SOUTH BEND – 1st Source Bank announced their naming to Forbes' America's Best Banks list, taking the 26th spot out of 100.
According to Forbes, they look at "10 metrics measuring growth, credit quality and profitability for the 12 months ending Sept. 30 and stock performance for the 12 months ending Jan. 10." 1st Source is one of only three banks in Indiana to make this year's list, according to the provided release.
"We are honored to receive recognition as one of America's Best Banks for the second year in a row," said Andrea Short, president and CEO of 1st Source Bank and president of 1st Source Corporation. "To rank number 26 on such a prestigious list of competitors is a testament to our colleagues' commitment to living out our mission to help our clients achieve security, build wealth, and realize their dreams. I am proud of our long history of serving our clients well while reinforcing our stability as a financial institution in the areas of growth, credit quality and performance."
The 16th annual America's Best Banks list is compiled from analyzing the 200 largest publicly traded 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." While S&P Global Market Intelligence provides the data, the rankings are done separately by Forbes.