Wisconsin’s 118 state-chartered credit unions continue to have strong financial performance as of June 30, 2020, according to data released yesterday by the Wisconsin Department of Financial Institutions (DFI).
Since year-end 2019, credit union total assets have increased by nearly $6 billion to $46.9 billion and total shares are up to more than $5.4 billion. In addition, with an increase in loans to be more than $1 billion, the loan-to-share ratio dropped from 95.06% at year-end 2019 to 84.88%.
In the six months ending on June 30, 2020:
• Net income was strong at nearly $208 million, 0.94% of average assets;
• Loan balances were nearly $34 billion with an annualized loan growth rate of 6.67%;
• Delinquent loan to total loan ratio was 0.56%, down from the year-end ratio of 0.70%, and still at a historically low level;
• Net worth to assets were at 10.40%, which is a strong ratio despite a decrease due to asset growth; and
• Total assets were $46.9 billion with asset growth at 28% compared to a little more than 14% growth at the same time last year.
“Despite these unprecedented times, Wisconsin’s state-chartered credit unions continued to perform relatively well during the first two quarters of 2020,” said DFI Secretary Kathy Blumenfeld.