Wis. DFI report: State CUs off to solid start in 1Q
MADISON, Wis. (5/7/15)--In line with national trends, Wisconsin’s state-chartered credit unions recorded healthy gains in the first quarter, especially in net income and lending, according to numbers released Wednesday by the Department of Financial Institutions (DFI).
Net income at the state’s credit unions surged 21.6% on a year-over-year basis for the quarter, while loan portfolios climbed 10.7% compared with the prior year.
This is just ahead of the national trend for credit unions of a 10.6% annual growth rate, according to CUNA’s monthly estimates.
Additional Wisconsin 1Q data:
- Net income climbed to $68.5 million from $56.3 million in the fourth quarter;
- Loan portfolios increased to $20.4 billion from $18.5 billion;
- Net worth rose to 10.74% from 10.51%; and
- The delinquent-loan ratio dropped to 0.79% from 0.98%.
“State-chartered credit unions are doing an excellent job of maintaining the quality of their loan portfolios,” said Kim Santos, director of the Office of Credit Unions. “The delinquent loan ratio is at a historically low level.”
Added Ray Allen, DFI secretary: “State-chartered credit unions had a very solid start to 2015. Many of the key indicators by which credit unions measure success are in very good shape. Credit unions are in great position to continue to help the Wisconsin economy grow by providing consumers and businesses the products and services they need to prosper.”