For Wisconsin’s 170 state-chartered banks, the past year has led to a distinct period of growth, according to the Federal Deposit Insurance Corp. (FDIC).
This week, the FDIC announced a net income gain for state-chartered banks to the tune of 9.7 percent and a lending increase of 3 percent. Conducted over the course of nine months which ended Sept. 30, the report reveals a marked improvement over the previous year.
“In traveling around the state meeting with community bank leaders, I am hearing a great deal of optimism about the state of the industry and the economy,” Lon Roberts, secretary of the Department of Financial Institutions, said. “That optimism is underscored by the strong performance of our state-chartered institutions not only in the third quarter, but for several consecutive quarters.”
Breaking things down to monetary figures, the actual net income of state-chartered banks grew to $422.6 million this year, up from $385.2 million in 2015. Loans also jumped to a worth of $35.2 billion, up from $34.1 billion. In all this led to a situation where 99 percent of state-chartered banks were profitable in the third quarter of 2016. Of those, 68 percent noted earnings increases compared to the same quarter in 2015.