Ridgestone Bank reports record 1Q earnings

BROOKFIELD - Ridgestone Financial Services reported a record net income of $4.2 million for the first quarter of 2016. compared with earnings of $3.1 million for the same period last year.

The improvement resulted largely from continued growth in government guaranteed lending, increased servicing fees, reduction in loan loss provision and net interest margin improvement.

As a result of strong performance and strong capital position, Ridgestone's board of directors declared a quarterly dividend of 25 cents per share to its shareholders of record on April 4.

"Ridgestone's consistent growth and increased earnings represents the commitment we've made to provide government guaranteed loans for new and existing small business customers," said Bruce Lammers, Ridgestone Bank President and CEO. "This has resulted in the origination of $81 million of new government guaranteed loans during the first quarter of 2016."

Ridgestone Bank is a privately-held bank with full-service branch locations in Brookfield, Wis. and Schaumburg, as well as lenders in Indianapolis, Northeast Wisconsin, Northcentral Wisconsin, Tennessee, Southern California, Ohio and Madison, Wis.