Regional banking company 1st Source (NASDAQ:SRCE) will be announcing earnings results this Thursday after market close. Here’s what to expect.
1st Source beat analysts’ revenue expectations by 3.1% last quarter, reporting revenues of $104 million, up 10.6% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ net interest income estimates and a decent beat of analysts’ EPS estimates.
Is 1st Source a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting 1st Source’s revenue to grow 7.6% year on year to $104.7 million, improving from the 6.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.47 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. 1st Source has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 1.6% on average.
Looking at 1st Source’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. City Holding delivered year-on-year revenue growth of 6.3%, beating analysts’ expectations by 3%, and Texas Capital Bank reported revenues up 15.2%, topping estimates by 2.7%. Texas Capital Bank traded up 4.8% following the results.
Read our full analysis of City Holding’s results here and Texas Capital Bank’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.2% on average over the last month. 1st Source is up 3.4% during the same time and is heading into earnings with an average analyst price target of $69 (compared to the current share price of $63.02).
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