PEWAUKEE, Wis. (2/9/15)--Wisconsin credit unions reported a lending increase of 11.2% in 2014 compared with 2013, according to the state Department of Financial Institutions (DFI).

The DFI data showed in the 12 months ending Dec. 31:

• Total loans were $20.2 billion, up from $18.2 billion as of year-end 2013;
• Net worth improved to 10.88%, up from 10.65%;
• Net income dropped 9.3% to $207.5 million, with the decline due to a fraud-related loss at one institution. Excluding the one-time loss, net income would have increased by about 6% year-over-year; and
• The delinquent loan ratio stood at 0.97%, down from 1.10%.

"Wisconsin credit unions had a very solid 2014, with loan growth of 11.2% leading the way," DFI Secretary Peter Bildsten said. "Among the many positive trends was the delinquent loan ratio, which for the fourth consecutive quarter was less than 1%. Maintaining loan quality is especially important for financial institutions when they are growing lending at double-digit rates."

Kim Santos, director of the Office of Credit Unions, said the number of state-chartered credit unions declined by 11 in 2014, continuing a trend of industry consolidation.

"In the past 10 years, the number of credit has declined by more than 44% to the current 160, while in the same period credit union assets have nearly doubled to just over $26 billion," Santos said. "We expect the trend toward fewer but larger credit unions to continue for the foreseeable future."