Three Hoosier Banks Among 'Nifty 50'Posted: Updated:
A national trade publication has named three Indiana-based banks to its annual "Nifty 50" list. Bank Director magazine ranks the institutions based on profitability and capital metrics. Only banks listed on one of three major stock exchanges were considered.
The Hoosier companies are:
35. Terre Haute-based First Financial Corp. (Nasdaq: THFF)
41. Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN)
43. South Bend-based 1st Source Corp. (Nasdaq: SRCE)
Last year, First financial was 11th, Lakeland Financial was 36th and 1st Source was 11th.
Source: Bank Director Magazine
February 12, 2014
WARSAW, Ind. - Lake City Bank, the single bank subsidiary of Lakeland Financial Corporation (Nasdaq:LKFN), announced today that the bank has been included in Bank Director Magazine's "Nifty 50" list of high performing banks for the third consecutive year.
The Nifty Fifty is compiled by Bank Director and Sandler O'Neill + Partners to rank "the top 50 best users of capital based on profitability and capital strength." All U.S. banks and thrifts that trade publicly on the NYSE, NASDAQ and NYSE Amex stock exchanges are measured on two financial metrics: core return on tangible common equity and average tangible common equity to tangible assets, weighted equally. According to the report, "The institutions on the list have both high levels of capital and high levels of profitability, a difficult thing for a bank to achieve. It's also an important skill in the new regulatory environment."
Michael L. Kubacki, Chairman and Chief Executive Officer, commented, "Inclusion in the Nifty Fifty is gratifying on a number of levels. Our ability to maintain a strong capital position along with the earnings performance we have seen over the last year is a direct result of the focus and effort of everyone at Lake City Bank. Successful execution of our strategy depends on consistent performance in these two metrics, and we appreciate the recognition of our work."
David M. Findlay, President and Chief Financial Officer, added, "Constant attention to our balance sheet has enabled us to continue to outperform our own record year over year. Most importantly, our consistent earnings performance, combined with a prudent capital structure, has kept us in a position of strength as a lender to businesses and individuals in Indiana. Our appearance in the Nifty Fifty listing for the third consecutive year is a welcome recognition of our reliable performance."
Lake City Bank, a $3.2 billion bank headquartered in Warsaw, Indiana, is the fourth largest bank in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 46 branch offices in northern and central Indiana, delivering technology-driven solutions in a client-centric way to individuals and businesses.The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq:LKFN).
For more information visit www.lakecitybank.com.
Source: Lakeland Financial Corp.