The folks at 1st Source Bank in Indiana and Michigan are feeling good about being ranked in the Top 15 banks in the nation. 1st Source scored a #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. Only one bank in Michigan was in that group, Mercantile Bank in the Detroit area.
“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 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.”
For more information, visit https://www.1stsource.com/
