BROOKFIELD, Wis. -- Ridgestone Financial Services achieved solid earnings through the third quarter of 2013, with a net income of $5.6 million compared with income of $798,000 for the first nine months of 2012.
Third quarter earnings reached $1.4 million in 2013 compared to earnings of $579,000 for the third quarter in 2012. The improvement resulted largely from continued growth in government guaranteed lending, net interest margin improvement and reduction of expenses related to loan collection efforts, the bank said in a release..
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"We continue to focus on the origination of government guaranteed loans for new and existing customers," said Bruce Lammers, president and CEO of Ridgestone Bank. "This has resulted in the origination of $203.7 million of new government guaranteed loans during the first nine months of 2013. Additionally, strong demand continues in the secondary market and premiums are holding up in the market."
Ridgestone Bank is a leader in SBA lending, and has earned the following rankings as of September 30th, 2013, for SBA lending in dollar volume: 1 in Illinois; 2 in Indiana; 3 in Wisconsin; 7 in the nation.
Ridgestone Bank is a privately-held bank with locations in Brookfield, Wis. and Schaumburg.