Wisconsin credit unions report income growth

Special to The Freeman

Nov. 7, 2014

MADISON —Wisconsin credit unions had some good news to share Friday — lending increased by 9.3 percent and net income rose 6.7 percent for the 162 state-charted credit unions in the first three quarters of 2014 when compared to last year, according to data by the Department of Financial Institutions.

During the first nine months of 2014 ending Sept. 30, net income was $175.5 million, compared to $164.5 million in the first nine months of 2013, according to a release Friday. Total loans were $19.6 billion, compared to $17.9 billion last year and deposits grew by 4.8 percent, from $21.2 billion to $22.2 billion, according to the DFI. In addition, the delinquent loan ratio stood at 0.99 percent, down from 1.1 percent.

“Wisconsin credit unions performed well in a number of key areas in the third quarter,” DFI Secretary Peter Bildsten said in a statement. “Net income is solid, with ROA of 0.93 percent just shy of the historical benchmark of 1 percent. Strong net worth of 10.79 percent made it possible for credit unions to continue to grow loans at a near double-digit pace.”

A full report on credit unions’ third-quarter performance will be available on the DFI website, www.wdfi.org, by the end of November.