1st Source Corp.
0.0 %
21.71 %
Yet to be announced
Company Overview
1st Source Corporation operates through 79 banking centers in 18 counties in Indiana and Michigan, as well as Sarasota County in Florida. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, mortgage loans, and home equity lines of credit. The company also provides trust, investment, agency, and custodial services.
Revenue Sources
Based on the financial data provided, the majority of the company's revenue comes from interest income, which constitutes over 75% of total revenue across all four quarters analyzed. As a traditional banking institution whose primary business model relies on interest-based lending, this exceeds the 2.5% threshold for revenue from haram sources.
Reliance on Interest
| Reporting Date | Total Revenue | Total Expense | Interest Income | Interest Expense | Interest Income Ratio | Interest Expense Ratio |
|---|---|---|---|---|---|---|
| Sept. 30, 2024 | $97.93m | $47.74m | $75.49m | $47.74m | 77.08% | 100.00% |
| June 30, 2024 | $97.27m | $47.12m | $74.05m | $47.12m | 76.13% | 100.00% |
| March 31, 2024 | $94.07m | $44.55m | $71.92m | $44.55m | 76.45% | 100.00% |
| Dec. 31, 2023 | $91.41m | $43.24m | $71.33m | $43.24m | 78.04% | 100.00% |
The company's interest expense represents a significant portion of its total expenses, ranging between 95-100% across all four quarters analyzed. This indicates that interest is fundamental to the company's business model, not incidental.
Operational Ethics
Based on available information from SEC filings and the company's public disclosures, there is no evidence of significant ongoing associations with entities involved in human rights violations such as the state of Israel or the Chinese Communist Party.
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