Heartland Financial USA Inc., parent company of Madison-based Wisconsin Bank & Trust, today reported a record quarterly profit for its first quarter.
The Dubuque, Iowa-based company’s first quarter net income was $20 million, or 82 cents per diluted share, up 27 percent from $15.7 million, or 76 cents per share, in the first quarter of 2015. The Wisconsin Bank & Trust subsidiary reported $3.4 million in net income, up from $2.2 million in the first quarter of 2015.
Total net interest income was $72.7 million in the first quarter, up from $54 million in the first quarter of 2015.
Total assets were $8.3 billion in the quarter, up 27 percent from $6.5 billion in the first quarter of 2015. Wisconsin Bank & Trust had $1.1 billion in total assets in the quarter, flat year-over-year.
Wisconsin Bank & Trust had $921.1 million in total deposits in the first quarter, down from $939.2 million in the same period last year.
And Wisconsin Bank & Trust had $758.7 million in total portfolio loans in the first quarter, down from $865.3 million in the first quarter of 2015.
Wisconsin Bank & Trust has a significant Milwaukee market presence and 19 branches statewide, some of which it acquired in a 2014 merger with Sheboygan-based Community Bank-Corp of Sheboygan Inc. The bank recently named a new Milwaukee market president.
