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Results reflect increase in home loan refinancing, deposit inflows and growth of capital
BROOKFIELD – North Shore Bank today reported a 25 percent increase in quarterly net income despite a challenging economy.
Jim McKenna, North Shore Bank president and CEO, said continuing strong performance in the most recent quarter reflected the bank’s commitment to consistent, time-tested and conservative lending principles. McKenna said on a quarterly basis, the bank’s net income is up from $1.5 million to more than $1.9 million.
“This trend is a reflection of a significant increase in home loan refinancing, an unprecedented inflow of deposits and our ability to grow our industry-leading capital,” said McKenna. “We’ve also been able to reach out to credit-worthy customers to help put money back into the communities we serve.”
According to McKenna, the quarterly gain would have been even greater were it not for a special FDIC assessment imposed on all financial institutions to help fund costs related to the increased number of failed banks and protection of insured depositors. Additional FDIC assessments reduced pre-tax income by more than $1.2 million and represented a more than 1,000-percent increase from the previous quarter.
“Even with the extra FDIC assessments, our continued growth in the second quarter of 2009 shows that North Shore Bank remains a strong and stable bank that saw no need to accept or apply for any federal aid under the Troubled Asset Relief Program,” said McKenna.
North Shore Bank is in its 86th year, and having weathered the Great Depression, five wars and the savings and loan crisis of the late ’80s, McKenna said North Shore Bank’s strong capital base, access to deposits and other sources of funding and sound business practices gives the bank the ability to continue to make loans to creditworthy borrowers even as others are pulling back. He said North Shore Bank’s continued strength, security and stability will help ensure further success.
North Shore Bank, headquartered in Brookfield, is one of the strongest banks in the country. It has assets of nearly $1.9 billion and 43 offices throughout eastern Wisconsin and northeastern Illinois. Current Wisconsin branch locations are in metro Milwaukee, Racine, Kenosha, Appleton, Menasha, the Green Bay area, Burlington, Union Grove and Door County. North Shore Bank also has two Illinois State Bank offices in McHenry County, Ill. The bank opened its 43rd office in Grafton, Wis., in October and is building its 44th office in Mequon, Wis. To find an office, visit northshorebank.com .
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