By ANGIE DVORAK
Manager of Public Relations and Corporate Communications, 1st Source Bank
SOUTH BEND — 1st Source Corporation, parent company of 1st Source Bank, has been ranked the number-10 best performing bank in the country according to Bank Director Magazine.
1st Source ranked number-10 out of 102 banks with $5-50 billion in assets. The rankings were released in Bank Director’s annual 2016 bank performance scorecard, based on 2015 results.
“1st Source Bank is pleased to be ranked the number-10 best performing bank in the country among our peers,” said Christopher J. Murphy III, chairman and CEO. “By remaining focused on our mission of helping our clients achieve security, build wealth and realize their dreams we continue to be profitable and show strong results. We’ve grown by listening and then giving straight talk and sound advice keeping our clients’ best interests in mind. Similarly we have always focused on the long-term performance of the bank and operate with strong capital and reserves for the benefit of our clients. Lastly, we are blessed with great colleagues who love being in service to others and giving back with their time and talent to the communities we serve.”
To develop the rankings, Bank Director used five key metrics that measure profitability, capitalization and asset quality – core return on average equity, core return on average assets, the ratio of tangible common equity to tangible assets, the ratio of nonperforming assets to total loans and other real estate owned and the ratio of net charge offs to average loans.