Study: Hoosier Banks in Top 20 of Powerhouse Ranking
(photo courtesy of Greater Fort Wayne Inc.)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThree Indiana-based financial institutions are being described as “performance powerhouses” by trade publication BankDirector.com in its annual RankingBanking study.
The report identifies the top 20 performing banks across the country that have built “enviable” value for their shareholders, regardless of size.
Michigan City-based Horizon Bancorp Inc. ranks No. 3, Warsaw-based Lakeland Financial Corp. ranks No. 7 and Corydon-based First Capital Inc. is ranked No. 17 overall.
The study, sponsored by accounting firm Crowe LLC, examined ten categories, such as creating value, revenue strategies, strong credit culture and growth efficiency.
“The categories are all components of a well-rounded bank,” said Crowe Partner Kara Baldwin. “Through time, certain metrics become in vogue, but performance ultimately boils down to producing consistently strong earnings for your shareholders on a long-term basis.”
The publication says the study reveals the building blocks of long-term performance practiced by the banks.
While Horizon Bancorp ranks third overall, it also ranks second in the Best Board category, and in the top five for lending, revenue and technology.
“The windows of opportunity open and shut quickly,” Horizon Chairman and Chief Executive Officer Craig Dwight told the publication. “You have to listen for opportunities; you have to be assertive.”
Lakeland Financial Corp. ranks seventh overall but it also earned second place for its growth strategy and a fifth place for creating shareholder value.
“We know that if we take care of our customers, our employees and our communities, that our shareholders should be taken care of as well,” said David Findlay, Lakeland president and CEO. “Ranking among this high-performing group of banks is gratifying and is a reflection of our team’s consistent performance over a very long 20-year period.”
BankDirector.com says the banks were selected based on total shareholder return generated over a 20-year period ending June 30, 2020.
View the results of the full study by clicking here.