Wisconsin banks report increased profits in first quarter

Lending continues to rise

Coins stacked

Last updated on July 2nd, 2019 at 09:09 am

 

Wisconsin banks increased total profits in the first quarter, according to the latest Quarterly Banking Profile released today by the Federal Deposit Insurance Corp.

Aggregate net income was $265 million in the first quarter, up from $259 million in the first quarter of 2015.

There were 238 FDIC-insured Wisconsin financial institutions employing 22,120 full-time employees in the first quarter, down from 247 state banks employing 22,323 people in the same period last year.

Total assets were $107.3 billion in the first quarter, up from $102.9 billion in the first quarter of 2015. Deposits were also up, totaling $84.9 billion in the first quarter, compared with $82.1 billion in the same period a year ago. And other real estate owned continued to decrease, from $357 million in the first quarter of 2015 down to $228 million in the first quarter of 2016.

Lending was up in the quarter, with $76.1 billion in total loans and leases, compared with $71.6 billion in the same period last year.

According to the FDIC data, Green Bay-based Associated Bank N.A. is the largest Wisconsin bank both by assets and first quarter net income. It had $46.6 million in first quarter net income, and has $28 billion in total assets.

Second-highest in quarterly profit was Madison-based John Deere Financial f.s.b., which had $16.2 million in net income in the first quarter. John Deere has $2.3 billion in total assets.

In the third spot was Ixonia-based Ixonia Bank, which had $13.3 million in net income in the first quarter. It has $294.8 million in total assets.

Racine-based Johnson Bank was the fourth-largest Wisconsin bank by net income in the first quarter, with $6.2 million in profit. It has $4.3 billion in total assets.

Oswald Poels
Oswald Poels

And fifth was Fond Du Lac-based National Exchange Bank and Trust, with $5.4 million in net income and total assets of $1.4 billion.

“Virtually every category of lending by Wisconsin’s banks saw growth during the first quarter of 2016, according to the latest FDIC quarterly numbers,” said Rose Oswald Poels, president and chief executive officer of the Wisconsin Bankers Association, in a statement. “This is an optimistic start to the year as banks continue their integral role in driving economic growth and help Wisconsin’s businesses grow and families prosper.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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