State chartered credit unions in Wisconsin increased their loan portfolios and net income by double digits in 2015, according to Wisconsin's Department of Financial Institutions.
The department reported net income at the state's 151 state chartered credit unions for the first three quarters of 2015 totaled $215.3 million, an increase of 22.6% from the $175.5 million reported for the first three quarters of 2014.
The cooperatives' total loan balances as of Sept. 30, 2015 stood at $21.7 billion, up 10.9% from the 19.6% billion for the same time period last year, the department said. In addition, net worth grew to 11%, up from the 10.79% reported the year before.
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The department noted the credit unions' delinquent loan ratios fell simultaneously, moving from 0.99% as of Sept. 30, 2014 to 0.81% as of Sept. 30, 2015.
"Our credit unions are doing an excellent job of maintaining the quality of their loan portfolios," Kim Santos, director of the Department's Office of Credit Unions, said. "The delinquent loan ratio of 0.81% is at a historically low level."
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