Brookfield-based Ridgestone Financial Services today reported record earnings during the first six months of 2013, with a net income of $4.2 million, up from $219,000 for the first six months of 2012.
The parent company of Ridgestone Bank reported second quarter earnings of $1.9 million, up from $51,000 a year ago. The improvement resulted largely from continued growth in government-guaranteed lending and net interest margin improvement.
“We continue to focus on the origination of government-guaranteed loans for new and existing customers,” said Bruce Lammers, president and chief executive officer of Ridgestone Bank. “This has resulted in the origination of $135 million of new government guaranteed loans during the first six months of 2013. Additionally, our servicing of the guaranteed portion of SBA loans provides the bank with a steady stream of income.”
Ridgestone Bank is the top Small Business Administration loan provider in Illinois and Indiana, and ranks as the third-leading SBA lender in Wisconsin. By volume, Ridgestone is the sixth-leading SBA lender in the nation.
Ridgestone Bank is a privately held bank with locations in Brookfield and Schaumburg, Ill.