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Overview
1st Source Corporation (NASDAQ: SRCE) is a distinguished community bank with over 150 years of experience in relationship banking. Founded in 1863 in South Bend, Indiana, the firm is renowned for its commitment to delivering personalized financial services that combine a deep understanding of client needs with the stability and trust earned over a century and a half.
Core Business Areas
The company operates through a comprehensive range of services including:
- Consumer Banking: Offering a full spectrum of traditional banking products such as checking and savings accounts, loans, and deposit services, crafted to meet the everyday needs of individuals.
- Commercial, Agricultural and Real Estate Loans: Providing tailored financing solutions to privately owned business clients within its regional market. This segment addresses the financial requirements of local businesses, agricultural enterprises, and real estate projects.
- Trust and Wealth Advisory Services: Delivering expert guidance on wealth preservation and growth, personalized trust management, and estate planning to both individuals and business clients.
- Insurance Services: Extending a diverse portfolio of insurance offerings to protect assets and manage risk for both personal and commercial clientele.
- Specialty Finance Group: Catering to niche financing needs including construction equipment, new and pre-owned private and cargo aircraft, and various fleet vehicles. This division enables the bank to compete on a national level by offering specialized financing solutions.
Market Position and Competitive Landscape
1st Source Corporation is the largest locally controlled financial institution in the northern Indiana and southwestern Michigan region. Its highly personalized service model sets it apart from larger, more impersonal banking conglomerates. The bank has earned accolades, including top ratings and national recognition for its integrity and financial performance. This focus on relationship banking and regional expertise enables it to understand local market trends, cater to community-specific financial needs, and maintain a competitive edge through adaptability and specialized product offerings.
Business Model and Revenue Generation
The company generates revenue through a diversified business model that balances traditional consumer banking with specialized commercial lending and finance. Interest income is derived from consumer loans and deposits, while noninterest income comes from advisory fees, insurance-related commissions, and specialty finance services. 1st Source's broad-based approach allows for a stable revenue stream by mitigating overreliance on any single business segment.
Operational Excellence and Client Commitment
Operating with a client-first philosophy, the bank emphasizes listening to customer needs and delivering solutions that promote security and wealth building. With a dedication to maintaining strong capital positions and effective risk management, 1st Source continuously demonstrates its expertise through excellent product offerings and consistent customer satisfaction. This has not only reinforced its trustworthiness and authority in the field, but also cemented its role within the local communities it serves.
Industry-Specific Insights
Utilizing the principles of relationship banking, the bank integrates strategic risk assessment in its lending practices and maintains a disciplined approach toward capital management. Keywords such as commercial lending, specialty finance, and trust advisory naturally permeate its operations, ensuring that both clients and investors receive services informed by deep industry insights and a long-standing legacy of financial prudence.
Recognitions and Achievements
The institution has received multiple awards and accolades from industry experts, reflecting superior performance based on capital strength, credit quality, and profitability. Its recognition by independent rating agencies underlines the company's commitment to operational excellence and community leadership, while the accolades in specialized finance further highlight its ability to adapt to evolving market demands.
Conclusion
1st Source Corporation stands as an enduring example of community-focused banking. Its multi-faceted business operations, combined with decades of experience and a steadfast commitment to quality service, make it an informative subject for investors seeking to understand the dynamics of regional banking, the nuances of specialty finance, and the value of deep-rooted financial expertise in navigating competitive markets.
1st Source (NASDAQ: SRCE) has achieved the #25 ranking on S&P Global Market Intelligence's Top 50 Community Banks list for institutions with $3B-$10B in assets for the second consecutive year. The ranking assessment focused on balance sheet strength, risk profile, returns, growth, and funding.
The company, with $8.9 billion in assets, maintains 77 banking centers, 18 Specialty Finance Group locations, nine Trust and Wealth Advisory Services locations, and other facilities. President Andrea Short emphasized their commitment to quality earnings, future investments, and strong balance sheet maintenance.
S&P's ranking methodology evaluated eight key metrics, including pretax return on average assets, net interest margin, efficiency ratio, operating revenue change, deposit change, nonperforming assets, net charge-offs ratio, and adjusted tangible common equity ratio, with weighted scoring between 10-25% for each metric.
1st Source Bank (NASDAQ: SRCE) has been recognized on Forbes' America's Best Midsize Employers list for the fourth consecutive year, ranking #276 out of 498 companies in 2025. This recognition coincides with the list's 10th anniversary and follows the bank's previous appearances in 2021, 2022, and 2023.
The prestigious list was compiled through a comprehensive survey of over 217,000 employees at U.S. companies with more than 1,000 workers. Employees evaluated their employers on multiple factors including salary, work environment, training programs, and advancement opportunities.
1st Source , the bank's parent company, manages assets of $8.9 billion and operates 77 banking centers, 18 Specialty Finance Group locations, nine Trust and Wealth Advisory Services locations, and various other facilities across northern Indiana and southwestern Michigan.
