A Business at a Glance
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1ST SOURCE CORP
SRCE
$2.1B
Mkt Cap
$85.84
+3.20%
1ST SOURCE CORP (SRCE) has a current P/E ratio of 13.4, compared to its historical median P/E of 10.6. The stock is currently considered Expensive based on its historical valuation range.
1ST SOURCE CORP (SRCE) has a 5-year average return on invested capital (ROIC) of 13.2%. This indicates solid capital allocation.
1ST SOURCE CORP (SRCE) has a market capitalization of $2.4B. It is classified as a mid-cap stock.
Yes, 1ST SOURCE CORP (SRCE) pays a dividend with a trailing twelve-month yield of 1.63%. The company also returns capital through share buybacks, with a buyback yield of 1.52%.
Based on historical P/E analysis, 1ST SOURCE CORP (SRCE) appears expensive. The current P/E of 13.4 is 27% above its historical median of 10.6. The estimated fair value CAGR (P/E method) is 10.1%.
1ST SOURCE CORP (SRCE) operates in the State Commercial Banks industry, within the Financials sector.
1ST SOURCE CORP (SRCE) reported annual revenue of $600 million in its most recent fiscal year, based on SEC EDGAR filings.
1ST SOURCE CORPORATION 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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 443M | 600M | 570M | 508M | 385M | 355M |
| Net Income | 161M | 158M | 133M | 125M | 121M | 119M |
| EPS | $5.70 | $6.41 | $5.36 | $5.03 | $4.84 | $4.70 |
| Free Cash Flow | 202M | 213M | 181M | 182M | 173M | 164M |
| ROIC | 12.5% | 13.2% | 12.5% | 13.5% | 13.5% | 13.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.24 | 0.19 | 0.24 | 0.32 | 0.25 | 0.22 |
| Dividends/Share | $1.40 | $1.52 | $1.40 | $1.30 | $1.26 | $1.21 |
| Operating Income | 20M | 21M | 17M | 20M | 15M | 13M |
| Operating Margin | 4.5% | 3.4% | 2.9% | 3.9% | 3.9% | 3.5% |
| ROE | 12.6% | 13.3% | 12.6% | 13.5% | 13.5% | 13.1% |
| Shares Outstanding | 28M | 25M | 25M | 25M | 25M | 25M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 256M | 268M | 281M | 311M | 354M | 384M | 367M | 355M | 385M | 508M | 570M | 600M | 443M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 80M | 86M | 87M | 87M | 94M | 97M | 102M | 106M | 105M | 116M | 122M | 130M | 130M |
| EBIT | 12M | 12M | 11M | 9.9M | 10M | 13M | 12M | 13M | 15M | 20M | 17M | 21M | 20M |
| Op. Margin | 4.7% | 4.6% | 4.0% | 3.2% | 2.9% | 3.4% | 3.3% | 3.5% | 3.9% | 3.9% | 2.9% | 3.4% | 4.5% |
| Net Income | 58M | 57M | 58M | 68M | 82M | 92M | 81M | 119M | 121M | 125M | 133M | 158M | 161M |
| Net Margin | 22.6% | 21.4% | 20.6% | 21.9% | 23.3% | 23.9% | 22.2% | 33.4% | 31.3% | 24.6% | 23.3% | 26.4% | 36.3% |
| Non-Recurring | 275K | 150K | 0 | 710K | 228K | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.6% | 9.1% | 8.6% | 9.5% | 11.0% | 11.6% | 9.4% | 13.1% | 13.5% | 13.5% | 12.5% | 13.2% | 12.5% |
