Third-quarter statements released from the Wisconsin Department of Financial Institutions show a strong financial performance by the state’s 118 state-chartered credit unions. Third-quarter reports show solid asset and share growth attributed to a combination of consumer restraint, government stimulus payments, and expanded unemployment benefits due to the COVID-19 pandemic. Wisconsin credit unions report assets of over $48 billion and an annualized asset growth ratio of 22.51%, compared to 11.47% at the end of 2019 Q3. Other financial indicators not showing distress due to the pandemic include:
- The delinquent loan to total loan ratio was 0.53%, down from the September 2019 ratio of 0.64%, and still at a historically low level; and
- Net income was strong at over $362 million or 1.08% of average assets as compared to $327 million or 1.13% of average assets in September 2019.
