10-Q · April 23, 2026
1st Source reported a mixed but stable Q1 2026: diluted EPS of $1.63 and net income of $39.96 million (up from $37.52 million YoY) while taxable-equivalent net interest income improved to $90.293 million (up 11.36%…
Earnings analysis · 10-Q
SRCE earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Third-quarter diluted EPS was $2.03, up 4.1% sequentially and 18.7% year over year, and exceeded the $1.83 consensus estimate by 10.9%. However, reported revenue of $120.281 million fell 22.9% from the prior quarter and…
Read full summary
Third-quarter diluted EPS was $2.03, up 4.1% sequentially and 18.7% year over year, and exceeded the $1.83 consensus estimate by 10.9%. However, reported revenue of $120.281 million fell 22.9% from the prior quarter and 21.4% from the prior year; current-quarter gross margin, operating margin, free cash flow, and segment results were not disclosed in the provided filing extract. The 10-Q provided no updated quantitative guidance, reported effective controls as of September 30, 2026, and stated that market and other risk factors had not materially changed since December 31, 2025.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.03
What stood out
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EPS rose and beat consensus
Diluted EPS was $2.03, up 4.1% from $1.95 in 2026Q2 and 18.7% from $1.71 in 2025Q3. EPS also exceeded the $1.83 consensus estimate by 10.9%.
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Revenue was $120.3 million
Reported revenue was $120.281 million, versus $156 million in 2026Q2 and $153 million in 2025Q3.
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Controls remained effective
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no material changes to internal control during the third quarter.
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Repurchase capacity remains available
The company made no share repurchases during July, August, or September 2026, while 428,611 shares remained available under the repurchase plan at the end of each month.
What to watch
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Sharp revenue contraction
Revenue of $120.281 million declined 22.9% sequentially from $156 million and 21.4% year over year from $153 million, indicating a significant quarterly contraction despite higher EPS.
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Market risks unchanged
The filing states there have been no material changes in market risks since December 31, 2025; therefore, the existing interest-rate and market-risk exposures remain applicable.
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No risk-factor relief
The filing states there have been no material changes in risk factors since December 31, 2025, leaving the risks disclosed in the 2025 Form 10-K in effect.
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Ongoing legal proceedings
1st Source and its subsidiaries remain involved in legal proceedings inherent to their businesses, although management does not expect a material adverse effect on consolidated results or financial position.
Management's outlook
The 10-Q provides no quantitative revenue or EPS outlook. Prior full-year EPS guidance of $6.20-$6.50 was referenced in the prior earnings release, not updated in this filing.
Earlier filings 4
10-K · February 17, 2026
1st Source’s 2025 10-K emphasizes steady community-focused commercial banking and a growing Specialty Finance franchise, reporting consolidated assets of $9.06 billion and a well‑capitalized bank at December 31, 2025.…
10-Q · October 23, 2025
1st Source reported Q3 2025 net interest income of $88,750,000 and total noninterest income of $21,906,000 for implied total revenue of $110,656,000. Diluted EPS was $1.71 (up from $1.41 in Q3 2024) and net income for…
10-Q · July 24, 2025
1st Source reported Q2 2025 total revenue of $108,249,000, up $10,978,000 (+11.3%) year-over-year and up $4,208,000 (+4.0%) sequentially. Diluted EPS was $1.51 (vs $1.49 in Q2 2024), net income was $37,326,000, and net…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.