Wisconsin Bank & Trust reported fourth quarter net income of $1.8 million, up almost 200 percent from $638,000 in the fourth quarter of 2012.
The Madison-based bank has 10 branch offices across Wisconsin and a mortgage origination office in Brookfield.
For the full year, net income was $7.9 million, up from $6.3 million in 2012.
But total assets were $643.4 million at the end of 2013, down from $692.7 million at the end of 2012. And total deposits were also down, from $549.8 million in 2012 to $531.4 million in 2013.
“Wisconsin Bank & Trust reported an increase in both quarterly and annual earnings compared to last year, reflecting the benefit from our acquisition of First Shares, Inc., in Platteville, in November 2012,” said Kevin Tenpas, president and chief executive officer. “The mortgage business changed considerably in 2013, creating both challenges and opportunities.”
