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Last $34.70 USD
Change Today +0.58 / 1.70%
Volume 10.2K
SRCE On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 11:04 AM 07/1/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

100 North Michigan Street

South Bend, IN 46601

United States

Phone: 574-235-2000

Fax:

1st Source Corporation operates as the holding company for 1st Source Bank that provides a range of financial products and services. The company offers commercial and consumer banking services, trust and investment management services, and insurance to individual and business clients through majority of its 77 banking center locations in 17 counties in Indiana and Michigan. The company’s Specialty Finance Group, with 22 locations nationwide, offers specialized financing services for new and used private and cargo aircraft, automobiles and light trucks for leasing and rental agencies, medium and heavy duty trucks, construction and environmental equipment. Commercial, Agricultural, and Real Estate Loans The company provides commercial, small business, agricultural, and real estate loans to primarily privately owned business clients primarily located within its regional market area. Loans are made for various general corporate purposes, including financing for industrial and commercial properties, financing for equipment, inventories and accounts receivable, and acquisition financing. Other services include commercial leasing, cash management services, and retirement planning services. Consumer Services The company provides a range of consumer banking products and services through its banking centers and at 1stsource.com. In various markets, the company also offers insurance products through 1st Source Insurance, Inc. (the bank’s subsidiary) offices. The traditional banking services include checking and savings accounts, certificates of deposits, and individual retirement accounts. The company offers a line of online and mobile banking products, including bill payment. An automated teller machine network serves the company’s customers and supports the debit and credit card programs of the bank. Consumers also have the ability to obtain consumer loans, real estate loans, and lines of credit in any of its banking centers or online. Additionally, the company offers various financial planning, financial literacy, and other consultative services to its customers. Trust Services The company provides a range of trust, investment, agency, and custodial services for individual, corporate, and not-for-profit clients. These services include the administration of estates and personal trusts, as well as the management of investment accounts for individuals, employee benefit plans, and charitable foundations. Specialty Finance Group Services The company, through its Specialty Finance Group, provides a range of equipment loan and lease finance products addressing the financing needs of a range of companies. This group could be broken down into four areas, such as auto and light trucks; medium and heavy duty trucks; new and used aircraft; and construction and environmental equipment. The auto and light truck division consists of financings to automobile rental and leasing companies, light truck rental and leasing companies, and special purpose vehicles. The medium and heavy duty truck division provides financing for highway tractors and trailers and delivery trucks to the commercial trucking industry. Aircraft financing consists of financings for new and used general aviation aircraft (including helicopters) for private and corporate aircraft users, aircraft distributors and dealers, air charter operators, air cargo carriers, and other aircraft operators. Construction and environmental equipment financing includes financing of equipment (asphalt and concrete plants, bulldozers, excavators, cranes, loaders, trash and recycling equipment, etc.) to the construction industry. The company also generates equipment rental income through the leasing of construction equipment, medium and heavy duty trucks, automobiles, and other equipment to clients through operating leases. Specialty Finance Group Subsidiaries The Specialty Finance Group also consists of separate wholly owned subsidiaries of the company, which include Michigan Transportation Finance Corporation; 1st Source Specialty Finance, Inc.; SFG Aircraft, Inc.; 1st Source Intermediate Holding, LLC; SFG Commercial Aircraft Leasing, Inc.; and SFG

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Industry Analysis

SRCE

Industry Average

Valuation SRCE Industry Range
Price/Earnings 14.3x
Price/Sales 3.4x
Price/Book 1.3x
Price/Cash Flow 14.0x
TEV/Sales 1.7x
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