Reported Q: Q2 2024 Rev YoY: -21.1% EPS YoY: +14.6% Move: +0.63%
1st Source Corporation
SRCE
$68.48 0.63%
Exchange NASDAQ Sector Financial Services Industry Banks Regional
Q2 2024
Published: Jul 25, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for SRCE

Reported

Report Date

Jul 25, 2024

Quarter Q2 2024

Revenue

97.27M

YoY: -21.1%

EPS

1.49

YoY: +14.6%

Market Move

+0.63%

Previous quarter: Q1 2024

Follow this company to get upcoming quarter alerts automatically.

Earnings Highlights

  • Revenue of $97.27M down 21.1% year-over-year
  • EPS of $1.49 increased by 14.6% from previous year
  • Gross margin of 100.0%
  • Net income of 36.79M
  • "Transcript not available for QQ2 2024. " - Management
SRCE
Company SRCE

Swipe to view all report sections

Executive Summary

1st Source Corporation delivered a profitable Q2 2024, with revenue of $97.27 million and net income of $36.79 million, translating to EPS of $1.49. The company posted a strong operating margin of 50.7% and a net margin of 37.8%, underscoring disciplined cost management and a favorable mix of earnings drivers despite a year-over-year revenue decline. The quarter also highlighted solid cash generation and a robust liquidity and capital position, with free cash flow of $46.41 million and cash plus short-term investments totaling approximately $1.61 billion against total liabilities of $7.76 billion and stockholders’ equity of about $1.04 billion.

Looking sequentially, QoQ improvements in profitability metrics and a modest revenue uptick point to ongoing earnings resilience even as top-line growth remains challenged versus the prior-year period. The balance sheet exhibits ample liquidity and manageable leverage, which supports ongoing credit underwriting discipline and potential capital deployment in a conservative risk framework. Management commentary (where available) emphasizes efficiency, client-centric fee-generating activities, and strategic balance sheet management as primary levers for the remainder of 2024.

Key Performance Indicators

Revenue
Decreasing
97.27M
QoQ: 3.40% | YoY: -21.13%
Gross Profit
Increasing
97.27M
1.00% margin
QoQ: 3.40% | YoY: 6.61%
Operating Income
Increasing
49.35M
QoQ: 24.79% | YoY: 17.30%
Net Income
Increasing
36.79M
QoQ: 24.88% | YoY: 13.44%
EPS
Increasing
1.49
QoQ: 25.21% | YoY: 14.62%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 123.30 1.52 +31.1% View
Q4 2024 123.15 1.29 -8.5% View
Q3 2024 97.93 1.41 -25.7% View
Q2 2024 97.27 1.49 -21.1% View
Q1 2024 94.07 1.19 -0.4% View