分组1 - 1st Source reported quarterly earnings of $1.40 per share, exceeding the Zacks Consensus Estimate of $1.36 per share, and up from $1.16 per share a year ago, representing an earnings surprise of 2.94% [1] - The company posted revenues of $101.74 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 4.35%, compared to $91.41 million in the same quarter last year [2] - 1st Source has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] 分组2 - The stock has underperformed the market, losing about 1.9% since the beginning of the year, while the S&P 500 gained 3.5% [3] - The current consensus EPS estimate for the upcoming quarter is $1.23 on revenues of $95.9 million, and for the current fiscal year, it is $5.40 on revenues of $392.1 million [7] - The Zacks Industry Rank for Banks - Midwest is in the top 12% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8]

Financial Performance - Record net income of $132.62 million for 2024, up 6.16% from $124.93 million in 2023[2] - Fourth quarter net income was $31.44 million, an increase of 10.58% compared to $28.43 million in Q4 2023[2] - Diluted net income per common share for 2024 was $5.36, up 6.56% from $5.03 in 2023[4] - Net income available to common shareholders for the twelve months ended December 31, 2024, was $132,623 thousand, representing an increase of 6.0% from $124,927 thousand in 2023[36] - Net income available to common shareholders for the three months ended December 31, 2024, was $31,438,000, compared to $28,429,000 in 2023, marking an increase of 10.6%[41] Asset and Liability Growth - Total assets increased to $8,931,938 thousand as of December 31, 2024, compared to $8,727,958 thousand a year earlier, reflecting a growth of 2.3%[36] - Total assets as of December 31, 2024, were $8,824,464,000, an increase from $8,553,500,000 in 2023, reflecting a growth of 3.2%[42] - Total assets increased to $8,739,539,000 as of December 31, 2024, compared to $8,414,797,000 in 2023, reflecting a growth of 3.86%[44] - Total liabilities rose to $7,750,432 thousand, an increase of 1.2% from $7,659,695 thousand in the previous year[40] Loan and Deposit Metrics - End of period loans and leases reached $6.85 billion, up $336.30 million or 5.16% from $6.52 billion in 2023[4] - Average loans and leases for 2024 were $6.60 billion, an increase of $394.47 million or 6.36% from 2023[9] - End of period deposits net of brokered deposits were $6.73 billion, up $324.14 million or 5.06% from $6.41 billion in 2023[4] - Average deposits for 2024 were $7.12 billion, an increase of $161.71 million or 2.32% from 2023[10] - Total deposits reached $7,230,035 thousand, reflecting a 2.7% increase from $7,038,581 thousand year-over-year[40] Income and Expense Analysis - Noninterest income for 2024 was $86.31 million, down $4.32 million or 4.76% compared to 2023[14] - Noninterest income decreased to $18,482 thousand in Q4 2024 from $20,076 thousand in Q4 2023, a decline of 7.9%[36] - Total noninterest expense for the twelve months ended December 31, 2024, was $203,601,000, compared to $199,158,000 in 2023, showing an increase of 2.2%[41] - The company reported a total noninterest income of $86,307,000 for the twelve months ended December 31, 2024, compared to $90,623,000 in 2023[46] Efficiency and Profitability Ratios - The efficiency ratio for Q4 2024 was 55.40%, compared to 57.77% in Q4 2023, indicating improved operational efficiency[36] - The efficiency ratio (GAAP-derived) for the twelve months ended December 31, 2024, was 52.59%, slightly improved from 53.93% in 2023[46] - Return on average assets for Q4 2024 was 1.42%, down from 1.59% in the previous quarter[36] - Common equity-to-assets ratio (GAAP-derived) stood at 12.44% as of December 31, 2024, compared to 11.34% in 2023[46] Asset Quality and Risk Management - The allowance for loan and lease losses was 2.27% of total loans and leases as of December 31, 2024[20] - Nonperforming assets to loans and leases ratio was 0.46% as of December 31, 2024, compared to 0.37% a year earlier, indicating a slight deterioration in asset quality[36] - The allowance for loan and lease losses was $155,540 thousand, slightly higher than $147,552 thousand a year earlier, indicating a proactive approach to risk management[40] - The provision for credit losses for loans and leases for the three months ended December 31, 2024, was $3,904,000, up from $1,911,000 in 2023, representing a significant increase of 104.5%[41] Shareholder Returns - Common cash dividends declared remained stable at $0.36 per share for both Q4 2024 and Q3 2024[36] - Book value per common share (GAAP-derived) increased to $45.31 as of December 31, 2024, from $40.50 in 2023[46]

