1ST SOURCE CORP SRCE
1st Source Corporation, an Indiana corporation incorporated in 1971, is a bank holding company headquartered in South Bend, Indiana that provides, through its subsidiaries (collectively referred to as "1st Source", the "Company", "we", and "our"), a broad array of financial products and services. 1st Source Bank ("Bank"), its wholly-owned banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients (through 1st Source Insurance, Inc.) from most of our 78 banking center locations in 19 counties in Indiana and Michigan and Sarasota County in Florida. 1st Source Bank's Specialty Finance Group, with 15 locations nationwide, offers specialized financing services for construction equipment, new and pre-owned private and cargo aircraft, and various vehicle types (cars, trucks, vans) for fleet purposes. While our Specialty Finance lending portfolio is concentrated in certain equipment types, we serve a diverse client base. We are not dependent upon any single industry or client. At December 31, 2025, we had consolidated total assets of $9.06 billion, total loans and leases of $7.05 billion, total deposits of $7.23 billion, and total shareholders' equity of $1.27 billion.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $514.4M | $484.0M | $416.9M | $293.8M | $254.8M | $263.0M | $282.9M | $257.3M | $212.4M | $191.8M |
| Interest expense | $348.2M | $300.8M | $278.6M | $263.5M | $18.1M | $37.2M | $59.0M | $43.4M | $26.8M | $22.1M |
| Pre-tax income | $204.4M | $171.1M | $161.7M | $156.8M | $154.9M | $106.3M | $120.2M | $105.0M | $101.4M | $89.1M |
| Income tax | $46.1M | $38.4M | $36.7M | $36.3M | $36.3M | $24.9M | $28.1M | $22.6M | $33.3M | $31.3M |
| Net income | $158.3M | $132.6M | $124.9M | $120.5M | $118.6M | $81.5M | $92.0M | $82.4M | $68.1M | $57.8M |
| EPS, basic | 6.41 | 5.36 | 5.03 | 4.84 | 4.70 | 3.17 | 3.57 | 3.16 | 2.60 | 2.22 |
| EPS, diluted | 6.41 | 5.36 | 5.03 | 4.84 | 4.70 | 3.17 | 3.57 | 3.16 | 2.60 | 2.22 |
| Shares, diluted (wtd. avg.) | $24.5M | $24.5M | $24.6M | $24.7M | $25.0M | $25.5M | $25.6M | $25.9M | $25.9M | $25.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $119.9M | $124.8M | $129.7M | $122.8M | $525.2M | $243.0M | $83.4M | $99.1M | $78.0M | $108.3M |
| Property, plant and equipment | $58.3M | $53.5M | $46.2M | $44.8M | $47.0M | $49.4M | $52.2M | $52.1M | $54.6M | $56.7M |
| Goodwill | $83.9M | $83.9M | $83.9M | $83.9M | $83.9M | $83.9M | $83.9M | $83.9M | $83.7M | $83.7M |
| Other intangibles | $0 | $0 | $20.0K | $40.0K | $60.0K | $80.0K | $100.0K | $130.0K | $60.0K | $420.0K |
| Total assets | $9.06B | $8.93B | $8.73B | $8.34B | $8.10B | $7.32B | $6.62B | $6.29B | $5.89B | $5.49B |
| Short-term debt | $238.6M | $249.2M | $312.4M | $215.5M | $200.0M | $150.6M | $145.9M | $199.3M | $214.6M | $291.9M |
| Total liabilities | $7.74B | $7.75B | $7.66B | $7.42B | $7.13B | $6.39B | $5.77B | $5.53B | $5.17B | $4.81B |
| Retained earnings | $1.02B | $890.9M | $789.8M | $694.9M | $603.8M | $514.2M | $463.3M | $399.0M | $340.0M | $290.8M |
| Total equity | $1.27B | $1.11B | $1.07B | $923.8M | $969.5M | $930.7M | $848.6M | $763.6M | $718.5M | $672.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $223.1M | $193.9M | $187.9M | $175.5M | $166.8M | $154.5M | $164.6M | $159.7M | $139.7M | $98.1M |
| Stock-based compensation | $6.2M | $5.7M | $4.9M | $3.6M | $4.2M | $3.3M | $2.8M | $3.6M | $3.0M | $2.9M |
| Capital expenditure | $10.1M | $12.4M | $6.0M | $2.4M | $2.9M | $2.9M | $8.0M | $3.1M | $5.4M | $8.9M |
| Investing cash flow | -$154.2M | -$276.6M | -$358.3M | -$784.9M | -$598.6M | -$582.7M | -$333.9M | -$458.0M | -$484.6M | -$309.8M |
| Financing cash flow | -$73.9M | $77.9M | $177.2M | $207.0M | $713.9M | $587.8M | $153.6M | $319.3M | $314.7M | $240.4M |
| Dividends paid | $38.4M | $35.4M | $33.1M | $32.1M | $31.3M | $29.8M | $29.0M | $25.7M | $20.4M | $19.4M |
| Buybacks | $13.9M | $178.0K | $12.5M | $6.8M | $33.1M | $6.4M | $15.1M | $9.3M | $41.0K | $8.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000034782-26-000011.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |