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South Bend, Indiana bank offering commercial and retail banking plus specialty equipment and aircraft leasing finance.
South Bend, Indiana bank offering commercial and retail banking plus specialty equipment and aircraft leasing finance.
Earns mostly from net interest on loans funded by Indiana and Michigan deposits, with national specialty lending to equipment and aircraft buyers adding loans that do not depend on the local economy. Fee income from wealth management and trust services is a smaller addition.
Moat: narrow (process know-how). Niche specialty-equipment and aircraft financing expertise differentiates it from typical community banks.
Headquarters: South Bend, Indiana, US · Founded: 1863 · Employees: 1,190
Size 1st Source (SRCE) is a United States Financials company (Regional Banks) with a market value of $2.09B, the 1762nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $86.94 on 6 Nov 2026.
Performance Over six months the shares gained 17.8%, against +4.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 3.9% over the last twelve months (peer median +1.1%); the operating margin is 50.0% (peer median 31.9%).
Valuation It trades at 1.59× book value against a peer median of 1.17× (6th most expensive of 21).
Price implies The share price implies a return on equity of about 10.5%; 1st Source delivers 13.9%, so the price asks less than the business earns today.
Short interest Short interest is 2.6% of the free float (15 Oct 2026).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $613M | $599M | $569M | $506M | $385M |
| Revenue growth | — | +5% | +12% | +31% | — |
| Net income | $177M | $157M | $131M | $124M | $120M |
| Free cash flow | $231M | $214M | $182M | $182M | $173M |
| Capital expenditure | $6.39M | $10.1M | $12.4M | $5.98M | $12.4M |
| Total debt | $328M | $357M | $365M | $438M | $340M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| 1st Source SRCE | $2.09B | +18% | +4% | 14% | 1.59× | 10.5% |
| Lakeland Financial LKFN | $1.51B | -1% | +2% | 15% | 2.07× | 14.8% |
| Old National Bancorp ONB | $9.43B | +3% | +18% | 12% | 1.17× | 10.3% |
| Horizon Bancorp HBNC | $1.07B | +13% | +424% | 16% | 1.52× | 12.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SRCE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.3% | +0.1% | 10th highest of 21 |
| 6-month return | +17.8% | +4.2% | 3rd highest of 21 |
| Return on equity | 13.9% | 9.7% | 5th highest of 21 |
| Price / book | 1.59× | 1.17× | 6th most expensive of 21 |
| Trailing P/E | 11.8× | 11.6× | 10th most expensive of 21 |
| ROE the price implies | 10.5% | 10.3% | 10th most demanding of 21 |
| ROE delivered | 13.9% | 9.8% | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| 1st Source SRCE | United States | $2.09B | +18% | +4% | 14% | 1.59× | 10.5% | 13.9% |
| Hilltop HTH | United States | $2.07B | -4% | -2% | 7% | 0.98× | 9.1% | 6.6% |
| Bank of Zhengzhou 6196.HK | Hong Kong | $2.06B | -14% | -3% | 3% | 0.15× | 3.5% | n/a |
| Western Union WU | United States | $2.15B | -24% | -2% | 44% | 2.35× | 14.3% | 44.0% |
| Bank of N.T. Butterfield & Son Limited (The) NTB | United States | $2.15B | -3% | 0% | 21% | 1.94× | 12.0% | 21.1% |
| First Commonwealth Financial FCF | United States | $2.03B | +13% | +4% | 11% | 1.37× | 10.4% | 11.4% |
| Enterprise Financial Services EFSC | United States | $2.21B | +4% | +2% | 10% | 1.20× | 10.2% | 9.6% |
| Bancorp TBBK | United States | $1.97B | -15% | -7% | 33% | 2.96× | 26.3% | 33.0% |
| San-in Godo Bank 8381.T | Japan | $1.95B | +5% | +27% | 8% | 0.91× | 5.9% | 8.1% |
| Wuxi Rural Commercial Bank 600908.SS | China | $1.94B | +3% | -5% | 10% | 0.54× | 2.8% | 10.1% |
| Juroku Financial Group,Inc 7380.T | Japan | $2.30B | 0% | +16% | 6% | 0.70× | 6.3% | 6.1% |
| City Union Bank CUB.NS | India | $2.31B | +8% | +22% | 14% | 1.94× | 29.8% | 14.1% |
| First Busey BUSE | United States | $2.33B | +8% | +17% | 10% | 1.03× | 8.8% | 9.8% |
| German American Bancorp GABC | United States | $1.88B | +15% | +12% | 13% | 1.63× | 11.0% | 12.8% |
| Banco di Desio e della Brianza BDB.MI | Italy | $2.37B | +80% | +2% | 9% | 1.41× | 12.0% | 9.0% |
| Dime Commercial Bancshares DCOM | United States | $1.85B | +13% | +14% | 9% | 1.39× | 12.4% | 9.4% |
| Merchants Bancorp MBIN | United States | $2.38B | +12% | 0% | 14% | 1.23× | 12.6% | 13.6% |
| Kiyo Bank 8370.T | Japan | $1.83B | +39% | +20% | 9% | 1.13× | 8.6% | 9.4% |
| Bank of Lanzhou 001227.SZ | China | $1.82B | -4% | 0% | 6% | 0.38× | 2.5% | 5.5% |
| Paragon Banking PAG.L | United Kingdom | $1.81B | +5% | -7% | 12% | 0.95× | 14.0% | 12.0% |
| Dah Sing Financial 0440.HK | Hong Kong | $1.81B | +4% | -8% | 6% | 0.36× | 4.7% | 5.6% |