Wisconsin’s 144 state-chartered credit unions increased profits by 6.5 percent in the first quarter, compared with the first quarter of 2015, according to data from the Wisconsin Department of Financial Institutions.
Net income totaled $72.3 million in the first quarter, up from $67.8 million in the same period last year.
Lending also increased year-over-year, with total loans of $22.5 billion in the quarter, up 10.2 percent from $20.4 billion in the first quarter of 2015.
The total number of sour loans also decreased, with the ratio of delinquent loans to all loans at 0.68 percent, down from 0.79 percent a year ago.
“State-chartered credit unions continue to perform well year-over-year,” said Lon Roberts, DFI secretary. “As the Wisconsin economy continues to strengthen, credit unions are doing their part by providing the financial products and services that their members need to prosper.”
“Overall, our credit unions are doing a great job of managing their loan portfolios,” said Kim Santos, director of the Office of Credit Unions. “The delinquent loan ratio of 0.68 percent is at a historically low level.”
The DFI plans to release a full report on the quarterly results of Wisconsin’s state-chartered credit unions by the end of May.
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