Financial institutions

Department of Financial Institutions: Wisconsin State-Chartered Credit Unions Report Strong First Quarter Financial Performance

MADISON, Wis. – Wisconsin’s 111 state-chartered credit unions continue to show 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 of Wisconsin state-chartered credit unions exceeded $57.2 billion, an increase of $1.4 billion from the end of 2021 Loan growth was 4.43%, with outstanding loans increasing by $852.7 million and savings lending flat at 78.48%. Share growth continues to be strong at an annualized ratio of 12.76%.

During the three months ending March 31, 2022:

  • The net worth to assets ratio remained solid at 10.36%, down slightly from 10.42% at the end of December 2021;
  • The ratio of delinquent loans to total loans continues to be very low at 0.47% and default and charge-off rates are low compared to 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 declined, in part due to a sharp drop in non-interest income.

“Wisconsin’s state-licensed credit unions continue to have strong financial performance,” said Cheryll Olson Collins, DFI’s designated secretary. “However, we must be vigilant that current challenges such as rising interest rates, inflation, novel coronavirus variants and geopolitical events could negatively impact household finances and performance. credit unions this year. I am confident that credit unions will respond and continue to serve their members well. »

To learn more, read the FSI Credit Union Office First Quarter 2022 Bulletin.