Wisconsin credit unions saw double-digit growth in net income and lending for 2017, according to data released today by the Wisconsin Department of Financial Institutions.
Among the highlights:
- Net income increased by 13.1 percent year-over-year, from $329.2 million in 2016 to $372.4 million in 2017
- Total loans increased by 11.5 percent, from $24.4 billion in 2016 to $27.2 billion in 2017
- The credit unions' overall net worth increased to 11.28 percent from 11.08 percent
- The overall delinquencies loan ratio dropped to 0.70 percent from 0.75 percent.
“State-chartered credit unions had a very successful year in 2017,” DFI Secretary Jay Risch said in a press release. “They continue to adapt to the needs of their members with the right combination of products and services, which in turn is having a positive impact on the Wisconsin economy.”
Brett Thompson, president and CEO of the Wisconsin Credit Union League, told CU Journal the state's delinquency rate is at an historic low.
"We have a very strong credit union movement in Wisconsin and credit unions have been really focused on serving what is now more than 3 million members in the state for a long period of time," Thompson said. "I think the numbers that DFI released for 2017 continue to show that strong commitment of service. The numbers in particular dealing with lending, our credit unions have always had a high loan to share ratio. They understand the importance of making money available to their members when they need it and do an exceptionally good job of doing so."