9.78%	11.12%	11.41%	9.15%	12.48%	12.73%	12.54%	11.79%
Return on Assets (ROA)	1.15%	1.08%	1.2%	1.35%	1.42%	1.17%	1.54%	1.47%	1.46%	1.5%
Net Interest Margin	3.21%	3.09%	3.15%	3.4%	3.38%	3.09%	2.92%	3.16%	3.19%	3.37%
Efficiency Ratio	59.37%	58.3%	55.93%	52.62%	49.22%	51.06%	52.23%	47.96%	39.75%	35.7%
Equity / Assets	12.41%	12.26%	12.2%	12.13%	12.81%	12.72%	11.97%	11.08%	12.24%	13.23%
Book Value / Share	24.61	25.99	27.71	29.44	33.15	36.46	38.72	37.42	43.4	48.23
NII Growth	3.86%	1.88%	9.41%	15.23%	4.66%	0.87%	4.79%	11.34%	5.76%	7.96%
Dividend Payout	31.53%	33.6%	30.02%	31.17%	31.56%	36.55%	26.44%	26.64%	26.47%	26.69%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Fiduciary and Trust	21.07M	20.69M	21.11M	23.78M	23.11M	23.71M	26.71M
Fiduciary and Trust Growth	-	-1.80%	2.04%	12.64%	-2.84%	2.59%	12.67%
Debit Card	13.37M	14.21M	14.98M	18.13M	18.05M	17.98M	17.79M
Debit Card Growth	-	6.28%	5.45%	20.97%	-0.40%	-0.40%	-1.08%
Deposit Account	10.45M	11.01M	9.48M	10.59M	12.15M	12.75M	12.88M
Deposit Account Growth	-	5.32%	-13.85%	11.64%	14.70%	4.96%	1.00%

Frequently Asked Questions

Valuation & Price

1st Source Corporation (SRCE) has a price-to-earnings (P/E) ratio of 12.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

1st Source Corporation (SRCE) grew revenue by 12.4% over the past year. This is steady growth.

Yes, 1st Source Corporation (SRCE) is profitable, generating $148.6M in net income for fiscal year 2024 (23.3% net margin).

Dividend & Returns

Yes, 1st Source Corporation (SRCE) pays a dividend with a yield of 2.21%. This makes it attractive for income-focused investors.

1st Source Corporation (SRCE) has a return on equity (ROE) of 11.8%. This is reasonable for most industries.

Industry Metrics

1st Source Corporation (SRCE) has a net interest margin (NIM) of 3.4%. This indicates healthy earnings from lending activities.

1st Source Corporation (SRCE) has an efficiency ratio of 35.7%. This is excellent, indicating strong cost control.

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