MADISON, Wis. (11/12/14)--Wisconsin state-chartered credit unions posted a 9.3% annual jump in lending and a 6.7% annual increase in net income for the first three quarters of 2014, the state's Department of Financial Institutions (DFI) reported this week.
In the nine months ending Sept. 30, credit unions recorded a net income of $175.5 million, compared with $164.5 million in the first nine months of 2013.
Total loans came in at $19.6 billion for the first nine months of this year, compared with $17.9 billion over the same stretch last year. Deposits climbed 4.8% annually, and the delinquent loan ratio fell to 0.99% from 1.17%.
There are 162 state-chartered credit unions in Wisconsin.
"Wisconsin credit unions performed well in a number of key areas in the third quarter," said Peter Bildsten, DFI secretary. "Net income is solid, with ROA of 0.93% just shy of the historical benchmark of 1%. Strong net worth of 10.79% made it possible for credit unions to continue to grow loans at a near double-digit pace."
Nationally, credit union loans outstanding climbed 1.2% in August, a gain driven by new-auto loans, which jumped 2.4%, according to the Credit Union National Association's most recent monthly credit union estimates (News Now Nov. 3).
Kim Santos, director of the Office of Credit Unions, said that the delinquent loan ratio is historically low as well. "For the third consecutive quarter, the delinquent loan ratio has been below 1%," Santos said. "The last time it was below 1% was in 2004. That's a clear indicator of the strength of credit unions' loan portfolios."
The full third-quarter credit union report will be available later this month on the DFI's website www.wdfi.org.