2025 Annual Report

“We are well positioned to grow — not just for the next few years, but for generations to come.” - Jim Popp, President & CEO

Group of twelve people standing in a line indoors against a blue wall, with U.S. and Wisconsin flags visible at either side; one person near the center is holding a framed plaque.
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A Message From Our CEO

Creating Value With Intention 

One of the most important exercises at any company is the process of strategic planning. At its core, a strategic plan provides a road map; defining a company’s top priorities, actions to be taken, the resources needed, and the outcomes expected.

Since 2013, our strategic plans have been built — one on top of another — to mold JFG into the strong, resilient, and forward-thinking organization we are today.

  • The 2013–2015 plan was about rebuilding JFG’s foundation. 
  • The 2016–2018 plan focused on positioning JFG as a trusted partner. 
  • The 2019–2021 plan leaned into our investment in people, technology, and capabilities. 
  • The 2022-2025 plan focused on delivering a cohesive client experience. 

I’m pleased to share that our focus on and commitment to these plans and strategies led JFG to have the strongest year in our company’s history in 2025. This included best-ever core revenue, strong growth in both loans and deposits, expansion of our branch footprint, and the addition of a record number of new customers across all of our business units.

Most importantly, we were able to take exceptional care of our customers through what turned out to be a year of great uncertainty around the world.

As we look to 2026 and beyond, we’re guided by the theme of our 2026-2028 Strategic Plan: Creating Value with Intention. This is not a shift away from the past, but rather, it is an affirmation that what we have been doing is working, with an invitation to go even further. Creating Value with Intention is about sharpening our focus, accelerating our progress, and pushing beyond what’s comfortable to achieve what’s possible.

Now is the time to execute with focus and urgency — to deliver the kind of enduring value that defines Johnson Financial Group at its best.

Best,

Jim Popp 
President & CEO 

 

Financial Performance

  • As we look to 2025 and beyond, we’re grateful to be operating from a position of strength and confidence. 
  • Core Revenue of $324 million increased by $31 million (11%) over the prior year.
  • Average loan portfolio balances increased $285 million (6%) over the prior year. 
  •  Average deposit balances grew by $375 million (7%) over the prior year. 
  • Our balance sheet remains strong and well-positioned, with a Tier I Capital Ratio of 17.6% — at the top of our peer group and well in excess of regulatory standards for well-capitalized banks.

Financial Snapshot

Bar chart titled “Core Revenue in millions” showing annual increases from December 2021 to December 2025, with values of $263M, $274M, $280M, $293M, and $324M respectively.
Bar chart titled “Average Deposits in millions” showing values for December 2021 through December 2025 of $5,224M, $5,086M, $4,995M, $5,328M, and $5,703M, indicating overall growth by 2025.
Bar chart titled “Total Loans in millions” showing steady growth from December 2021 to December 2025, with values of $4,122M, $4,421M, $4,675M, $5,041M, and $5,326M.
Bar chart titled “Tier 1 Risk‑Based Capital Ratio” showing ratios from December 2021 to December 2025 of 19.78%, 18.43%, 18.62%, 17.44%, and 17.60%, with a horizontal line indicating the regulatory guideline.

2025 Highlights

Commercial and Consumer Banking 

Commercial Real Estate

Lending increased across our two primary asset classes, multifamily and industrial, as clients continued to move forward with long-term development plans. Growth in multifamily rental housing was driven by the rising cost of homeownership and changing living preferences among renters across all demographics. Industrial lending expanded as companies responded to tariff policy by onshoring manufacturing and securing additional space for inventory to better manage supply chain challenges. The industrial sector also benefited from continued strong demand for logistics space, supported by sustained e-commerce activity.

Core Commercial  

We welcomed 50 new clients in 2025! Wisconsin businesses value local decision making, accompanied with intuitive and competitive products and services. Client retention remains strong. In fact, clients expanded their banking relationships as their businesses evolved, driving balanced growth across deposits, lending, and treasury solutions. Strong collaboration across teams ensured clients were connected to the right expertise at the right time, resulting in smoother execution and deeper, long-term relationships.