Financial Performance - 1st Source Corporation reported record net income of $132.62 million for 2024, a 6.16% increase from $124.93 million in 2023 [2][5] - Fourth quarter net income was $31.44 million, up 10.58% from $28.43 million in the same quarter of 2023 [2][5] - Diluted net income per common share reached a record $5.36 for 2024, up 6.56% from $5.03 in 2023, while for the fourth quarter, it was $1.27, up 10.43% from $1.15 a year earlier [2][5] Return on Assets and Equity - Return on average assets increased to 1.52% for 2024 from 1.48% in 2023, while return on average common shareholders' equity decreased to 12.54% from 13.48% [3][5] - For the fourth quarter, return on average assets was 1.42%, up from 1.32% in the previous year, and return on average common shareholders' equity decreased to 11.21% from 11.87% [3][5] Dividends - The Board of Directors approved a cash dividend of $0.36 per common share, a 5.88% increase from $0.34 declared a year ago [4][5] Loans and Deposits - End of period loans and leases were $6.85 billion at December 31, 2024, up 5.16% from $6.52 billion a year earlier [5] - End of period deposits net of brokered deposits were $6.73 billion, an increase of 5.06% from $6.41 billion at the end of 2023 [5] Net Interest Income and Margin - Tax-equivalent net interest income for 2024 was $301.40 million, a 7.88% increase from 2023 [12] - The tax-equivalent net interest margin was 3.64% for 2024, up 13 basis points from 3.51% in 2023 [13][14] Noninterest Income and Expenses - Noninterest income for 2024 was $86.31 million, down 4.76% from the previous year [15] - Noninterest expense for 2024 was $203.60 million, an increase of 2.23% compared to 2023 [18][19] Credit Quality - The allowance for loan and lease losses was 2.27% of total loans and leases as of December 31, 2024 [21] - Net charge-offs for 2024 were $5.68 million, compared to net recoveries of $2.42 million in 2023 [22] Capital Ratios - As of December 31, 2024, the common equity-to-assets ratio was 12.44%, and the Common Equity Tier 1 ratio was 14.21% [24]

1st Source (SRCE) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Since a changi ...

1st Source (SRCE) came out with quarterly earnings of $1.41 per share, beating the Zacks Consensus Estimate of $1.36 per share. This compares to earnings of $1.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.68%. A quarter ago, it was expected that this holding company for 1st Source Bank would post earnings of $1.25 per share when it actually produced earnings of $1.49, delivering a surprise of 19.20%.Over the last four ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-6233 1st Source Corporation (Exact name of registrant as specified in its charter) Indiana 35-1068133 (State ...

Exhibit 99.1 For: Immediate Release Contact: Brett Bauer October 24, 2024 574-235-2000 1st Source Corporation Reports Third Quarter Results, Cash Dividend Declared QUARTERLY HIGHLIGHTS South Bend, IN - 1st Source Corporation (NASDAQ: SRCE), parent company of 1st Source Bank, today reported quarterly net income of $34.94 million for the third quarter of 2024, compared to $36.79 million the previous quarter and up 6.07% from the $32.94 million reported in the third quarter a year ago. Year-to-date 2024 net in ...

