1ST SOURCE CORP

Listed Company

SRCECIK 0000034782NasdaqLarge AcceleratedState Commercial BanksIndianaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$158.26M

Total Assets

$9.06B

Equity

$1.27B

Shares Out

24.07M

Op. Cash Flow

$223.12M

Business

1ST SOURCE CORP is a bank holding company that provides a broad array of financial products and services through its subsidiaries. It offers commercial and consumer banking, trust and wealth advisory, insurance, treasury and payment services, online and mobile banking, and specialty finance for construction equipment, aircraft and vehicle fleets, as well as renewable energy project financing. Its principal divisions include 1st Source Bank, the Specialty Finance Group, 1st Source Insurance, and other investment and financing subsidiaries. It distributes services through branch banking centers, online channels, 18 nationwide Specialty Finance locations, and selective international aircraft financing in Mexico and Brazil, with renewable lending concentrated in the Northeast and Midwest.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans and leases	471	451	387	264	235
Investment securities, taxable	36	26	25	26	18
Investment securities, tax-exempt	1	1	1	1	601,000
Other	6	6	4	3	1
Total interest income	514	484	417	294	255
Deposits	156	167	123	25	12
Short-term borrowings	2	9	7	1	115,000
Subordinated notes	4	4	4	4	3
Long-term debt and mandatorily redeemable securities	5	3	4	69,000	2
Total interest expense	166	183	138	30	—
Net interest income	348	301	279	263	237
Provision for credit losses	13	12	6	13	—
Net interest income after provision for credit losses	336	288	273	250	241
Mortgage banking	4	4	3	4	12
Insurance commissions	8	7	7	7	7
Equipment rental	3	5	9	12	17
Losses on investment securities available-for-sale	−9	−4	−3	−184,000	−680,000
Other	21	17	20	15	13
Total noninterest income	86	86	91	91	100
Salaries and employee benefits	130	122	116	105	106
Net occupancy	13	12	11	11	11
Furniture and equipment	6	6	6	5	6
Data processing	30	28	25	22	20
Depreciation - leased equipment	2	4	7	10	14
Professional fees	7	7	7	7	9
FDIC and other insurance	6	6	6	4	3
Business development and marketing	9	7	7	6	8
Other	14	12	17	14	11
Total noninterest expense	217	204	202	185	186
Income before income taxes	204	171	162	157	155
Income tax expense	46	38	37	36	36
Net income	158	133	125	121	119
Net loss (income) attributable to noncontrolling interests	18,000	5,000	−7,000	−23,000	−23,000
Net income available to common shareholders	158	133	125	121	119
Basic net income per common share, in dollars per share	6.41	5.36	5.03	4.84	4.7
Diluted net income per common share, in dollars per share	6.41	5.36	5.03	4.84	4.7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	69	77	77	85	54
Federal funds sold and interest bearing deposits with other banks	51	48	52	38	471
Investment securities available-for-sale, at fair value (amortized cost of $1,568,429 and $1,650,684 at December 31, 2025 and December 31, 2024, respectively)	1,522	1,536	1,623	1,775	1,863
Other investments	22	24	25	25	27
Mortgages held for sale	5	3	1	4	13
Total loans and leases	7,050	6,850	6,520	—	—
Allowance for loan and lease losses	162	156	148	139	127
Net loans and leases	6,885	6,699	6,371	—	—
Equipment owned under operating leases, net	7	11	20	32	48
Premises and equipment, net	58	53	46	45	47
Goodwill and intangible assets	84	84	84	84	84
Accrued income and other assets	352	396	428	380	269
Total assets	9,055	8,932	8,728	8,339	8,096
Noninterest-bearing demand	1,600	1,639	1,656	1,998	2,053
Interest-bearing demand	2,592	2,545	2,431	2,591	2,456
Savings	1,446	1,256	1,213	1,198	1,286
Time	1,587	1,790	1,739	1,140	884
Total interest-bearing deposits	5,625	5,591	5,383	4,930	4,626
Total deposits	7,226	7,230	7,039	6,928	6,679
Federal funds purchased and securities sold under agreements to repurchase	112	72	56	141	195
Other short-term borrowings	126	177	257	74	5
Total short-term borrowings	239	249	312	216	200
Long-term debt and mandatorily redeemable securities	43	39	48	47	71
Subordinated notes	59	59	59	59	59
Accrued expenses and other liabilities	171	173	202	167	118
Total liabilities	7,737	7,750	7,660	7,416	7,127
Preferred stock; no par value Authorized 10,000,000 shares; none issued or outstanding	0	0	0	0	0
Common stock; no par value Authorized 40,000,000 shares; issued 28,205,674 shares at December 31, 2025 and 2024	437	437	437	437	437
Retained earnings	1,015	891	790	695	604
Cost of common stock in treasury (3,836,656 and 3,685,512 shares at December 31, 2025 and December 31, 2024, respectively)	−142	−129	−130	−120	−114
Accumulated other comprehensive loss	−35	−87	−106	−148	−10
Total shareholders equity	1,275	1,111	990	864	916
Noncontrolling interests	43	70	79	60	53
Total equity	1,318	1,182	1,068	924	969
Total liabilities and equity	9,055	8,932	8,728	8,339	8,096
Preferred stock, issued shares (in shares)	0	0	0	0	0
Preferred Stock, par value per share (in dollars per share)	0	0	0	0	0
Preferred stock, authorized shares (in shares)	10	10	10	10	10

