Wisconsin credit unions turn in stellar quarter

Profits and lending continue to rise

UW Credit Union's Waukesha branch.

Last updated on May 14th, 2019 at 12:03 am

Wisconsin’s 137 state-chartered credit unions reported another jump in profits in the first quarter.

UW Credit Union’s Waukesha branch.

Net income totaled $82.1 million in the first quarter, up from $72.3 million in the first quarter of 2016, according to the state Department of Financial Institutions.

They also lent more, with total loans of $24.9 billion, up from $22.5 billion in the same period a year ago.

The group also reduced the number of problem loans. The delinquent loan ratio was 0.61 percent, down from 0.68 percent in the first quarter of 2016.

“After solid performance in 2016, state-chartered credit unions had a very robust first quarter,” said Jay Risch, secretary of the DFI. “Their success puts them in great position to continue to offer the services and products their members need and want. That adds vitality to an already-strong Wisconsin economy.”

The DFI will not release the full data on Wisconsin credit unions’ first-quarter performance until the end of the month.

Wisconsin’s state-chartered credit unions have experienced quarter after quarter of growth. They reported total net income of $329.2 million in 2016, up 16.9 percent from $281.6 million in 2015. They employ about 25,300 people and have $27.9 billion in deposits. Membership was up 7 percent and deposits were up 11 percent in 2016.

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Molly Dill, former BizTimes Milwaukee managing editor.

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