Wisconsin’s federally insured banks reported $280 million in profits in the first quarter, up from $265 million in the first quarter of 2016, according to the latest Quarterly Banking Profile from the Federal Deposit Insurance Corp.
The number of Wisconsin institutions reporting to the FDIC declined to 221, down from 238 in the same period last year. The reporting banks had 21,420 employees, down from 22,141 in the first quarter of 2016. That’s partly because the number of Wisconsin banks continues to fall, with several high-profile mergers taking place among the state’s community banks as they seek economies of scale and carry out succession plans.
The institutions had $108.9 billion in total assets, up from $107.3 billion in the first quarter of 2016.
Lending again increased in the first quarter, with $78.1 billion in total loans and leases, compared with $76.1 billion in the year-ago quarter.
Individually, Green Bay-based Associated Bank NA had the highest quarterly profit in Wisconsin, with $59.1 million. The bank has $29 billion in total assets.
Madison-based John Deere Financial f.s.b. had the second-highest profit in the first quarter, at $25.3 million. The bank has $2.7 billion in assets.
In third place was Milwaukee-based Northwestern Mutual Wealth Management, with $8.6 million in quarterly profit. The institution has $207 million in assets.
Racine-based Johnson Bank had the fourth-highest quarterly profits in the state, with $8.1 million. And Wauwatosa-based WaterStone Bank SSC rounded out the top five with $6.5 million in quarterly profits.