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of premises and equipment	5	4	4	5	5
Stock-based compensation	6	6	5	4	4
Net (accretion) amortization of investment securities available-for-sale	−3	2	4	4	7
Amortization of mortgage servicing rights	767,000	781,000	845,000	1	2
Amortization of right of use assets	3	3	3	3	3
Deferred income taxes	−5	2	−9	−9	15
Originations of loans held for sale, net of principal collected	−73	−62	−44	−86	−262
Proceeds from the sales of loans held for sale	73	62	47	97	268
Net gains on sale of loans held for sale	−2	−906,000	−923,000	−2	−7
Net gains on sale of other real estate and repossessions	−229,000	−214,000	−123,000	−410,000	−672,000
Change in interest receivable	−3	−3	−5	−7	2
Change in interest payable	−12	7	24	4	−2
Change in other assets	2	−4	4	413,000	18
Change in other liabilities	51	24	18	22	−15
Other	−1	185,000	−3	−4	279,000
Net change in operating activities	223	194	188	176	167
Proceeds from sales of investment securities available-for-sale	255	63	102	24	99
Proceeds from maturities and paydowns of investment securities available-for-sale	382	368	145	206	336
Purchases of investment securities available-for-sale	−560	−325	−47	−327	−1,146
Net change in partnership investments	−25	−34	−51	−18	−25
Net change in other investments	2	1	218,000	2	240,000
Loans sold or participated to others	65	120	50	57	55
Proceeds from principal payments on direct finance leases	79	69	71	59	41
Net change in loans and leases	−350	−535	−628	−784	36
Net change in equipment owned under operating leases	2	5	4	7	3
Purchases of premises and equipment	−10	−12	−6	−2	−3
Proceeds from disposal of premises and equipment	254,000	613,000	142,000	49,000	129,000
Proceeds from sales of other real estate and repossessions	6	4	2	3	4
Net change in investing activities	−154	−277	−358	−785	−599
Net change in demand deposits and savings accounts	199	140	−488	−7	1,016
Net change in time deposits	−203	51	598	256	−283
Net change in short-term borrowings	−11	−63	97	16	49
Payments on long-term debt	−2	−13	−3	−26	−13
Stock issued under stock purchase plans	133,000	153,000	78,000	252,000	90,000
Acquisition of treasury stock	−14	−178,000	−12	−7	−33
Net (distributions to) contributions from noncontrolling interests	−4	−2	19	6	—
Cash dividends paid on common stock	−38	−35	−33	−32	−31
Net change in financing activities	−74	78	177	207	714
Net change in cash and cash equivalents	−5	−5	7	−402	282
Loans transferred to other real estate and repossessions	5	3	2	2	2
Common stock matching contribution to Employee Stock Ownership and Profit Sharing Plan	1	1	2	683,000	715,000
Right of use assets obtained in exchange for lease obligation	2	3	4	2	1
Purchases of mandatorily redeemable securities with common stock held in treasury	102,000	739,000	0	0	—
Issuance of long-term debt for intangible asset acquisition	258,000	0	0	—	—
Interest	178	176	115	26	20
Income taxes	−7	11	18	23	15

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