1st Source
Market Cap
US$1.3b
Last Updated
2019/11/19 23:35 UTC
Data Sources
Company Financials +
Executive Summary
1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance to individual and business clients.
Snowflake
Fundamentals
Flawless balance sheet with proven track record and pays a dividend.
Similar Companies
Share Price & News
How has 1st Source's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: SRCE has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-0.5%
SRCE
-0.08%
US Banks
0.9%
US Market
1 Year Return
9.7%
SRCE
11.2%
US Banks
16.8%
US Market
Return vs Industry: SRCE matched the US Banks industry which returned 11.2% over the past year.
Return vs Market: SRCE underperformed the US Market which returned 16.8% over the past year.
Shareholder returns
| SRCE | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.5% | -0.08% | 0.9% |
| 30 Day | 4.2% | 6.7% | 4.5% |
| 90 Day | 15.2% | 17.0% | 6.2% |
| 1 Year | 12.2%9.7% | 14.5%11.2% | 19.4%16.8% |
| 3 Year | 37.7%30.0% | 38.7%29.0% | 47.5%38.0% |
| 5 Year | 100.8%81.4% | 72.3%53.2% | 62.0%44.1% |
Price Volatility Vs. Market
How volatile is 1st Source's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Should We Worry About 1st Source Corporation's (NASDAQ:SRCE) P/E Ratio?3 weeks ago | Simply Wall St
There's A Lot To Like About 1st Source Corporation's (NASDAQ:SRCE) Upcoming 0.6% Dividend4 weeks ago | Simply Wall St
What Did 1st Source Corporation's (NASDAQ:SRCE) CEO Take Home Last Year?Valuation
Is 1st Source undervalued compared to its fair value and its price relative to the market?
14.49x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: SRCE ($51.29) is trading above our estimate of fair value ($49.46)
Significantly Below Fair Value: SRCE is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: SRCE is poor value based on its PE Ratio (14.5x) compared to the Banks industry average (12.7x).
PE vs Market: SRCE is good value based on its PE Ratio (14.5x) compared to the US market (18.2x).
Price to Earnings Growth Ratio
PEG Ratio: SRCE is poor value based on its PEG Ratio (17.3x)
Price to Book Ratio
PB vs Industry: SRCE is overvalued based on its PB Ratio (1.6x) compared to the US Banks industry average (1.2x).
Next Steps
Future Growth
How is 1st Source forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
0.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SRCE's forecast earnings growth (0.8% per year) is below the savings rate (2.7%).
Earnings vs Market: SRCE's earnings (0.8% per year) are forecast to grow slower than the US market (14.4% per year).
High Growth Earnings: SRCE's earnings are forecast to grow, but not significantly.
Revenue vs Market: SRCE's revenue (3.2% per year) is forecast to grow slower than the US market (7.3% per year).
High Growth Revenue: SRCE's revenue (3.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: SRCE's Return on Equity is forecast to be low in 3 years time (10.4%).
Next Steps
Past Performance
How has 1st Source performed over the past 5 years?
10.4%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SRCE has high quality earnings.
Growing Profit Margin: SRCE's current net profit margins (29.5%) are higher than last year (27.3%).
Past Earnings Growth Analysis
Earnings Trend: SRCE's earnings have grown by 10.4% per year over the past 5 years.
Accelerating Growth: SRCE's earnings growth over the past year (16%) exceeds its 5-year average (10.4% per year).
Earnings vs Industry: SRCE earnings growth over the past year (16%) underperformed the Banks industry 27.5%.
Return on Equity
High ROE: SRCE's Return on Equity (11%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is 1st Source's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: SRCE has a low level of unsold assets or inventory.
Debt Coverage by Assets: SRCE's debt is not covered by short term assets (assets are 0.6x debt).
Financial Institutions Analysis
Asset Level: SRCE's level of assets compared to its equity is low.
Allowance for Bad Loans: SRCE has a sufficient allowance for bad loans.
Low Risk Liabilities: SRCE's liabilities are made up of primarily low risk sources of funding.
Loan Level: SRCE has an acceptable proportion of non-loan assets held.
Low Risk Deposits: SRCE's loans are broadly funded by customer deposits.
Level of Bad Loans: SRCE has an appropriate level of bad loans (0.2%)
Next Steps
Dividend
What is 1st Source's current dividend yield, its reliability and sustainability?
2.11%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: SRCE's dividend (2.11%) is higher than the bottom 25% of dividend payers in the US market (1.43%).
High Dividend: SRCE's dividend (2.11%) is low compared to the top 25% of dividend payers in the US market (3.68%).
