Wisconsin’s state-chartered banks and credit unions both saw their combined net income increase double-digits in 2020, according to data from the state Department of Financial Institutions.
The state’s 135 state-chartered banks reported net income of $778.9 million last year, an increase of 17.2% from 2019. The 118 state-chartered credit unions increased net income by 18.1% to $506.1 million.
State-chartered banks ended 2020 with total assets of $63.8 billion, a growth rate of 13.3% and an increase of $7.5 billion from 2019. The banks had a return on average assets ratio of 1.34%, up from 1.25% in 2019.
State credit unions grew their total assets at a 20.6% rate to $49.5 billion, a jump of $8.5 bill. The return on average assets increased from 1.1% to 1.12%.
Banks saw delinquent loans as a percentage of total loans drop from 1.33% to 1.06%. At the same time, banks increased their allowance for loan losses from $532 million or 1.28% to $640 million or 1.45%.
Likewise, credit unions saw delinquent loans decrease from 0.7% to 0.56% but their allowance for loan losses increased from $199 million to $269.1 million.