Madison-based Wisconsin Bank & Trust, which has nine Milwaukee-area branches, saw a significant profit increase in the second quarter.
WB&T had net income of $3.4 million in the second quarter, up from $3 million in the second quarter of 2015, according to results reported today by the bank’s parent company, Heartland Financial USA Inc.
The bank had $912 million in total deposits in the second quarter, down from $986 million in the same period a year ago.
WB&T reported $732.5 million in total portfolio loans in the second quarter, down from $876.3 million in the second quarter of 2015.
Total assets were $1.1 billion in the quarter, down from $1.2 billion in the year-ago quarter.
Dubuque, Iowa-based Heartland, which operated nine other banks, posted net income of $20.1 million, or 84 cents per diluted share, in the second quarter, up from $15.2 million, or 72 cents per share, in the same period a year ago, driven by a 24 percent jump in net interest income.
“Heartland continued to set new records with a strong financial performance for the second quarter and first half of 2016,” said Lynn Fuller, chairman and chief executive officer of Heartland. “Net income of $20.9 million represents a 40 percent increase over earnings for the second quarter of 2015, while year-to-date 2016 net income of $40.8 million represents a 34 percent increase over the previous year.”
Wisconsin Bank & Trust has 19 branches statewide, some of which it acquired in a 2014 merger with Sheboygan-based Community Bank-Corp of Sheboygan Inc. Jasin Pasho serves as Milwaukee market president.