MADISON, WI (WTAQ) - Over 90 percent of Wisconsin banks made money in the third quarter of this year.
The FDIC said the state’s banks had a total net income of almost $263 million from July through September. That’s 55 percent higher than the same time a year ago.
The state’s largest home-owned bank – Associated of Green Bay – had the highest earnings with $52 million.
Guaranty Bank, based in Brown Deer, had the biggest quarterly loss at $7.6 million.
Officials said most banks boosted their loan portfolios this summer, and they allocated less money to cover bad loans. Only 2.7 percent of bank loans were not current in the last quarter.
That’s down from over 3.6 percent the preceding year. Also, more people are paying down their credit cards. The FDIC said the state’s total credit card debt fell by almost 2.5 percent from a year ago.
Rose Oswald Poels of the Wisconsin Bankers Association said the recovery is not as quick as everybody would like – but banks have seen a slow and steady improvement over the last few quarters.