Consumer 

Consumer clients turned to us for simple, safe and personalized lending and deposit solutions that aligned with their evolving needs and life stages. Thoughtful product offerings, competitive rates, and timely guidance helped individuals and families move forward with confidence — whether having their money earn more, managing daily finances, or planning for future goals. Strong service levels and local decision-making reinforced relationships built on accessibility, responsiveness, and trust. As financial priorities shifted, Consumer Banking remained focused on delivering practical, everyday value while helping clients navigate change and build long-term financial stability.

Private and Private Client Services  

Clients increasingly sought integrated, personalized financial strategies to support their broader goals. Closer collaboration across Private Banking and Wealth teams delivered a more holistic experience, reinforcing trusted relationships and providing clarity and confidence as clients navigated complex financial decisions.

Investing In Our Branch Network

Group photo taken outdoors in front of a building entrance during a branch grand opening, showing a large group of people standing together; one person holds oversized ceremonial scissors, and a mascot in the foreground wears a striped shirt.
Group photo taken outdoors in front of a Johnson Financial Group building during a branch grand opening, showing a large group of people standing together with arms raised. Text below reads “Fox Cities Branch Grand Opening.”
Group photo taken indoors during a branch renovation event, showing a group of people standing together while one person cuts a red ribbon with oversized ceremonial scissors. Caption below reads “Downtown Madison Branch Renovation.”
Rendering of a Johnson Financial Group branch building exterior with a parking lot and vehicles in front. Text below reads “New branches planned for Kenosha and Racine.”

Mortgage 

In a competitive market where finding the right home was often a challenge, we partnered with 2,028 families in 2025 as they turned their homeownership dreams into reality. For some, it was the excitement of their first home, discovering a vacation retreat or the space their family needed to grow.

With limited inventory, we partnered with local builders to finance construction loans, crafting custom solutions that let families build exactly what they envisioned. And because we know the gap between wanting a home and affording one can feel insurmountable, we expanded our downpayment assistance and grants by 38% to $2.9 million helping more neighbors unlock doors that once seemed out of reach.

Wealth 

Wealth had a record setting sales year in 2025, ending the year with over $7 million in new revenue sales. A significant milestone this year was welcoming Jeff Pierce as President of Johnson Wealth to lead the strategic direction of our wealth business.

Three people seated at a table in a studio setting with microphones, engaged in a recorded discussion. A logo is mounted on the wood‑paneled wall behind them. Text below the image reads, “Industry professionals navigate complex asset discussions in ‘Wealth Insights.’”
Podcast studio image showing one person seated at a microphone, speaking into a broadcast microphone. Text on the left reads “Your Money. Your Mission.” Text below the image reads “SVP Wealth Fiduciary Advisor Kelly Mould hosts Your Money. Your Mission. podcast.”

Resources That Build Financial Confidence

We believe that truly serving our clients means more than managing their finances — it means equipping them with the knowledge to make informed decisions with confidence. Whether you’re navigating everyday money questions or tackling complex financial planning challenges, our content provides clear, accessible guidance when you need it most. Thank you to our clients who are already taking advantage of these resources. If you haven’t yet, here are some examples for you to explore:

  • Your Money. Your Mission. Podcast: Tune in twice a month for timely conversations with Johnson Financial Group experts and community leaders. We transform complex financial situations into actionable advice you can use right away. Listen and subscribe on Apple Podcasts, Spotify, and YouTube. 
  • Weekly Wealth Insights: Our Investment team publishes fresh perspectives on market trends, investment strategies, and financial planning to help you navigate today’s evolving economic landscape. Subscribe on our website to receive articles straight to your inbox. 
  • Monthly & Quarterly Newsletters: Get key content curated specifically for individuals and business owners, delivered in one easy-to-read digest. 
  • Retirement Readiness Guide: Our comprehensive resource to help you prepare for your financial future. This expert guide serves as your roadmap to retirement, available whenever you need it. 
  • Follow Us on Social: Our Facebook, LinkedIn, Instagram and Youtube feeds keep you up-to-date on all things JFG and what matters most to your financial life. 

