MADISON, Wis. – Wisconsin’s 111 state-chartered credit unions continue to exhibit strong financial performance through March 31, 2022, according to data released today by the Wisconsin Department of Financial Institutions (DFI).
At the end of the first quarter, total assets for Wisconsin’s state-chartered credit unions were over $57.2 billion, an increase of $1.4 billion from year-end 2021. Loan growth was 4.43% with loans outstanding growing by $852.7 million and the loan to savings was steady at 78.48%. Share growth continues to be elevated at an annualized ratio of 12.76%.
In the three months ending on March 31, 2022:
- Net worth to assets ratio remained strong at 10.36%, down slightly compared to 10.42% at the end of December 2021;
- Delinquent loan to total loan ratio continues to be very low at 0.47% and delinquency and charge-off rates are low as compared to those from pre-pandemic levels; and
- Net income was nearly $112 million compared to $166 million in March 2021. The return on average assets ratio was 0.79% and has decreased, in part, due to a sharp drop in non-interest income.
“Wisconsin’s state-chartered credit unions continue to have strong financial performance,” said DFI Secretary-designee Cheryll Olson Collins. “However, we must be vigilant that current challenges such as rising interest rates, inflation, new coronavirus variants, and geopolitical events could negatively affect household finances and credit union performance this year. I am confident that credit unions will respond and continue to serve their members well.”
To learn more, read the DFI’s Office of Credit Union’s 2022 First Quarter Bulletin.