MADISON, Wis. (5/6/14)--Credit unions in Wisconsin posted an 8.5% jump in lending and a 6% increase in net income in the first quarter of 2014, according to year-over-year numbers released by the state Department of Financial Institutions (DFI) Monday.
Total loans for the state's 170 state-chartered credit unions reached $18.45 billion, compared with $17 billion in the first quarter last year; while net income surpassed $56.3 billion compared with $53.1 billion in 2013.
"State credit unions had a very solid start to 2014," said DFI Secretary Peter Bildsten. "Year-over-year loan growth of 8.5% shows that Wisconsin credit unions are putting their members' deposits to work."
The delinquent loan ratio at Wisconsin credit unions also showed improvement, dropping to 0.98% in the first quarter from 1.22% last year. Net worth ticked up to 10.51% from 10.14% as well.
A sizeable 12.8% reduction in expenses caused by delinquencies to credit unions in the first quarter was noted by Kim Santos, director of the Office of Credit Unions, in a DFI press release.
"Credit unions' delinquent loan ratio in the first quarter was below 1% for the first time since 2004," Santos said. "That's a very positive sign that bodes well for the state's credit union industry."
The full report on how Wisconsin's credit unions performed in the first quarter this year will be posted on the DFI website, www.wdfi.org, by mid-May.