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.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Net Interest Income
348,175
300,817
278,647
263,469
Non-Interest Income
85,603
86,307
90,623
91,262
Total Revenues Before Provision for Credit Losses
433,778
387,124
369,270
354,731
Provision for Credit Losses
12,562
12,466
5,866
13,245
Total Revenues After Provision for Credit Losses
421,216
374,658
363,404
341,486
Compensation Expenses
129,564
121,909
115,612
105,110
Selling, General & Administrative Expenses
64,992
59,092
55,660
51,654
Other Non-Interest Expenses
22,283
22,600
30,452
27,935
Total Non-Interest Expense
216,839
203,601
201,724
184,699
Income Before Provision for Income Taxes
204,377
171,057
161,680
156,787
Provision for Income Taxes
46,118
38,439
36,746
36,255
Consolidated Net Income
158,259
132,618
124,934
120,532
Net Income Attributable to Minority Interests and Other
(18)
(5)
7
23
Net Income Attributable to Common Shareholders
158,277
132,623
124,927
120,509
Basic EPS
6.41
5.36
5.03
4.84
Diluted EPS
6.41
5.36
5.03
4.84
Basic Weighted Average Shares Outstanding
24,487
24,496
24,616
24,687
Diluted Weighted Average Shares Outstanding
24,487
24,496
24,616
24,687
Shares Outstanding
24,435
24,516
24,429
24,657
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
119,857
124,826
129,668
122,797
Securities and Investments
1,544,630
1,560,150
1,647,680
1,800,420
Other Earning Assets
4,866
2,569
1,442
3,914
Gross Loans
7,046,670
6,854,810
6,518,510
6,011,160
Allowance for Loan Losses
(161,846)
(155,540)
(147,552)
(139,268)
Net Loans
6,884,820
6,699,270
6,370,950
5,871,890
Net Property, Plant & Equipment
65,282
64,939
66,525
76,473
Accrued Interest and Accounts Receivable
351,921
396,285
427,779
380,010
Net Intangible Assets
83,895
83,897
83,916
83,907
Goodwill
83,895
83,897
83,916
83,907
Total Assets
9,055,270
8,931,940
8,727,960
8,339,420
Interest-bearing deposits
5,625,080
5,590,930
5,382,850
4,930,110
Noninterest-bearing deposits
1,600,500
1,639,100
1,655,730
1,998,150
Total Deposits
7,225,580
7,230,040
7,038,580
6,928,270
Short-Term Interbank Borrowing and Repurchase Agreements
112,470
72,346
55,809
141,432
Short-Term Borrowings
126,151
176,852
256,550
74,097
Long-Term Debt
102,094
97,920
106,675
105,319
Other Liabilities
170,890
173,279
202,080
166,537
Total Liabilities
7,737,180
7,750,430
7,659,700
7,415,650
Common Stock
436,538
436,538
436,538
436,538
Treasury Stock
(141,950)
(129,175)
(130,489)
(119,642)
Accumulated Other Comprehensive Income
(34,777)
(87,232)
(106,323)
(147,690)
Retained Earnings
1,015,160
890,937
789,842
694,862
Total Common Shareholders' Equity
1,274,970
1,111,070
989,568
864,068
Minority Interests and Other
43,119
70,438
78,695
59,698
Total Shareholders' Equity
1,318,090
1,181,510
1,068,260
923,766
Total Liabilities and Shareholders' Equity
9,055,270
8,931,940
8,727,960
8,339,420
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
158,259
132,618
124,934
120,532
Depreciation & Amortization
8,148
14,070
19,402
23,038
Provision for Credit Losses
12,562
12,466
5,866
13,245
Share-Based Compensation Expense
6,198
5,655
4,891
3,587
Net Change in Loans Held-for-Sale
(2,297)
(1,127)
2,472
9,370
Other Adjustments
1,824
6,292
(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)
6,974
23,521
4,115
Changes in Other Operating Activities
52,928
19,463
21,953
22,323
Cash from Operating Activities
223,117
193,853
187,936
175,530
Net Change in Loans Held-for-Investment
(205,966)
(346,279)
(507,621)
(668,228)
Net Change in Securities and Investments
53,864
72,891
149,046
(113,671)
Capital Expenditure
(10,082)
(12,367)
(5,980)
(2,380)
Proceeds from Sale of Property, Plant & Equipment
254
613
142
49
Other Investing Activities
7,710
8,537
6,127
(642)
Cash from Investing Activities
(154,220)
(276,605)
(358,286)
(784,872)
Net Change in Deposits
(4,460)
191,454
110,316
249,200
Net Change in Short-Term Interbank Borrowing and Repurchase Agreements
(10,577)
(63,161)
96,830
15,502
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 Shares
133
153
78
252
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)
18,990
6,466
Cash from Financing Activities
(73,866)
77,910
177,221
206,952
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash