Contact: George Althoff, Communications Director, 608-261-4504
MADISON – Lending grew by 9.6% and net income rose 8.4% at Wisconsin’s 166 state-chartered credit unions in the first six months of 2014 compared to the prior year, according to data released today by the Department of Financial Institutions (DFI).
In the six months ending June 30:
· Net income was $119.6 million, compared to $110.3 million in the first six months of 2013.
· Total loans were just under $19 billion, compared to $17.3 billion.
· The delinquent loan ratio stood at 0.98%, down from 1.26%.
· Net worth climbed to 10.64%, up from 10.28%.
“State-chartered credit unions had another very healthy quarter,” DFI Secretary Peter Bildsten said. “Year-over-year loan growth was surprisingly strong, yet net worth and income levels remain very solid.”
Kim Santos, Director of the Office of Credit Unions, noted that loan quality continues to get stronger.
“Delinquent loan expense declined by more than 33%, year over year, and delinquent loan ratios are now at pre-recession levels,” Santos said. “That’s a very encouraging sign.”
A full report on credit unions’ 2014 performance will be available on the DFI website, www.wdfi.org, by the end of August.
