Wisconsin credit unions increase lending during first three quarters
State-chartered credit unions in Wisconsin posted higher numbers in several key financial metrics through the first nine months of 2019.
The Badger State has 122 CUs with total assets of $40.2 billion, according to a statement issued Monday by the Wisconsin Department of Financial Institutions. That is up 8.6% from $37 billion in assets recorded at the end of 2018, and 10% growth year over year. Net income was $327 million, with a return-on-average assets ratio of 1.13%.
Lending also improved, as loans outstanding increased by $1.7 billion since Dec. 31, 2018. Savings went up by $2.7 billion, leaving CUs with a loan-to-savings ratio of 94.87%.
The overall net worth-to-assets ratio for Wisconsin’s credit unions was 11.4%, up from 11.29% as of Sept. 30, 2018. Delinquencies remained at “historical low levels" at 0.64%, the DFI said. That figure was in line with recent quarters, the regulator noted.
“The financial indicators for Wisconsin’s state-chartered credit unions exhibit sound financial performance through the first three quarters of 2019,” DFI Secretary Kathy Blumenfeld said in a statement. “Their continued performance can be attributed to meeting members’ needs and strong fiscal management.”