Wisconsin's state-chartered credit unions grew assets by 5.7% inthe nine months ending Sept. 30, according to data released thisweek by the Wisconsin Department of Financial Institutions.
|Assets totaled $24.4 billion, up from $23.1 billion in the firstthree quarters of 2012.
|Compared this year's nine-month period to figures from one yearprior, Wisconsin's 174 state-chartered credit unions:
- Improved net worth from 10.09% to 10.43%,
- Increased loans by 5.8% to $17.9 billion,
- Reduced loan delinquency rate from 1.50% to 1.17%, the lowestfigure since 2007, and
- Posted cumulative net income of $164.5 million, down 0.1% from2012.
DFI reported that nearly half of the increase in loans came frommortgages.
|“State-chartered credit unions had another very solid quarter,”DFI Secretary Peter Bildsten said in a prepared statement. “Eventhough net income was flat, it was still strong. What's moreimportant is that net worth rose and loan delinquency ratescontinued to decline.”
|Kim Santos, director of the Office of Credit Unions, noted thatWisconsin's credit unions also cut their cost of funds by 20.2%—ornearly $22 million—in the first three quarters of 2013.
|“It's encouraging to see that credit unions are making progresson managing their cost of funds,” Santos said. “That's especiallycritical in this low-interest rate environment.”
|A full report on the third-quarter 2013 performance of Wisconsincredit unions will be available on the DFI website, www.wdfi.org, by the end ofNovember.
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