North Shore Bank reports another strong quarter
North Shore Bank reported strong operating results with a 5.3-percent year-to-year gain in net income during the most recent quarter ending March 31.
This quarterly performance continued the Brookfield-based bank’s string of solidly profitable quarters during the recession.
These earnings have afforded North Shore Bank the opportunity to add to its loan loss reserves and bolster its strong capital base by adding to retained earnings. North Shore Bank already had among the highest capital ratios of any Wisconsin bank with more than $1 billion in assets, with tangible equity exceeding 10 percent and total risk-based capital well over 17 percent of assets.
The bank’s capital ratio is one of the highest in the country, despite not receiving any bailout money from the federal government.
"These strong operating results enabled North Shore Bank to operate normally while prudently adding to loan loss reserves," said Jim McKenna, North Shore Bank president and chief executive officer. "The number of problem loans for the banking industry could rise further if the national economic recovery is prolonged. This makes adding to loan loss reserves particularly important. We have been able to manage loan losses effectively, giving us the opportunity to generate ample earnings while further securing our balance sheet against potential future conditions."
The bank’s mortgage refinancing activity matched and exceeded previous record volumes, McKenna said.
"Deposit inflows have been the highest that we’ve seen in years. In addition, we are continuing our expansion into Ozaukee County with new branches opening in the Grafton/Cedarburg area on April 10 and in Mequon in early August," McKenna said.
On Friday, North Shore opened its latest branch at 2301 Wisconsin Ave. in Grafton.