Financials

1st Source Corporation financials

SRCE Banks

1st Source Corporation (NASDAQ: SRCE), founded in 1863 and headquartered in South Bend, Indiana, operates as a regional bank holding company offering a wide range of financial services including checking and savings accounts, loan products, and wealth management solutions. The company generates revenues largely from interest income and fee-based services and leverages advanced digital banking technology to enhance customer service. Led by CEO James J. Roth since 2018, 1st Source maintains a competitive position with about 1-2% market share in its operating regions, while planning strategic expansions and digital upgrades for future growth.

Snapshot

1st Source Corporation reported $434M in revenue in fiscal 2025, up 12.1% year over year.

Revenue (FY2025)
$434M
YoY growth
+12.1%
Operating margin
—
Direction
Expanding

Financial statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Net Interest Income348,175300,817278,647263,469
Non-Interest Income85,60386,30790,62391,262
Total Revenues Before Provision for Credit Losses433,778387,124369,270354,731
Provision for Credit Losses12,56212,4665,86613,245
Total Revenues After Provision for Credit Losses421,216374,658363,404341,486
Compensation Expenses129,564121,909115,612105,110
Selling, General & Administrative Expenses64,99259,09255,66051,654
Other Non-Interest Expenses22,28322,60030,45227,935
Total Non-Interest Expense216,839203,601201,724184,699
Income Before Provision for Income Taxes204,377171,057161,680156,787
Provision for Income Taxes46,11838,43936,74636,255
Consolidated Net Income158,259132,618124,934120,532
Net Income Attributable to Minority Interests and Other(18)(5)723
Net Income Attributable to Common Shareholders158,277132,623124,927120,509
Basic EPS6.415.365.034.84
Diluted EPS6.415.365.034.84
Basic Weighted Average Shares Outstanding24,48724,49624,61624,687
Diluted Weighted Average Shares Outstanding24,48724,49624,61624,687
Shares Outstanding24,43524,51624,42924,657
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents119,857124,826129,668122,797
Securities and Investments1,544,6301,560,1501,647,6801,800,420
Other Earning Assets4,8662,5691,4423,914
Gross Loans7,046,6706,854,8106,518,5106,011,160
Allowance for Loan Losses(161,846)(155,540)(147,552)(139,268)
Net Loans6,884,8206,699,2706,370,9505,871,890
Net Property, Plant & Equipment65,28264,93966,52576,473
Accrued Interest and Accounts Receivable351,921396,285427,779380,010
Net Intangible Assets83,89583,89783,91683,907
Goodwill83,89583,89783,91683,907
Total Assets9,055,2708,931,9408,727,9608,339,420
Interest-bearing deposits5,625,0805,590,9305,382,8504,930,110
Noninterest-bearing deposits1,600,5001,639,1001,655,7301,998,150
Total Deposits7,225,5807,230,0407,038,5806,928,270
Short-Term Interbank Borrowing and Repurchase Agreements112,47072,34655,809141,432
Short-Term Borrowings126,151176,852256,55074,097
Long-Term Debt102,09497,920106,675105,319
Other Liabilities170,890173,279202,080166,537
Total Liabilities7,737,1807,750,4307,659,7007,415,650
Common Stock436,538436,538436,538436,538
Treasury Stock(141,950)(129,175)(130,489)(119,642)
Accumulated Other Comprehensive Income(34,777)(87,232)(106,323)(147,690)
Retained Earnings1,015,160890,937789,842694,862
Total Common Shareholders' Equity1,274,9701,111,070989,568864,068
Minority Interests and Other43,11970,43878,69559,698
Total Shareholders' Equity1,318,0901,181,5101,068,260923,766
Total Liabilities and Shareholders' Equity9,055,2708,931,9408,727,9608,339,420
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Net Income158,259132,618124,934120,532
Depreciation & Amortization8,14814,07019,40223,038
Provision for Credit Losses12,56212,4665,86613,245
Share-Based Compensation Expense6,1985,6554,8913,587
Net Change in Loans Held-for-Sale(2,297)(1,127)2,4729,370
Other Adjustments1,8246,292(9,618)(13,693)
Changes in Accrued Interest and Accounts Receivable(2,749)(2,558)(5,485)(6,987)
Changes in Accounts Payable(11,756)6,97423,5214,115
Changes in Other Operating Activities52,92819,46321,95322,323
Cash from Operating Activities223,117193,853187,936175,530
Net Change in Loans Held-for-Investment(205,966)(346,279)(507,621)(668,228)
Net Change in Securities and Investments53,86472,891149,046(113,671)
Capital Expenditure(10,082)(12,367)(5,980)(2,380)
Proceeds from Sale of Property, Plant & Equipment25461314249
Other Investing Activities7,7108,5376,127(642)
Cash from Investing Activities(154,220)(276,605)(358,286)(784,872)
Net Change in Deposits(4,460)191,454110,316249,200
Net Change in Short-Term Interbank Borrowing and Repurchase Agreements(10,577)(63,161)96,83015,502
Repayments of Long-Term Debt(2,347)(12,630)(3,450)(25,530)
Net Issuance / (Repayments) of Long-Term Debt(2,347)(12,630)(3,450)(25,530)
Issuance of Common Shares13315378252
Repurchases of Common Shares(13,870)(178)(12,469)(6,836)
Net Issuance / (Repurchases) of Common Shares(13,737)(25)(12,391)(6,584)
Common Share Dividends Paid(38,430)(35,396)(33,074)(32,102)
Other Financing Activities(4,315)(2,332)18,9906,466
Cash from Financing Activities(73,866)77,910177,221206,952
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash(4,969)(4,842)6,871(402,390)

Key metrics

$1.53B
Market Cap
9.75x
P/E
3.63x
P/S
12.7%
Return on Equity
2.5%
Dividend Yield
50.6%
Free Cash Flow Margin

Quarterly trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026$113M+8.7%——
Q4 2025$111M+13.3%——
Q3 2025$111M+13.0%——
Q2 2025$108M+11.3%——
Q1 2025$104M———
Q4 2024$98M———
Q3 2024$98M———
Q2 2024$97M———

Margins

—
Gross margin
—
Operating margin
36.5%
Net margin

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