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1st 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 in the United States. The company's consumer banking services, which include checking and savings accounts; certificates of deposit; health savings and 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. It also provides commercial, small business, agricultural, and real estate loans for financing of industrial and commercial properties, equipment, inventories, accounts receivables, acquisition, and general corporate purposes; and commercial leasing, treasury management, payment services, Fedwires, ACH and merchant services, and retirement planning services, as well as construction and permanent loans and tax equity investments for community solar, commercial and industrial, small utility scale, university, and municipal projects. In addition, the company offers trust, investment, agency, and custodial services for individual, estate and trust, corporate, and not-for-profit customers, as well as employee benefit plans and charitable foundations. Further, it provides equipment loan and lease products for construction equipment, aircraft, autos and light trucks, and medium and heavy-duty trucks; and financing services for construction equipment, new and pre-owned private and cargo aircraft, and various vehicle types for fleet purposes. Additionally, it offers property, casualty, individual and group health, and life insurance products and services for individuals and businesses; and owns and manages available-for-sale investment securities. 1st Source Corporation was founded in 1863 and is headquartered in South Bend, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $434M | - | $158M | $213M | - | 12.1% | 19.3% |
| 2024 | $387M | - | $133M | $181M | 11.2% | 4.8% | 6.2% |
| 2023 | $369M | - | $125M | $182M | 11.7% | 4.1% | 3.7% |
| 2022 | $355M | - | $121M | $173M | 13.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 354.73 | 369.27 | 387.12 | 433.78 |
| Pretax Income | 156.79 | 161.68 | 171.06 | 204.38 |
| Tax Provision | 36.26 | 36.75 | 38.44 | 46.12 |
| Net Income | 120.51 | 124.93 | 132.62 | 158.28 |
| Net Income Common Stockholders | 119.51 | 123.74 | 131.40 | 156.86 |
| Interest Expense | 30.35 | 138.26 | 183.20 | 166.22 |
| Interest Income | 293.82 | 416.91 | 484.02 | 514.39 |
| Selling General And Administration | 108.73 | 121.54 | 128.05 | 144.21 |
| Normalized Income | 120.51 | 124.93 | 132.62 | 158.28 |
| Basic EPS | 4.84 | 5.03 | 5.36 | 0 |
| Diluted EPS | 4.84 | 5.03 | 5.36 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.23 | 0.23 | 0.23 | 0.23 |
| Net Income From Continuing Operation Net Minority Interest | 120.51 | 124.93 | 132.62 | 158.28 |
| Reconciled Depreciation | 19.09 | 15.46 | 12.36 | 11.27 |
| Net Interest Income | 263.47 | 278.65 | 300.82 | 348.18 |
| Net Income From Continuing And Discontinued Operation | 120.51 | 124.93 | 132.62 | 158.28 |
| Diluted Average Shares | 24.69 | 24.62 | 24.50 | 0 |
| Basic Average Shares | 24.69 | 24.62 | 24.50 | 0 |
| Diluted NI Availto Com Stockholders | 119.51 | 123.74 | 131.40 | 156.86 |
| Otherunder Preferred Stock Dividend | 0.99 | 1.19 | 1.23 | 1.41 |
| Minority Interests | -0.02 | -0.01 | 0.01 | 0.02 |
| Net Income Including Noncontrolling Interests | 120.53 | 124.93 | 132.62 | 158.26 |
| Net Income Continuous Operations | 120.53 | 124.93 | 132.62 | 158.26 |
| Gain On Sale Of Security | -0.18 | -2.93 | -3.89 | -8.68 |
| Depreciation Amortization Depletion Income Statement | 10.02 | 7.09 | 4.07 | 2.42 |
| Depreciation And Amortization In Income Statement | 10.02 | 7.09 | 4.07 | 2.42 |
| Depreciation Income Statement | 10.02 | 7.09 | 4.07 | 2.42 |
| Selling And Marketing Expense | 0 | 0 | 0 | 8.86 |
| General And Administrative Expense | 108.73 | 121.54 | 128.05 | 135.36 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 3.62 | 5.93 | 6.14 | 5.79 |
| Salaries And Wages | 105.11 | 115.61 | 121.91 | 129.56 |
| Operating Revenue | 354.73 | 369.27 | 387.12 | 433.78 |
| Occupancy And Equipment | 16.18 | 16.74 | 17.55 | 19.18 |
| Professional Expense And Contract Services Expense | 7.28 | 6.71 | 7.10 | 7.12 |
| Other Non Interest Expense | 42.48 | 49.65 | 46.83 | 43.92 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| 1st Source Corporationthis co. | SRCE | $1.7B | 11.13↓ discount | 1.39 | - | - |
| EZCORP, Inc. | EZPW | $1.8B | 17.93 | 1.92 | 10.7% | 11.17 |
| Triumph Financial, Inc. | TFIN | $1.8B | 63.42 | 1.79 | 2.8% | - |
| Fidelis Insurance Holdings Limited | FIHL | $1.8B | 9.90 | 0.84 | 9.4% | - |
| Northwest Bancshares, Inc. | NWBI | $1.8B |
| 15.41 |
| 1.03 |
| 6.7% |
| - |
| Walker & Dunlop, Inc. | WD | $1.8B | 31.36 | 1.02 | 3.2% | 11.37 |
| Live Oak Bancshares, Inc. | LOB | $1.7B | 14.44 | 1.51 | 8.4% | - |
| National Bank Holdings Corporation | NBHC | $1.6B | 17.37 | 1.37 | 7.9% | - |
| Bank First Corporation | BFC | $1.6B | 20.03 | 1.98 | 11.1% | - |
| Peer Median | - | 17.65 | 1.44 | 8.2% | 11.27 | |