South Bend, IN – 1st Source Corporation has been named to the Keefe, Bruyette & Woods, Inc. (KBW) “Bank Honor Roll” of Superior Performers in recognition of the bank’s strong performance over the past ten years. 1st Source is one of 47 U.S. banks to be named to this esteemed list, and one of only 33 banks to make the list for two consecutive years.
“We are pleased to receive this recognition of our strong performance over the past decade, especially given the challenging economic times in recent years,” said Christopher J. Murphy III, Chairman of 1st Source. “1st Source has maintained a sound financial standing by staying true to our values. We’re committed to offering outstanding client service, maintaining strong credit quality, and striving for a superior financial performance.”
In a news release, KBW said that the Bank Honor Roll is a way for it to “acknowledge companies that have managed to successfully navigate a variety of obstacles as they have arisen, despite difficult conditions in what remains a rate-challenged environment.”
KBW Bank Honor Roll winners are publicly traded banking institutions with more than $500 million in total assets that meet the following three conditions:
No annual loss reported in net income per share before extraordinary items over the past 10 years;
2012 annual reported net income per share before extraordinary items equal to or greater than peak net income per share over the past 10 years; and
Consecutive increases in net income per share before extraordinary items since 2009.
According to KBW, “in terms of stock price performance, Bank Honor Roll companies significantly outperformed both the banking industry and the overall stock market during the five-year period between 2007 and 2012.”
1st Source serves the northern half of Indiana and southwest Michigan and is the largest locally controlled financial institution headquartered in the area. While delivering a comprehensive range of consumer and commercial banking services through its community bank offices, 1st Source has distinguished itself with highly personalized services. 1st Source Bank also competes for business nationally by offering specialized financing services for new and used private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, construction and environmental equipment.
The Corporation includes 76 community banking centers in 17 counties, 9 trust and wealth management locations, 9 1st Source Insurance offices, as well as 22 specialty finance locations nationwide. Celebrating 150 years, 1st Source has a history dating back to 1863. The Bank has a tradition of providing superior service to clients while playing a leadership role in the continued development of the communities it serves.
1st Source may be accessed on its home page at “www.1stsource.com.” Its 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".
Media contact: Angie Dvorak, (574) 235-2000