May 27--Wisconsin's 248 commercial banks insured by the Federal Deposit Insurance Corp. reported a net $87 million combined profit during the first quarter of 2009, an improvement over the $1.5 billion loss reported the previous quarter.

The biggest losers continued to be Marshall & Ilsley Bank of Milwaukee, which reported a $76.6 million first-quarter loss, and AnchorBank of Madison, which reported a $20.6 million loss.

Continuing losses at both banks have been related to real estate investments. AnchorBank faces a Friday deadline on a $116.3 million debt it owes to U.S. Bank.

With a net first-quarter profit of $48.8 million, Associated Bank of Green Bay led all state banks in net income, followed by Bank Mutual of Brown Deer, $7.4 million; FPC Financial of Madison, $6.6 million; and Johnson Bank of Racine, $6.3 million.

Twenty-nine Wisconsin banks reported losses, an improvement from the 60 that reported losses during the fourth quarter of 2008. Banks with losses included: Guaranty Bank of Milwaukee, $8.5 million; Timberwood Bank of Tomah, $897,000; First National Bank of Platteville, $638,000; Mid America Bank of Janesville, $99,000; Badger State Bank of Cassville, $63,000; Black Earth State Bank, $34,000; and Milton Savings Bank, $29,000.

WPS Community Bank of Monona, which opened in January, reported a $189,000 first-quarter loss, and Settlers Bank of DeForest, which opened in December 2007, reported a $191,000 loss.

The percentage of nonperforming assets at the state's commercial banks rose to 3.04 percent from 1.42 percent during the first quarter of 2008.

Nationally, banks insured by the FDIC posted a net profit of $7.6 billion during the first quarter, up sharply from a $36.9 billion net loss during the previous quarter.

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