Noncurrent loans are significantly down in Wisconsin, as consumers are in a better position to pay down debt and more banks turn to profitability, according to the Wisconsin Bankers Association.
Based on first-quarter data released today by the Federal Deposit Insurance Corp., the number of noncurrent loans, which are those loans and leases that are 90 or more days past due, plus loans and leases in nonaccrual status, is down by 46% compared to the first quarter of 2011.
The WBA said loan loss allowances also are down, shrinking from $3 billion in Q1 of 2011 to just over $1.5 billion in the first quarter of this year.
The data indicate that consumers are more secure and able to meet their financial obligations, according to Rose Oswald Poels, president and CEO of the Wisconsin Bankers Association.
In addition, only one in 12 Wisconsin banks lost money in the quarter, an improvement from the one in eight that were unprofitable in the first quarter of 2011.
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