MADISON, Wis. (8/6/15)--Wisconsin’s state-chartered credit unions watched net income rise by 17.8% and lending climb by 10.6% in the first half of 2015, according to numbers released Wednesday by the state’s Department of Financial Institutions (DFI).
Net income increased to $140.8 million in the first six months of the year from $119.6 million, and total loans rose to $21 billion from $19 billion.
“First mortgage real estate loans were nearly $10.9 billion as of June 30,” said Kim Santos, director of the Office of Credit Unions. “That’s an increase of 9.4% compared with June 30, 2014.”
Brett Thompson, Wisconsin Credit Union League president/CEO, told the Milwaukee Journal-Sentinel (Aug. 5) that: "In general credit unions overall are doing better. It's not that our smaller institutions don't have their issues, but even they would say they are more optimistic and things are getting better. Clearly, part of it has to do with a stronger economy."
Net worth at the state’s credit unions jumped to 10.82% from 10.64% during the six-month stretch, while the delinquent-loan ratio slimmed to 0.81% from 0.98%.
“The second quarter was basically a repeat of the first quarter for state-chartered credit unions, with most key indicators trending favorably,” said Ray Allen, DFI secretary. “The continued strong performance by state credit unions is yet another sign of a healthy Wisconsin economy.”