Industry Mag Rates Hoosier Banks High

(Image courtesy of 1st Source Bank)

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Ten banks throughout the state are being recognized for profitability, capitalization and asset quality. Bank Director magazine has released its 2016 Bank Performance Scorecard and banks headquartered in South Bend and Jasper finished highest in the state in their respective categories.

The industry publication weighed five metrics to determine rankings: core return on average equity, core return on average assets, tangible common equity to tangible asset ratio, nonperforming asset to total loan and other real estate owned ratio and net charge off to average loan ratio.

South Bend-based 1st Source Corp. (Nasdaq: SRCE) placed tops in the state among mid-sized peers. Jasper-based German American Bancorp Inc. (Nasdaq: GABC) was highest in Indiana for smaller banks. The list is based off of 2015 results. Anchor Bank in Wisconsin, which has since been acquired by Evansville-based Old National Bancorp. (NYSE: ONB), was highest-ranked small bank.

1st Source Chief Executive Officer Chris Murphy says "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."

No Indiana bank was rated in the large bank category.

In the mid-sized and small categories

$5 Billion – $10 Billion Category

• 10. South Bend-based 1st Source Corp. (Nasdaq: SRCE)
• 40. Muncie-based First Merchants Corp. (Nasdaq: FRME)

$1 Billion – $5 Billion

• 2. Jasper-based German American Bancorp Inc. (Nasdaq: GABC)
• 8. Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN)
• 49. Greensburg-based MainSource Financial Group Inc. (Nasdaq: MSFG)
• 67. Terre Haute-based First Financial Corp. (Nasdaq: THFF)
• 87. Michigan City-based Horizon Bancorp (Nasdaq: HBNC)
• 90. Muncie-based MutualFirst Financial Inc. (Nasdaq: MFSF)
• 137. Your Community Bankshares Inc. (Nasdaq: YCB)

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