Wisconsin Bank & Trust, a Madison-based community bank, reported
net income of $1.8 million for the fourth quarter of 2013,
compared with net income of $638,000 in the fourth quarter of
2012, an increase of 190 percent.
For the full fiscal year, the bank posted net income of $7.9
million, compared to $6.3 million in 2012, an increase of 26
percent. Total assets at the end of 2013 were $643.4 million,
down from $692.7 million at year-end 2012.
“Wisconsin Bank & Trust reported an increase in both quarterly
and annual earnings compared
to last year, reflecting the benefit from our acquisition of
First Shares Inc. in Platteville in
November 2012,” said Kevin Tenpas, president and CEO. “The
mortgage business changed considerably in 2013 creating both
challenges and opportunities.”
Total deposits at the end of the 2013 fiscal year was $531.4
million, down 3 percent from $549.8 million one year ago.
With three freestanding mortgage offices in the state, Wisconsin
Bank & Trust has made substantial in-vestments in growing the
company’s mortgage origination business, according to a
statement released by the bank.
“We continue to look for opportunities to expand production and
see strong residential growth
potential. We announced several experienced mortgage lender
hires in the quarter and expect to add more,” Tenpas said.
Wisconsin Bank & Trust, which has 10 branches statewide and
mortgage origination offices in Brookfield, Madison and Green
Bay, is a subsidiary of Heartland Financial USA Inc.
www.wisconsinbankandtrust.com for more information.