Last updated on July 2nd, 2019 at 09:09 am
Wisconsin bank profits soared in the third quarter, according to the new Quarterly Banking Profile from the FDIC.
The profile shows all 204 FDIC-insured Wisconsin banks reported a total of $1.1 billion in net income through the end of the third quarter, up from $891 million at the same point in 2017 (when there were 212 FDIC-insured banks reporting). At the halfway point of 2018, the banks reported $696 million in net income, up from $565 million in the first half of 2017.
Wisconsin banks have a total of $115.3 million in total assets, up from $111.7 million at the same point in 2017.
Lending increased in the first three quarters of 2018, with $84.7 million in total loans and leases, up from $81.5 million at the end of 2017’s third quarter.
The ratios of noncurrent loans and leases to total loans and leases, and nonperforming assets to total assets decreased. However, the percentage of unprofitable institutions increased to 3.92 percent, up from 1.42 percent a year ago.
“Wisconsin banks remain committed to helping businesses grow and families prosper, creating thriving communities, as shown by the latest FDIC quarterly numbers,” said Rose Oswald Poels, president and chief executive officer of the Wisconsin Bankers Association. “These latest FDIC numbers continue to highlight the fact that Wisconsin’s banking industry reflects Wisconsin’s current healthy economy as well as national trends. Businesses in Wisconsin, including banks, have benefitted from federal tax reform, but bankers remain watchful for credit quality issues.”
The top individual Wisconsin bank profits reported in the third quarter were:
- Green Bay-based Associated Bank N.A., $89.8 million;
- Madison-based John Deere Financial f.s.b., $36.5 million;
- Racine-based Johnson Bank, $14.4 million;
- Milwaukee-based Northwestern Mutual Wealth Management, $14.1 million;
- Green Bay-based Nicolet National bank, $11.1 million.
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