Quarterly Highlights - Net income for the third quarter of 2024 was $34.94 million, an increase of $2.00 million or 6.07% from the same quarter in 2023 [1][2] - Diluted net income per common share was $1.41, up $0.09 or 6.82% from $1.32 in the third quarter of 2023 [1][2] - A cash dividend of $0.36 per common share was declared, representing a 12.50% increase from the previous year [1][3] Financial Performance - Tax-equivalent net interest income reached $75.63 million, up $1.44 million or 1.94% from the second quarter of 2024 and up $6.22 million or 8.97% from the third quarter of 2023 [1][8] - The tax-equivalent net interest margin was 3.64%, an increase of five basis points from the previous quarter and 18 basis points from the same quarter last year [1][8] Loan and Deposit Trends - Average loans and leases for the third quarter were $6.61 billion, flat compared to the previous quarter but up $359.79 million or 5.76% from the same quarter last year [6] - Average deposits were $7.13 billion, down $49.25 million or 0.69% from the previous quarter but up $184.32 million or 2.65% year-over-year [7] Credit Quality - Net charge-offs for the quarter were $0.85 million, or 0.05% of average loans and leases, compared to net recoveries of $1.99 million in the previous quarter [2][14] - The ratio of nonperforming assets to loans and leases increased to 0.47% from 0.31% in the previous quarter [4][15] Capital Position - The common equity-to-assets ratio was 12.60%, up from 11.75% at the end of the previous quarter [16] - The Common Equity Tier 1 ratio was 14.18%, compared to 13.74% in the previous quarter [16] Noninterest Income and Expense - Noninterest income for the third quarter was $22.45 million, down $0.77 million or 3.33% from the previous quarter [10] - Noninterest expense was $49.44 million, flat compared to the prior quarter and down $0.72 million or 1.44% from the same quarter last year [12]

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering 1st Source (SRCE) , which belongs to the Zacks Banks - Midwest industry.When looking at the last two reports, this holding company for 1st Source Bank has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 10.45%, on average, in the last two quarters.For the most recent quarter, 1st Source was expected to post earni ...

Core Viewpoint - 1st Source Corporation's earnings are expected to be supported by below-average loan growth until the end of 2025, while upcoming interest rate cuts may negatively impact net interest margins, constraining earnings growth in the near term [2][9]. Loan Growth - Loan growth for 1st Source Corporation improved in Q2 2024 but remains below last year's growth rate, with an annualized growth of 4.1% in the first half of the year compared to a five-year compounded annual growth rate of 6.2% [3]. - The company focuses on equipment financing, which constitutes 53% of total loans, while the community banking segment primarily serves small local businesses [3]. - The Purchasing Managers Index (PMI) indicates a depressed manufacturing sector, which negatively affects demand for credit products [3]. Financial Projections - The loan portfolio is projected to grow by 1.25% quarterly through the end of 2025, resulting in an annualized growth of 5.1%, which is below historical averages [4]. - Deposits are expected to grow in line with loans, reflecting the overall balance sheet estimates [4]. Net Interest Margin - The net interest margin improved by 5 basis points in Q2 2024, following increases in previous quarters, despite a worsening deposit mix that raised funding costs [6]. - Upcoming interest rate cuts are anticipated to negatively impact the net interest margin in the short term, as loan yields have more room to decline compared to deposit costs [7][8]. Earnings Estimates - Earnings per share are projected to be $5.37 for 2024, reflecting a 7% increase, and $5.44 for 2025, with only a 1% year-over-year growth [2][9]. - The provision-expense-to-total-loan ratio is expected to revert to a five-year average of 0.25%, and non-interest income is anticipated to remain stable [9]. Valuation and Target Price - The target price for 1st Source Corporation is estimated at $57.2 for the end of 2024, indicating a 6.9% downside from the current market price [12]. - A combined target price of $57.5 suggests a 6.4% downside, with a total expected return of negative 4.2% when factoring in the forward dividend yield [17].