Wisconsin credit unions report higher net income

Wisconsin’s 170 state-chartered credit unions reported first quarter net income of $56.3 million, up 6 percent from $53.1 million in the first quarter of 2013, according to the Department of Financial Institutions.

Loans totaled $18.5 billion, up 8.5 percent from $17 billion a year ago.

“State credit unions had a very solid start to 2014,” said Peter Bildsten, DFI secretary. “Year-over-year loan growth of 8.5 percent shows that Wisconsin credit unions are putting their members’ deposits to work.”

The delinquent loan ratio was down to 0.98 percent, from 1.22 percent. As a result, the expense for delinquent loans was down 12.8 percent in the quarter.

“Credit unions’ delinquent loan ratio in the first quarter was below 1 percent for the first time since 2004,” said Kim Santos, director of the Office of Credit Unions. “That’s a very positive sign that bodes well for the state’s credit union industry.”

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