Wisconsin credit unions saw their combined assets rise to $53.6 billion as of June 30, 2021, according to the Wisconsin Department of Financial Institutions (DFI). The rise in assets for the state’s 117 state-chartered credit unions represents an increase of over $4 billion since the end of 2020.
Over the same period, loans increased by $1.4 billion, and shares and deposits rose $3.8 billion, according to DFI. The delinquent loan to total loan ratio was 0.41%, down from the year-end ratio of 0.56% and now at a historically low level.
Net income also remained strong at nearly $355 million, but one note of concern is a growing disparity between the net income of credit unions. According to DFI, the largest peer group of credit unions with assets over $500 million experienced a return on average assets of more than double that of the next peer group of credit unions with assets between $100–$500 million. Credit unions with assets under $100 million had the lowest return on average assets.
Overall, the financial ratios are strong, particularly net income, which was fueled by much lower provision for loan loss expense as compared to last June when the pandemic was taking hold, says DFI Secretary Kathy Blumenfeld.
