South Bend-based 1st Source Bank made the Bank Honor Roll by Keefe, Bruyette & Woods for the sixth consecutive year.
Historically, the list was comprised of banks with consistent earnings growth over the past 10 years. This year, Keefe, Bruyette & Woods included a second criteria of the top 5% of banks based on a 10-year earnings per share compounded annual growth rate. To be eligible, banks must have over $500 million in total assets.
“We are pleased to have another proof point that 1st Source is among the top performing banks in the country,” said Andrea Short, 1st Source Bank president and CEO, and 1st Source Corp. president, in a press release. “It is confirmation that our mission of helping clients achieve security, build wealth and realize their dreams also helps create a strong foundation on which to continue to build our organization.”
Only 18 banks were chosen for the list.
“2023 was a year of significant stress on the banking sector as the speed of interest rate increases and deposit outflows contributed to three of the largest bank failures in U.S. history,” said Thomas Michaud, KBW President and CEO, in a press release. “However, despite these challenges, members of the KBW Bank Honor Roll continued to produce industry-leading and consistent earnings growth for investors, and the market is rewarding these companies with well-deserved premium valuations.”
Keefe, Bruyette & Woods provides investment banking services. The firm was founded in 1962 by Harry Keefe Jr., Gene Bruyette, and Norbert Woods along with five other employees. In 2013, the company merged with Stifel Financial. Keefe, Bruyette & Woods is based in New York City.
“Honor Roll banks continue to set themselves apart from their peers, despite a challenging operating environment,” said Christopher McGratty, KBW Head of U.S. Bank Research. “This level of consistency is a driving factor why these select banks not only continue to outperform peers, but also why they have earned a premium valuation.”
1st Source Corp., parent company of 1st Source Bank, has 78 banking centers in Northern Indiana and Southwest Michigan. The bank has specialty finance group locations and advisory service offices nationwide. The company also has insurance and loan production offices. 1st Source was founded over 160 years ago.