| ROE | 9.7% | 9.1% | 8.8% | 9.8% | 11.1% | 11.6% | 9.5% | 13.1% | 13.5% | 13.5% | 12.6% | 13.3% | 12.6% |
| ROA | 1.2% | 1.1% | 1.1% | 1.2% | 1.4% | 1.4% | 1.2% | 1.5% | 1.5% | 1.5% | 1.5% | 1.8% | 1.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 72M | 101M | 98M | 140M | 160M | 165M | 154M | 167M | 176M | 188M | 194M | 223M | 210M |
| Free Cash Flow | 64M | 91M | 89M | 134M | 157M | 157M | 152M | 164M | 173M | 182M | 181M | 213M | 202M |
| Owner Earnings | 64M | 92M | 90M | 131M | 151M | 156M | 146M | 157M | 167M | 179M | 184M | 212M | 121M |
| CapEx | 8.5M | 9.5M | 8.9M | 5.4M | 3.1M | 8.0M | 2.9M | 2.9M | 2.4M | 6.0M | 12M | 10M | 8.6M |
| Maint. CapEx | 4.7M | 4.8M | 5.2M | 5.7M | 5.6M | 5.8M | 5.7M | 5.1M | 4.6M | 4.5M | 4.5M | 5.1M | 83M |
| Growth CapEx | 3.7M | 4.7M | 3.7M | 0 | 0 | 2.2M | 0 | 0 | 0 | 1.5M | 7.9M | 5.0M | 0 |
| D&A | 4.7M | 4.8M | 5.2M | 5.7M | 5.6M | 5.8M | 5.7M | 5.1M | 4.6M | 4.5M | 4.5M | 5.1M | 83M |
| CapEx/OCF | 11.6% | 9.4% | 9.1% | 4.6% | 1.9% | 4.9% | 1.8% | 1.7% | 1.4% | 3.2% | 6.4% | 4.5% | 4.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 18M | 18M | 19M | 20M | 26M | 29M | 30M | 31M | 32M | 33M | 35M | 38M | 39M |
| Dividend Yield | 2.9% | 2.8% | 2.8% | 2.0% | 2.3% | 2.9% | 3.7% | 3.0% | 2.9% | 3.1% | 2.7% | 2.6% | 1.6% |
| Share Buybacks | 16M | 10.0M | 8.0M | 41K | 9.3M | 15M | 6.4M | 33M | 6.8M | 12M | 178K | 14M | 37M |
| Buyback Yield | 2.3% | 1.5% | 0.9% | 0.0% | 1.1% | 1.3% | 0.7% | 3.0% | 0.6% | 1.0% | 0.0% | 0.9% | 1.5% |
| Stock-Based Comp | 3.2M | 3.8M | 2.9M | 3.0M | 3.6M | 2.8M | 3.3M | 4.2M | 3.6M | 4.9M | 5.7M | 6.2M | 6.4M |
| Debt Repayment | 12M | 1.3M | 6.4M | 27M | 1.7M | 2.7M | 2.9M | 13M | 26M | 3.4M | 13M | 2.3M | 2.3M |
| Balance Sheet | |||||||||||||
| Net Debt | -597M | -631M | -638M | -747M | -890M | -978M | -1.3B | -2.2B | -1.7B | -1.4B | -1.4B | -1.4B | -1.3B |
| Cash & Equiv. | 66M | 80M | 108M | 78M | 99M | 83M | 243M | 525M | 123M | 130M | 125M | 120M | 1.6B |
| Long-Term Debt | 7.2M | 0 | 21M | 20M | 0 | 0 | 10M | 0 | 0 | 3.4M | 13M | 2.3M | 12M |
| Debt/Equity | 0.41 | 0.36 | 0.46 | 0.33 | 0.26 | 0.18 | 0.18 | 0.22 | 0.25 | 0.32 | 0.24 | 0.19 | 0.24 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1 |
| Equity | 614M | 644M | 673M | 719M | 762M | 828M | 887M | 916M | 864M | 990M | 1.1B | 1.3B | 1.3B |
| Total Assets | 4.8B | 5.2B | 5.5B | 5.9B | 6.3B | 6.6B | 7.3B | 8.1B | 8.3B | 8.7B | 8.9B | 9.1B | 9.1B |
| Total Liabilities | 4.2B | 4.5B | 4.8B | 5.2B | 5.5B | 5.8B | 6.4B | 7.1B | 7.4B | 7.7B | 7.8B | 7.7B | 7.8B |
| Intangibles | 1.7M | 1.0M | 420K | 60K | 130K | 100K | 80K | 60K | 40K | 20K | 0 | 0 | 0 |
| Retained Earnings | 302M | 252M | 291M | 340M | 399M | 463M | 514M | 604M | 695M | 790M | 891M | 1.0B | 1.0B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.17 | 2.17 | 2.22 | 2.60 | 3.16 | 3.57 | 3.17 | 4.70 | 4.84 | 5.03 | 5.36 | 6.41 | 5.70 |
