Last updated on June 11th, 2020 at 02:42 pm
Wisconsin’s 119 state-chartered credit unions reported strong financial performance for the first quarter of 2020, according to data released Tuesday by the Wisconsin Department of Financial Institutions.
Credit union total assets increased $2 billion from year-end 2019 and stand at $43 billion through March 31. Asset and share growth were up for the first quarter with both ratios around 20%
Loan growth was down, which may be attributed to the impact the coronavirus pandemic had on the economy mid-March. Loans outstanding grew by $347 million and the loan to savings ratio dropped to 91.33%
In the three months ending on March 31, net worth to assets ratio was 11.12%, down slightly from 11.40% at the end of December 2019. Delinquent loan to total loan ratio dropped to 0.62% and remains at a historically low level.
Net income was nearly $100 million compared to $94 million in March 2019. The return on average assets ratio was 0.95%.
“Wisconsin credit unions have done an outstanding job serving their members and communities during these unprecedented times,” DFI Secretary Kathy Blumenfeld said. “The financial indicators through the first quarter of 2020 for Wisconsin’s state-chartered credit unions are sound with asset and share growth strong, likely due to members trying to save more because of COVID-19.”
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