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Continued solid operating results illustrate bank’s strong, secure position as industry faces continuing challenges
BROOKFIELD, Wis. – North Shore Bank today reported that it continued to have strong operating results with a 5.3% year-to-year gain in net income during the most recent quarter ending March 31, 2009. This continued the bank’s string of solidly profitable quarters during the current economic downturn. These strong earnings have afforded North Shore Bank the opportunity to add to its loan loss reserves and bolster its strong capital base by adding to retained earnings. North Shore Bank already had among the highest capital ratios of any Wisconsin bank with more than $1 billion in assets, with tangible equity exceeding 10% and total risk-based capital well over 17% of assets. The bank’s capital ratio is one of the highest in the country, despite not taking any bailout money from the federal government.
“These strong operating results enabled North Shore Bank to operate normally while prudently adding to loan loss reserves,” said Jim McKenna, North Shore Bank president and CEO. “The number of problem loans for the banking industry could rise further if the national economic recovery is prolonged. This makes adding to loan loss reserves particularly important. We have been able to manage loan losses effectively, giving us the opportunity to generate ample earnings while further securing our balance sheet against potential future conditions.”
North Shore Bank’s operating units experienced strong activity during the first calendar quarter of 2009, McKenna said.
“Our mortgage refinancing activity matched and exceeded previous record volumes, allowing customers to enjoy the lower mortgage rates available today,” he said. “Deposit inflows have been the highest that we’ve seen in years. In addition, we are continuing our expansion into Ozaukee County with new branches opening in the Grafton/Cedarburg area on April 10th and in Mequon in early August.”
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 .