1st Source Corporation (SRCE) 株式分析

企業概要

1st Source Corporation operates as the holding company for 1st Source Bank, offering a comprehensive suite of commercial and consumer banking services alongside trust and wealth advisory solutions and insurance products to both individual and business clients across the United States. The entity is classified within the Financial Services sector and specifically within the Banks - Regional industry, positioning it as a specialized intermediary that manages deposits and extends credit to local and regional economic participants. As of the latest data, the company possesses a market capitalization of $1.79B, generates annual revenue of $421.22M, and employs a workforce of 1,190 individuals. These valuation and operational metrics indicate that the institution maintains a significant asset base relative to its headcount, suggesting a capital-intensive business model typical of regional banking where scale is derived from loan portfolios rather than massive operational overhead. The revenue figure of $421.22M reflects the aggregate of interest income, fee income, and other non-interest revenue streams generated by the bank's various divisions, while the market cap provides a market-based assessment of the equity value held by shareholders.

財務健全性

The company reported a trailing twelve-month revenue of $421.22M and a corresponding net income of $156.86M, while EBITDA data is not available in the current reporting cycle. The substantial gap between the $421.22M in revenue and the $156.86M in net income reveals a highly efficient cost structure, as the company retains approximately 37.6% of its top-line revenue as profit after covering operating expenses, tax provisions, and provisions for loan losses. Unlike many industrial firms, 1st Source Corporation reports a Gross Margin of 0.0%, which is standard for financial institutions where the cost of funds is netted against interest income, and the reported "gross profit" effectively represents net interest margin; however, the Operating Margin stands at a robust 50.0%, indicating that non-interest expenses are well-controlled relative to revenue. The Profit Margin of 37.6% further confirms that the majority of every dollar earned translates directly to the bottom line, highlighting the high leverage inherent in banking operations. Regarding liquidity, the company holds $136.34M in cash assets against $346.30M in total debt, resulting in a Debt to Equity ratio that is not disclosed in the available facts, though the absolute debt level is roughly 2.5 times the cash on hand. The Current Ratio is not provided in the available data, limiting a precise assessment of short-term liquidity coverage based solely on the provided metrics. Management effectiveness is evidenced by a Return on Equity of 12.7% and a Return on Assets of 1.8%, metrics that demonstrate the company generates double-digit returns on shareholder capital while maintaining a low percentage return on its total asset base, which is typical for highly leveraged banking entities.

バリュエーション評価

Valuation metrics for 1st Source Corporation indicate a trailing twelve-month P/E ratio of 11.42 and a forward P/E of 10.71, suggesting that the market expects earnings growth to accelerate in the coming year as the forward multiple is lower than the trailing multiple. The Price to Book ratio is recorded at 1.40, which indicates that the market values the company's equity at 40% above its book value, reflecting a premium assigned to the bank's intangible assets, brand reputation, and franchise value within the regional banking sector. Alternative valuation measures include a Price to Sales ratio of 4.25 and an EV/EBITDA multiple that is not available due to missing EBITDA data, yet the P/S ratio suggests the market is willing to pay a significant multiple relative to the scale of its revenue generation. Historical price volatility is captured by a 52-week high of $73.91 and a 52-week low of $52.57, providing the range within which the stock has traded over the past year. The Beta coefficient is 0.57, which signifies that the stock's price volatility is less than half that of the broader market, indicating a defensive characteristic often found in regional banks during periods of market stress.

Growth & Income

The company demonstrated a Revenue Growth of 16.8% year-over-year and an Earnings Growth of 31.5% year-over-year, indicating that earnings are expanding at more than double the rate of revenue, which implies improving operational efficiency or a favorable mix shift toward higher-margin products. As a dividend payer, the company offers a Dividend Yield of 2.2% with a Payout Ratio of 23.7%, a conservative distribution level that ensures the dividend is highly sustainable given the strong earnings growth and substantial retained earnings relative to the dividend paid. The low payout ratio leaves ample room for the company to reinvest retained earnings into loan growth, technology upgrades, or share buybacks without jeopardizing the dividend commitment. Overall, the growth and income profile presents a dual opportunity of capital appreciation driven by earnings expansion and income generation through a stable, low-risk dividend stream supported by conservative leverage and efficient cost management.