1st Source Bank Named One of America's Best Banks by Forbes
1st Source Bank has been named one of America's Best Banks by Forbes, ranking #14 in the Top 100 U.S. Banks and the top bank in Indiana. This recognition is based on various financial metrics and stock performance, highlighting the bank's commitment to building a strong balance sheet and sustainable earnings. 1st Source , the parent company, boasts assets of $8.7 billion and is a leading financial institution in the Indiana-southwestern Michigan area.
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Ranked #14 in Top 100 U.S. Banks and Top Bank in Indiana
South Bend, Indiana--(Newsfile Corp. - April 26, 2024) - 1st Source Bank is pleased to announce their #14 ranking on Forbes' America's Best Banks list. The list, according to Forbes includes 100 of the nation's top banks, based on 10 financial metrics "measuring growth, credit quality and profitability for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024." 1st Source is one of only five banks based in Indiana that made the list, and the only bank in Indiana that ranked in the top 15.
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"To be ranked the 14th Best Bank in America and the top bank in Indiana by Forbes is an honor," said Chris J Murphy III, Chairman, President, and Chief Executive Officer of 1st Source Corporation (NASDAQ: SRCE) and Chairman of 1st Source Bank. "It is a result of the long-standing commitment we have made to building a fortress-like balance sheet and quality sustainable earnings while staying true to our mission of helping our clients achieve security, build wealth, and realize their dreams. Since we became independent again in 1971, our successive bank leaders, most recently Andrea Short as current President and CEO of the bank, have lived this commitment and delivered on our mission. I am proud of the work done by our incredible team over the years to serve our clients while prioritizing metrics such as growth, credit quality, and performance. We especially appreciate this recognition during a challenging year for the banking industry as a whole."
The 15th annual America's Best Banks List is compiled from analyzing the 200 largest publicly-trade U.S. banks and thrifts by assets. Forbes lists the 10 equally-weighted financial metrics as "net interest margin; return on average tangible common equity; return on average assets; CET1 ratio; efficiency ratio; nonperforming assets as a percentage of total assets; reserves as a percentage of total assets; risk-based capital ratio; operating revenue growth; and net charge-offs as a percentage of total loans." To view the entire list, click here: America's Best Banks 2024 (forbes.com).
1st Source Corporation, parent company of 1st Source Bank, has assets of
Contact:
Hannah Nichols
NicholsHa@1stsource.com
574-235-2128
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SOURCE STRING: 1st Source Corporation
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206873
FAQ
What ranking did 1st Source Bank achieve on Forbes' America's Best Banks list?
1st Source Bank achieved the 14th ranking on Forbes' America's Best Banks list.
What are the key financial metrics considered by Forbes in ranking the banks?
Forbes considers 10 financial metrics including net interest margin, return on average tangible common equity, efficiency ratio, and operating revenue growth.
Who is the Chairman, President, and CEO of 1st Source ?
Chris J Murphy III serves as the Chairman, President, and CEO of 1st Source
What is the total assets of 1st Source ?
1st Source has assets of $8.7 billion.
How long has 1st Source Bank been committed to its mission?
1st Source Bank has been committed to helping clients achieve security, build wealth, and realize their dreams for more than 160 years.
