Increased Lending at Wisconsin’s State-Chartered Banks Reflects a Healthy Economy
The increase in lending was the most significant factor in the strong growth in net income.
MADISON, Wis. – Loans increased by 5.9% at Wisconsin’s state-chartered banks during the first six months of 2019 compared to the same period in 2018, according to data recently released by the Federal Deposit Insurance Corporation (FDIC).
“Wisconsin’s state-chartered banks continued to perform well during the first two quarters of 2019,” said Kathy Blumenfeld, Secretary of the Wisconsin Department of Financial Institutions (DFI), who oversees state-chartered banks. “Their continued solid performance is a reflection of a good, healthy economy during the first half of the year and strong fiscal management.”
Compared to the first two quarters of 2018, Wisconsin’s 152 state-chartered banks:
- Increased net loans to $42.8 billion, up from $40.4 billion;
- Posted net income of $348.4 million, an increase of 9.8% from $317.3 million;
- Grew total assets by 3.9%, from $55.2 billion to $57.3 billion; and
- Maintained a strong capital ratio of 11.94%, compared to 11.44%.
The increase in lending was the most significant factor in the strong growth in net income. Total interest income increased by 12.6% for the first six months of 2019 compared to 2018.
Through the first six months of 2019, 98% of all state-chartered banks were profitable and nearly 66% realized earnings gains compared to the prior year.
A full report of Wisconsin’s state-chartered banks’ second-quarter 2019 performance is available on the DFI website here: http://www.wdfi.org/fi/banks.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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