Wisconsin banks saw higher profits in the first six months of the year and lending continued to increase, according to the latest Quarterly Banking Profile from the FDIC.
Wisconsin’s 215 FDIC-insured financial institutions reported a total of $565 million in profits in the first half of the year, up from $518 million in the first half of 2016.
The banks reported $80.3 billion in total loans and leases, up from $76.8 billion in the first half of 2016. Noncurrent loans and leases were 0.93 percent of total loans and leases, down from 1.15 percent last year.
Total assets also increased, to $110.3 billion, up from $107.2 billion at the halfway point last year.
The Wisconsin Bankers Association praised the banks’ performance in the second quarter.
“Wisconsin’s banks have ‘eclipsed’ their quarterly numbers from a year ago, according to the latest FDIC quarterly numbers,” said Rose Oswald Poels, president and chief executive officer of the WBA. “Lending grew in virtually every category to nearly $80 billion, an overall 4.6 percent increase, while deposits surged 3.4 percent to over $85 billion. Noncurrent loans and leases fell over 15 percent.
“The Wisconsin banking industry’s strength, stability and service are demonstrated by the positive numbers reported by the FDIC. As the state has seen positive economic growth and an historically large workforce, we’ve seen increased loan activity and improved asset quality.”
Green Bay-based Associated Bank N.A. had the greatest share of profits in the second quarter, with $63.7 million in net income. Madison-based John Deere Financial f.s.b. had the second-highest profit, at $12.1 million. Milwaukee-based Northwestern Mutual Wealth Management reported $9.1 million in net income. Racine-based Johnson Bank took the fourth spot, at $8.94 million. And the fifth-highest profit was earned by Wauwatosa-based WaterStone Bank SSB, with $8.88 million.