1st Source Corp (OQ:SRCE)
Business Focus: Commercial Banks
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 100 N Michigan St SOUTH BEND IN 46601 |
| Tel: | N/A |
| Website: | https://www.1stsource.com |
| IR: | See website |
| Key People | ||
| Christopher J. Murphy Chairman of the Board, President, Chief Executive Officer of 1st Source Corporation, Chairman of the Board of 1st Source Bank | Brett A. Bauer Chief Financial Officer, Senior Vice President, Principal Accounting Officer, Treasurer | John B. Griffith Executive Vice President, Chief Risk Officer, General Counsel, Secretary of 1st Source Corporation and 1st Source Bank |
| Jeffrey L. Buhr Executive Vice President and Chief Credit Officer - 1st Source Bank | Andrea G. Short Executive Vice President, President, Chief Executive Officer of 1st Source Bank | |
| Business Overview |
| 1st Source Corporation is a bank holding company. The Company, through its subsidiaries, offers a range of financial products and services. Its banking subsidiary, 1st Source Bank (Bank), offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients through its 78 banking center locations in 18 counties in Indiana and Michigan and Sarasota County in Florida. The Bank offers specialized financing services for construction equipment, new and pre-owned private and cargo aircraft, and various vehicle types for fleet purposes. It also offers a range of trust, investment, agency, and custodial services for individual, estate and trust, corporate, and not-for-profit clients. Its insurance agency subsidiary, 1st Source Insurance, Inc., offers property and casualty, individual and group health, and life insurance for individuals and businesses. It also owns and manages certain available-for-sale investment securities. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, 1st Source Corp interest income increased 42% to $416.9M. Net interest income after loan loss provision increased 9% to $272.8M. Net income applicable to common stockholders increased 4% to $123.7M. Net interest income after loan loss provision reflects Commercial banking segment increase of 9% to $272.8M, Net Interest Margin, Total -% increase of 2% to 3.51%. |
| Employees: | 1,170 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $1,583M as of Dec 31, 2023 |
| Annual revenue (TTM): | $416.91M as of Dec 31, 2023 |
| EBITDA (TTM): | $189.17M as of Dec 31, 2023 |
| Net annual income (TTM): | $123.74M as of Dec 31, 2023 |
| Free cash flow (TTM): | $148.88M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $341.56M as of Dec 31, 2023 |
| Shares outstanding: | 24,460,642 as of Feb 16, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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