1st Source Earns Top Ratings
SOUTH BEND, Ind.--(BUSINESS WIRE)--1st Source Corporation has been ranked near the top of the 2014 Bank Performance Scorecard by Bank Director Magazine. 1st Source ranked #8 in the nation of 93 banks in the $1-$5 billion asset range.
“By remaining focused on our goals of being distinctively convenient, offering straight talk and sound advice and keeping our client’s best interests in mind, we continue to be profitable and show strong results.”
“1st Source is pleased to be recognized for our sound financial performance,” said Christopher J. Murphy III, Chairman and CEO. “By remaining focused on our goals of being distinctively convenient, offering straight talk and sound advice and keeping our client’s best interests in mind, we continue to be profitable and show strong results.”
The Bank Performance Scorecard is a ranking of the 200 largest publicly traded bank holding companies in the United States, based on 2013 financial data. The banks are split into three asset categories and ranked using five metrics that measure profitability, capital strength and credit quality. According to Bank Director Magazine, banks at the top of this year’s list are more profitable, have more loan growth, and higher levels of capital than a year ago.
Additionally, 1st Source has outperformed all similar sized Indiana banks in Pre-Provision Net Revenue Ratio, according to BankRegData.com. 1st Source’s rate of 2.28 exceeds the 1.75 average rate of similar sized Indiana banks.
1st Source Corporation, parent company of 1st Source Bank, has assets of $4.93 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 78 banking centers in 17 counties, 21 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Management locations and eight 1st Source Insurance offices.
1st Source common stock is traded on the NASDAQ Global Select Market under “SRCE” and appears in the National Market System tables in many daily newspapers under the code name “1st Src.” For 150 years, 1st Source has been committed to the success of the communities it serves. For more information, visit www.1stsource.com.