Profits and lending continued to rise at Wisconsin banks in 2017, according to the latest Quarterly Banking Profile from the FDIC
Wisconsin’s 211 FDIC-insured financial institutions reported aggregate net income of $1.13 billion in 2017, up slightly from $1.08 billion reported by the 222 FDIC-insured banks in 2016.
The number of banks reporting to the FDIC has continued to fall, driven in part by an increasing number of mergers statewide. Employee count also fell, from 21,661 at the end of 2016 to 20,924 at the close of 2017.
Total assets increased to $112.9 billion, compared to $108.9 billion in 2016. Lending was also up, with total loans and leases at $81.3 billion, up from $77.5 billion the prior year. The ratio of noncurrent loans and leases to total loans and leases was 0.82, improved from 1.08 in 2016.
Nationally, FDIC-insured institutions had aggregate net income of $164.8 billion in 2017, down 3.5 percent from $170.8 billion in 2016, which the FDIC attributed to one-time tax charges related to the new federal tax law.
The Wisconsin Bankers Association highlighted state banks’ increase in lending, the fall in non-current loans and leases and the growth in deposits.
“Wisconsin banks bucked the national banking trend by showing strong performance numbers, according to the latest FDIC quarterly numbers,” said Rose Oswald Poels, president and chief executive officer of the Wisconsin Bankers Association, in a statement. “Although many Wisconsin banks were negatively impacted by one-time income tax effects due to the new tax law, the aggregate numbers highlight an overall positive trend for banking in the state.
Wisconsin banks reflect the strong business environment and economy the Badger State is currently enjoying.”
Green Bay-based Associated Bank N.A. had the greatest share of net income in 2017, with $253.5 million. It has total assets of $30.4 billion. Madison-based John Deere Financial f.s.b. was in second place, with $90.6 million in net income and assets of $2.9 billion. Milwaukee-based Northwestern Mutual Wealth Management came in third, with net income of $39.4 million in 2017 and assets of $251.7 million. In fourth place was Racine-based Johnson Bank, which had $36.4 million in net income and assets of $4.7 billion last year. And fifth was Green Bay-based Nicolet National Bank, which had $32 million in net income in 2017 and assets of $2.9 billion.
Read more economic data reports at the BizTracker page