Wisconsin’s State-Chartered Credit Unions Grow Net Income
Wisconsin’s 179 state-chartered credit unions posted net income of $110.3 million in the first half of the year, 9% higher than net income of $101.2 million they recorded in the first six months of 2012, reports the Wisconsin Department of Financial Institutions in Madison.
Compared to the six months ending June 30, 2012, Wisconsin’s state-chartered credit unions also increased assets by 5.1% to $24.3 billion, improved net worth to 10.28%, up from 9.83%, lowered delinquent loan ratio to 1.26% from 1.55%, and reduced operating expense ratio to 3.33% of assets fom 3.44%, according to the Wisconsin DFI.
DFI Secretary Peter Bildsten said the credit unions’ deposit growth of 5% outpaced loan growth of 3.3% in the first two quarters of the year.
Kim Santos, director of the office of credit unions at Wisconsin’s DFI, said merger activity in the past year was strong for a variety of reasons, with the number of state-chartered credit unions declining to 179, compared to 194 as of June 30, 2012.
“Some of our smaller credit unions are struggling with loan growth, loan quality and expense control,” Santos said.
A report on the second quarter 2013 performance of Wisconsin’s credit unions will be available at the DFI website by the end of August, the agency said.