| Owner EPS | 2.41 | 3.47 | 3.45 | 5.01 | 5.77 | 6.06 | 5.66 | 6.24 | 6.72 | 7.19 | 7.43 | 8.58 | 4.31 |
| Book Value | 22.96 | 24.31 | 25.84 | 27.45 | 29.22 | 32.15 | 34.52 | 36.33 | 34.70 | 39.84 | 44.90 | 51.63 | 45.31 |
| Cash Flow/Share | 2.70 | 3.80 | 3.77 | 5.34 | 6.12 | 6.39 | 6.01 | 6.61 | 7.05 | 7.57 | 7.83 | 9.04 | 8.63 |
| Dividends/Share | 0.65 | 0.67 | 0.72 | 0.76 | 0.96 | 1.10 | 1.13 | 1.21 | 1.26 | 1.30 | 1.40 | 1.52 | 1.40 |
| Shares Out. | 26.8M | 26.5M | 26.0M | 26.2M | 26.1M | 25.8M | 25.7M | 25.2M | 24.9M | 24.8M | 24.7M | 24.7M | 28.2M |
| Valuation | |||||||||||||
| P/E Ratio | 12.2 | 11.4 | 16.1 | 15.6 | 10.5 | 12.3 | 11.1 | 9.3 | 10.1 | 10.5 | 10.6 | 9.9 | 15.1 |
| P/FCF | 11.1 | 7.2 | 10.4 | 7.9 | 5.5 | 7.2 | 5.9 | 6.7 | 7.0 | 7.2 | 7.8 | 7.4 | 12.0 |
| EV/EBIT | 12.6 | 7.5 | 31.9 | 37.3 | 5.0 | 18.5 | N/A | N/A | N/A | N/A | 4.9 | 12.6 | 54.4 |
| Price/Book | 1.1 | 1.0 | 1.4 | 1.5 | 1.1 | 1.4 | 1.0 | 1.2 | 1.4 | 1.3 | 1.3 | 1.2 | 1.9 |
| Price/Sales | 2.6 | 2.6 | 2.7 | 3.5 | 3.6 | 3.1 | 2.5 | 3.1 | 3.1 | 2.9 | 3.4 | 3.4 | 5.5 |
| FCF Yield | 9.0% | 13.8% | 9.6% | 12.6% | 18.1% | 13.8% | 16.8% | 14.9% | 14.2% | 13.9% | 12.9% | 13.6% | 8.3% |
| Market Cap | 706M | 658M | 928M | 1.1B | 867M | 1.1B | 902M | 1.1B | 1.2B | 1.3B | 1.4B | 1.6B | 2.4B |
| Avg. Price | 23.07 | 24.72 | 26.89 | 38.51 | 42.36 | 39.02 | 31.49 | 41.19 | 44.62 | 43.05 | 53.43 | 60.33 | 85.84 |
| Year-End Price | 26.38 | 24.85 | 35.67 | 40.63 | 33.24 | 43.93 | 35.10 | 43.72 | 49.01 | 52.65 | 56.85 | 63.60 | 85.84 |
1ST SOURCE CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
1ST SOURCE CORP trades at 13.4x trailing earnings, compared to its 15-year median P/E of 10.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 9.8x vs a median of 7.2x. The company's 5-year average ROIC is 13.2%. Total shareholder yield (dividends + buybacks) is 3.1%. At current prices, the estimated annualized return to fair value is +5.5%.
1ST SOURCE CORP (SRCE) has a net profit margin of 26.4%. This is a strong margin indicating high profitability.
1ST SOURCE CORP (SRCE) generated $213 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
1ST SOURCE CORP (SRCE) has a debt-to-equity ratio of 0.19. This indicates a conservatively financed balance sheet.
1ST SOURCE CORP (SRCE) reported earnings per share (EPS) of $6.41 in its most recent fiscal year.
1ST SOURCE CORP (SRCE) has a return on equity (ROE) of 13.3%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for 1ST SOURCE CORP (SRCE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
1ST SOURCE CORP (SRCE) has a book value per share of $51.63, based on its most recent annual SEC filing.
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