1st Source Bank (NASDAQ: SRCE) has achieved a notable ranking of #26 on Forbes' America's Best Banks list for 2025. The bank is one of only three Indiana-based institutions to make this prestigious top 100 ranking, marking their second consecutive year on the list.
The evaluation was based on 10 key metrics measuring growth, credit quality, and profitability for the period ending September 30, 2024, along with stock performance through January 10, 2025. The metrics include net interest margin, return on average assets, CET1 ratio, efficiency ratio, and operating revenue growth among others.
Currently, 1st Source manages assets of $8.9 billion and operates 77 banking centers, 18 Specialty Finance Group locations, 9 Trust and Wealth Advisory Services locations, and various other facilities across northern Indiana and southwestern Michigan, maintaining its position as the largest locally controlled financial institution in the region.
1st Source Bank (NASDAQ: SRCE) has joined the U.S. Faster Payments Council (FPC), an industry-led organization shaping the future of U.S. payment systems. This membership follows the bank's early adoption of the FedNow Service in July 2023 and implementation of Real-time Payments (RTP®) platform in March 2023.
The bank, with assets of $8.9 billion, is strengthening its position in the instant payment space through this strategic membership. As the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area, 1st Source operates 77 banking centers, 18 Specialty Finance Group locations, and various other service locations.
This initiative aligns with the FPC's mission of enabling Americans to make secure, instant payments with immediate funds availability, while focusing on safety, security, and adoption of faster payment solutions.
1st Source (NASDAQ: SRCE) reported record annual earnings for 2024, with net income reaching $132.62 million, up 6.16% from 2023. The company achieved $5.36 diluted earnings per share, a 6.56% increase year-over-year. Fourth quarter net income was $31.44 million, up 10.58% from Q4 2023.
Key financial metrics include a return on average assets of 1.52% and return on average shareholders' equity of 12.54%. The Board approved a cash dividend of $0.36 per share, marking the 37th consecutive year of dividend growth. End-of-period loans increased by 5.16% to $6.85 billion, while deposits grew 5.06% to $6.73 billion. The tax-equivalent net interest margin improved to 3.64% for 2024, up 13 basis points from 2023.
1st Source (NASDAQ: SRCE) reported Q3 2024 net income of $34.94 million, up 6.07% from Q3 2023. Diluted earnings per share reached $1.41, a 6.82% increase year-over-year. The Board approved a quarterly cash dividend of $0.36 per share, up 12.50% from last year. Tax-equivalent net interest income was $75.63 million, up 8.97% from Q3 2023, with net interest margin expanding to 3.64%. Credit quality showed some challenges with net charge-offs of $0.85 million. The company maintained strong capital ratios with Common Equity Tier 1 at 14.18%.
1st Source (NASDAQ: SRCE) reported record quarterly net income of $36.79 million for Q2 2024, up 13.44% year-over-year. Diluted EPS reached $1.49, a 14.62% increase from Q2 2023. The company declared a cash dividend of $0.36 per share, up 12.50% from last year. Key highlights include:
- Average loans and leases grew 7.57% YoY to $6.61 billion
- Average deposits increased 3.52% YoY to $7.18 billion
- Tax-equivalent net interest income rose 8.00% YoY to $74.19 million
- Net interest margin improved to 3.59%, up 11 basis points YoY
- Net recoveries of $1.99 million recorded for the quarter
The company maintained a strong financial position with a common equity-to-assets ratio of 11.75% and a Common Equity Tier 1 ratio of 13.74%.
1st Source Bank, listed on NASDAQ under the ticker SRCE, has been recognized by U.S. News & World Report as one of the 'Best Companies to Work For in the Midwest' for 2024 - 2025. This accolade is part of the Best Companies Ratings, which evaluates the top companies from the Russell 3000 list based on six key factors important to employee wellbeing: quality of pay and benefits, work/life balance, job and company stability, safety, career opportunities, and belongingness.
Chief Human Resources Officer Dan Lifferth emphasized the company's commitment to an engaging workplace that fosters both personal and professional growth, underpinned by core values of integrity, teamwork, and client service.
1st Source Bank operates 78 banking centers and has a strong presence in the northern Indiana-southwestern Michigan area, with assets totaling $8.7 billion.
1st Source Bank (NASDAQ: SRCE) has once again been included in the annual Bank Honor Roll by Keefe, Bruyette & Woods, Inc. (KBW) for the sixth consecutive year. This recognition places the bank's long-term performance among the top 5% of eligible banks in the United States. The Honor Roll now includes a second criterion based on a 10-year earnings per share (EPS) compound annual growth rate (CAGR), with banks needing more than $500 million in total assets to be eligible. 1st Source , the bank's parent company, is the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area, with assets totaling $8.7 billion. The bank is committed to helping clients achieve security, build wealth, and realize their dreams.
1st Source announced the promotion of Andrea Short to President, who will continue as President and CEO of 1st Source Bank. Andrea has been with the company for 26 years and has a strong background in banking and leadership. The promotion reflects the company's commitment to internal talent development and succession planning.
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