Net loans grew by 8.8% at Wisconsin’s state-chartered banks in the nine months ending eptember 30, 2018, according to data released by the Federal Deposit Insurance Corp.
“The steady growth in lending activity is terrific news for the state’s banking industry and for the Wisconsin economy,” said Jay Risch, Secretary of the Department of Financial Institutions (DFI), who oversees state-chartered banks.
Compared to the first three quarters of 2017, Wisconsin’s 158 state-chartered banks:
• Increased net loans to $41.6 billion, up from $38 billion.
• Posted a net income of $486.1 million, an increase of 15.9% from $419.4 million.
• Grew total assets by 7.6%, from $50.9 billion to $55.6 billion.
• Maintained a strong capital ratio of 11.47%, compared to 11.75%.
The continued increase in lending combined with a higher net interest margin were the most significant factors in the strong growth in net income. Total interest income increased by 15.3% for the first nine months of 2018 compared to 2017.
Through the first nine months of 2018, 97% of all state-chartered banks were profitable and nearly 77% realized earnings gains compared to the prior year