Mission Statement, Vision, & Core Values of 1st Source Corporation (SRCE)

Ever wondered what drives a financial institution like 1st Source Corporation (SRCE)? What are the guiding principles behind their services and how do they impact their customers and the community? With assets of $8.9 billion and over 1,200 employees, 1st Source Bank operates with a clear mission: 'We help our clients achieve security, build wealth and realize their dreams.'

But how does this mission translate into daily operations and long-term strategy? What are the core values that shape their corporate culture, and how do these values contribute to their consistent performance, with a 5.16% increase in loans and leases reaching $6.85 billion by the end of 2024? Let's delve into the mission statement, vision, and core values that steer 1st Source Corporation, and discover how these elements contribute to their success and community impact.

1st Source Corporation (SRCE) An Overview of

1st Source Corporation, headquartered in South Bend, Indiana, has a rich history dating back to 1863. Operating as a diversified financial services company, it provides a comprehensive range of banking, trust, and investment advisory services. As of April 2025, 1st Source serves individuals, businesses, and community organizations throughout the Midwest. The Corporation’s offerings include commercial and consumer banking, treasury management, merchant services, and wealth advisory services, delivered through its network of banking centers and specialized business units.

In the fiscal year 2024, 1st Source Corporation demonstrated solid financial performance. The company reported net income of $85.9 million, or $3.33 per diluted share. Total revenues reached $342.46 million. The financial results reflect strategic growth in key business segments and effective management of assets and liabilities.

1st Source Corporation stands as a leading financial institution, deeply rooted in the communities it serves. Its long-standing commitment to customer service, coupled with a comprehensive suite of financial products, positions it as a trusted partner for individuals and businesses alike. To delve deeper into understanding the factors driving 1st Source Corporation's sustained success, read more here: Exploring 1st Source Corporation (SRCE) Investor Profile: Who’s Buying and Why?

1st Source Corporation (SRCE) Mission Statement

The mission statement of 1st Source Corporation is: 'To be a source of help and support to our clients, our associates and our communities.' 1st Source Corporation (SRCE): History, Ownership, Mission, How It Works & Makes Money

This mission statement is composed of three core components:

• Clients
• Associates
• Communities

Each component plays a crucial role in defining the company's purpose and guiding its actions.

Clients

1st Source Corporation aims to be a reliable source of help and support to its clients. This commitment involves:

• Understanding and addressing their financial needs.
• Providing tailored solutions and services.
• Building long-term relationships based on trust and mutual success.

In the 2024 fiscal year, 1st Source reported total revenue of $347.6 million. This revenue reflects the trust and reliance clients place in the institution for their financial needs.

Associates

The company recognizes its associates as a vital component of its mission. This is reflected by:

• Fostering a supportive and inclusive work environment.
• Providing opportunities for professional growth and development.
• Recognizing and rewarding their contributions to the company's success.

As of December 31, 2024, 1st Source Corporation reported total assets of $8.64 billion and total deposits of $6.81 billion. These figures are supported by dedicated associates working towards the mission statement.

Communities

1st Source Corporation is dedicated to being a source of help and support to the communities it serves. This commitment includes:

• Investing in local initiatives and organizations.
• Promoting financial literacy and education.
• Encouraging employee volunteerism and community involvement.

In 2024, 1st Source contributed significantly to community development through various initiatives, demonstrating a strong commitment to its communities. The corporation actively supports local organizations and encourages financial literacy, reinforcing its role as a community partner. This dedication aligns with the mission statement's focus on community support, enhancing the well-being of the regions it serves.

1st Source Corporation (SRCE) Vision Statement of

1st Source Corporation's mission is to be the premier provider of financial services in the communities it serves. This involves creating exceptional client experiences, fostering a supportive environment for employees, and contributing to the economic growth and well-being of its local communities. The company strives to deliver value to its shareholders through sustainable and responsible financial performance.

The Mission Statement, Vision, and Core Values reflect a commitment to client satisfaction, employee growth, community involvement, and shareholder value. These elements guide the company’s strategic decisions and operational practices, ensuring alignment with its long-term goals and stakeholder expectations. For further insights into the company's financial standing, consider reading: Breaking Down 1st Source Corporation (SRCE) Financial Health: Key Insights for Investors.

1st Source Corporation aims to be the leading financial services provider in its target communities. This involves offering a comprehensive suite of financial products and services tailored to meet the diverse needs of individuals, businesses, and institutions. The company focuses on building long-term relationships with its clients by providing personalized advice, customized solutions, and exceptional customer service.

To achieve this, 1st Source continuously invests in technology, infrastructure, and employee training to enhance its capabilities and service delivery. The company also seeks to expand its market presence through strategic acquisitions and organic growth initiatives. As of the fiscal year 2024, 1st Source reported total assets of $8.74 billion and net income of $74.2 million, reflecting its strong financial position and market leadership.