If there are topics you’d like to see us explore, we’d love to hear from you!

Associate Engagement 

Johnson Financial Group was ranked in the top 10% of financial institutions where employees would recommend their workplace to people they know and respect. (Source: Qualtrics Survey Insights) Johnson Financial Group earned a 100% score on the Corporate Equality Index (CEI) for the fifth year in a row (2022 - 2026).

Johnson Financial Group also scored 100% on the Disability Equality Index and is recognized as a Best Place to Work for Disability Inclusion for 4 years in a row! The Disability Equality Index is the world’s most comprehensive benchmarking tool for Fortune 1000 scope companies to measure disability workplace inclusion inside their organization and to assess performance across industry sectors.

Keeping Our Communities Strong

Our commitment to strong communities continued, with Johnson Financial Group donating $1.7 million dollars. We continued to give back through our branch network in our third annual Neighborhood Giving Campaign where associates chose to give to charities in their neighborhood. 33 teams received $2,000 to donate to a local organization of their choice on National Giving Tuesday, which allowed us to donate $66,000 to 51 deserving community partners and organizations across our network. As always, we strive to make a meaningful impact in communities where we live and work, with giving directed predominantly toward the arts, financial literacy and community welfare, throughout the entire year.

 

Group of people indoors wearing food‑safe hair coverings, gloves, and aprons while packing food into clear bags at a work table. Caption below reads “Associates pack food on Service Day.”
Three people standing indoors holding a large ceremonial check, with decorative lights visible in the background. Caption below reads “Cathedral Place associates donate on Giving Day.”

2026 Outlook

A Look Ahead 

As we look to the future, we are proud of the work that has been done to make Johnson Financial Group the company we are today. The work has been hard and even a bit messy at times. This evolution has touched every aspect of our company and changed the way we think about talent, technology, platforms, facilities, and our strategic direction.

What has not changed is our WHY... to be the best banking and wealth advisory business in Wisconsin for our associates, our customers, our shareholders and the communities we serve.

Our 2026–2028 Strategic Plan — Creating Value with Intention calls us to continue that evolution, albeit with even more focus and intentionality than ever before. To do so, we look to five key areas that we believe will drive our future success:

  • Growing our business through intentional and targeted investment in people, capabilities, businesses, and markets; 
  • A relentless commitment to exceptional customer experience; Building upon our talent initiatives to attract, develop, and retain top talent and build a healthy pipeline of ready successors; 
  • Embracing innovation as a key enabler to our face-to-face business; 
  • Elevating the Johnson Financial Group story, message and commitment to those we serve. 

Like most strategic plans, this one is pretty intuitive, and it’s easy to understand why we’ve chosen these areas of focus. Also — like most strategic plans — the devil is in the details and in our ability to execute and drive meaningful results. At JFG, we’ve never been more ready to take the foundation we’ve built and make it even better!

Finally, as we enter 2026, we pause to celebrate the remarkable careers of two exceptional JFG leaders entering retirement. Mark Behrens, our outgoing CFO, recently concluded a distinguished 41-year career at JFG, and Dan Defnet, whose 14 years of steady, impactful leadership as President of Johnson Bank were instrumental to our growth and success, will retire this spring.

As we look ahead, our strategy is simple: continue earning our clients’ trust by showing up consistently, investing wisely, and building relationships designed to last for generations.

Thanks for trusting us to be your banking and wealth partner.

Our Leadership Team

Our Board of Directors

Thank you to our Board of Directors for their continued guidance and support.

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