Wisconsin’s 122 state-charted credit unions had $40.2 billion in total assets at the end of the third quarter, up from $36.4 billion at the same time last year, according to the Wisconsin Department of Financial Institutions.
Total assets grew 10.29% over the 12-month period ending in September 2019, up from 7.25% last year.
Loans outstanding grew by $1.7 billion since year-end 2018 and savings grew by $2.7 billion, resulting in a loan to savings ratio of 94.87%.
In the nine months ending on Sept. 30, 2019, net worth to assets ratio was 11.40%, which is up compared to 11.29% at the end of September in 2018. The delinquent loan to total loan ratio was at 0.64%, which is in line with recent quarters and remains at historical low levels, according to a press release.
All growth ratios were strong with a net income over $327 million resulting in a return on average assets ratio of 1.13% in the first nine months of 2019, according to a press release.
“The financial indicators for Wisconsin’s state-chartered credit unions exhibit sound financial performance through the first three quarters of 2019,” said Kathy Blumenfeld, DFI secretary. “Their continued performance can be attributed to meeting members’ needs and strong fiscal management.”
Landmark CEO Jay Magulski said the credit union’s growth can be attributed to a commitment to providing its members with services that address everyday financial needs and long-term financial goals.
For La Crosse-based Marine Credit Union, the report is also a reflection of the growth that Marine has experienced, said Shawn Hanson, CEO of Marine Credit Union.
“Growth is validation that we are meeting the needs of our members and they are choosing to do more business with us,” Hanson said.
State and Federal Credit Unions are exempt from paying corporate income taxes per the Federal Credit Union Act of 1934.
Additional third-quarter report information from the DFI can be found on its website.