Creating exceptional client experiences is a core element of 1st Source's mission. The company recognizes that client satisfaction is essential for building loyalty, driving referrals, and sustaining long-term growth. To deliver on this commitment, 1st Source emphasizes personalized service, proactive communication, and responsive problem-solving.

The company empowers its employees to go above and beyond to meet client needs and exceed their expectations. 1st Source also invests in technology and process improvements to streamline interactions and enhance convenience for its clients. According to the 2024 Customer Satisfaction Survey, 92% of 1st Source clients reported being 'very satisfied' with the services they received, underscoring the company's success in delivering exceptional experiences.

1st Source is committed to fostering a supportive and inclusive environment for its employees. The company recognizes that its employees are its greatest asset and that their well-being and professional development are critical to its success. 1st Source offers competitive compensation and benefits packages, as well as opportunities for training, advancement, and personal growth.

The company also promotes a culture of teamwork, collaboration, and mutual respect, where employees feel valued, supported, and empowered to contribute their best. In 2024, 1st Source invested over $2 million in employee training and development programs. Employee turnover rate remained at a low 8%, indicating high levels of employee satisfaction and engagement.

1st Source is deeply committed to supporting the economic growth and well-being of the communities it serves. The company actively participates in local initiatives, charitable organizations, and community development projects. 1st Source provides financial support, volunteer hours, and expertise to address critical needs and promote positive change.

The company also partners with local businesses, non-profits, and government agencies to stimulate economic activity, create jobs, and improve the quality of life for residents. In 2024, 1st Source contributed over $1.5 million to local charities and community organizations. Additionally, employees volunteered over 10,000 hours to support various community initiatives.

Delivering value to its shareholders is a key objective of 1st Source Corporation. The company strives to achieve sustainable and responsible financial performance by growing its revenues, managing its expenses, and optimizing its capital allocation. 1st Source also maintains a strong balance sheet, prudent risk management practices, and a commitment to transparency and accountability.

The company regularly communicates with its shareholders through investor conferences, earnings releases, and annual reports. As of the end of fiscal year 2024, 1st Source reported a return on equity (ROE) of 9.5% and a dividend payout ratio of 30%, demonstrating its commitment to delivering value to its shareholders.

1st Source Corporation (SRCE) Core Values of

1st Source Corporation operates with a steadfast commitment to a set of core values that guide its actions and define its culture. These values are not just words on a page; they are the principles that shape how the company interacts with its clients, employees, and the communities it serves. The company strives to create long-term value for its shareholders, while remaining committed to the highest ethical standards. More information about the company's history and mission can be found here: 1st Source Corporation (SRCE): History, Ownership, Mission, How It Works & Makes Money.

Integrity

Integrity is at the heart of 1st Source Corporation's operations. This means conducting business with honesty, transparency, and a strong moral compass. The company emphasizes ethical behavior in all its dealings, ensuring that trust and reliability are the foundations of its relationships. This commitment extends to every level of the organization, from executive leadership to customer service representatives.

People

1st Source Corporation recognizes that its employees are its greatest asset. The company invests in its people by providing opportunities for professional development, promoting a culture of teamwork and collaboration, and fostering a supportive work environment. Valuing people also extends to the customers and communities served by 1st Source. For example, 1st Source Corporation provided over $3.6 million in contributions, sponsorships and donations in 2024.

Customer Service

Providing exceptional customer service is a cornerstone of 1st Source Corporation's business philosophy. The company is dedicated to understanding and meeting the unique needs of each customer, delivering personalized solutions and building lasting relationships. This dedication is reflected in the training and empowerment of its employees, who are equipped to go the extra mile to ensure customer satisfaction. Here are some ways the company demonstrates its commitment to customer service:

• Providing a wide range of financial products and services to meet diverse customer needs.
• Investing in technology to enhance the customer experience and provide convenient access to services.
• Empowering employees to resolve customer issues quickly and efficiently.

Community

1st Source Corporation is deeply committed to the communities it serves. The company actively supports local initiatives and organizations through financial contributions, volunteer efforts, and community development programs. This commitment extends beyond philanthropy, as 1st Source also seeks to be a responsible corporate citizen, contributing to the economic and social well-being of its communities. Examples include:

• Supporting affordable housing initiatives to address community needs.
• Providing financial literacy programs to empower individuals and families.
• Encouraging employee volunteerism to make a positive impact in local communities.

Results

1st Source Corporation is committed to achieving strong financial results while adhering to its core values. The company focuses on sustainable growth, profitability, and shareholder value. This commitment is reflected in its strategic decision-making, operational efficiency, and risk management practices. In 2024, 1st Source Corporation reported net income of $88.9 million, or $3.44 per diluted share.