Wisconsin credit unions saw profits rise 10.4 percent in the first half of the year, versus the first half of 2015, according to the state Department of Financial Institutions.
[caption id="attachment_140445" align="alignright" width="336"] The new Muskego branch of Summit Credit Union.[/caption]
The DFI regulates Wisconsin’s 144 state-chartered credit unions, which reported net income of $154.3 million in the first six months of 2016, up from $139.7 million in the same period a year ago.
Loans also saw a significant jump, up 10.1 percent for the six-month period over last year’s first half. Total loans were $23.1 billion, up from $21 billion in last year’s initial six months.
And delinquent loans decreased to 0.69 percent of total loans, down from 0.81 percent last year.
Assets also increased for the group, to $30.3 billion, up from $27.7 billion in the first half of 2015. This is the first time total assets have topped $30 billion.
[caption id="attachment_143114" align="alignleft" width="325"] UW Credit Union's Waukesha branch.[/caption]
“State-chartered credit unions continue to show solid year-over-year growth,” said Lon Roberts, secretary of the DFI. “Their continued improvement in key performance areas is indicative of a stronger and more robust Wisconsin economy.”
The full report on state credit unions’ performance in the first half of 2016 will be posted on the DFI website later this month.
The DFI also has released its full first-quarter credit union bulletin. So far in 2016, there have been four consolidations involving Wisconsin credit unions, including the absorption of Oak Creek-based First Credit Union and Cudahy-based Southshore Credit Union by Plymouth, Minnesota-based TruStone Financial Federal Credit Union.
And in February, CTK Credit Union in Milwaukee was closed and liquidated by the Wisconsin Office of Credit Unions. Founded in 2004, CTK served congregants of Christ the King Baptist Church. It had 397 members and $163,197 in assets.