Stability and Growth of Payments
Stable Dividend: SRCE's dividend payments have been volatile in the past 10 years.
Growing Dividend: SRCE's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (7.6%), SRCE's dividend payments are thoroughly covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: SRCE's dividends in 3 years are forecast to be well covered by earnings (34.5% payout ratio).
Next Steps
Management
What is the CEO of 1st Source's salary, the management and board of directors tenure and is there insider trading?
5.8yrs
Average management tenure
CEO
Chris Murphy (72yo)
40.8yrs
Tenure
US$1,669,813
Compensation
Mr. Christopher J. Murphy, III, also known as Chris, serves as Director at Federal Reserve Bank of Chicago. He has been Chief Executive Officer of 1st Source Corporation since 1979. Mr. Murphy has been the ...
CEO Compensation Analysis
Compensation vs Market: Chris's total compensation ($USD1.67M) is below average for companies of similar size in the US market ($USD3.91M).
Compensation vs Earnings: Chris's compensation has been consistent with company performance over the past year.
Management Age and Tenure
5.8yrs
Average Tenure
61yo
Average Age
Experienced Management: SRCE's management team is seasoned and experienced (5.8 years average tenure).
Board Age and Tenure
15.6yrs
Average Tenure
67yo
Average Age
Experienced Board: SRCE's board of directors are seasoned and experienced ( 15.6 years average tenure).
Insider Trading
Insider Buying: SRCE insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Chief Administrative Officer Executive VP |
| Shares | 2,896 |
| Max Price | US$51.78 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 2,000 |
| Max Price | US$44.34 |
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Management Team
Chris Murphy (72yo)
Chairman & CEO
- Tenure: 40.8yrs
- Compensation: US$1.67m
John Griffith (61yo)
Executive VP
- Tenure: 8.8yrs
- Compensation: US$619.28k
Larry Mayers
Regional President of 1st Source Bank
- Tenure: 0yrs
Jim Seitz (66yo)
President
- Tenure: 5.1yrs
- Compensation: US$721.44k
Andrea Short (56yo)
Executive VP
- Tenure: 6.8yrs
- Compensation: US$633.70k
Chris Strafford
Senior Vice President
- Tenure: 3.2yrs
Lanny Scoby
City President of Kalamazoo Market-1st Source Bank
- Tenure: 5.8yrs
Jeff Buhr (59yo)
Executive VP & Chief Credit Officer of 1st Source Bank
- Tenure: 17.8yrs
- Compensation: US$537.26k
Greg Brown
President of Specialty Vehicle Division and President of Auto/Light Truck Division
- Tenure: 4.3yrs
Chris Craft
President & COO of Specialty Finance Group - 1st Source Bank
- Tenure: 4.3yrs
Board Members
Chris Murphy (72yo)
Chairman & CEO
- Tenure: 40.8yrs
- Compensation: US$1.67m
Daniel Fitzpatrick (61yo)
Director
- Tenure: 24.8yrs
- Compensation: US$79.80k
Vinod Khilnani (67yo)
Independent Director
- Tenure: 6.6yrs
- Compensation: US$99.80k
Rex Martin (67yo)
Independent Director
- Tenure: 23.8yrs
- Compensation: US$72.30k
Timothy Ozark (69yo)
Lead Director
- Tenure: 2.8yrs
- Compensation: US$102.80k
Mark Schwabero (66yo)
Independent Director
- Tenure: 15.6yrs
- Compensation: US$76.05k
John Phair (69yo)
Independent Director
- Tenure: 15.6yrs
- Compensation: US$91.30k
John Affleck-Graves (68yo)
Independent Director
- Tenure: 0.3yrs
Ernestine Raclin
Chairman Emeritus
- Tenure: 0yrs
- Compensation: US$282.99k
Christopher Murphy (49yo)
Director
- Tenure: 8.6yrs
- Compensation: US$88.80k
Company Information
1st Source Corporation's company bio, employee growth, exchange listings and data sources
Key Information
- Name: 1st Source Corporation
- Ticker: SRCE
- Exchange: NasdaqGS
- Founded: 1863
- Industry: Regional Banks
- Sector: Banks
- Market Cap: US$1.296b
- Shares outstanding: 25.51m
- Website: https://www.1stsource.com
Number of Employees
Location
- 1st Source Corporation
- 100 North Michigan Street
- South Bend
- Indiana
- 46601
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| SRCE | NasdaqGS (Nasdaq Global Select) | Yes | Common Stock | US | USD | Jan 1980 |
Biography
1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance to individual and ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/11/19 23:35 |
| End of Day Share Price | 2019/11/19 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.