MADISON, Wis. – Wisconsin’s 121 state-chartered credit unions, three federal credit unions, and a corporate credit union reported strong fiscal performance through year-end 2019, according to data released today by the Wisconsin Department of Financial Institutions (DFI).
“Wisconsin credit unions are meeting the needs of their members and communities they serve,” said DFI Secretary Kathy Blumenfeld. “Loan growth has been robust and combined with controlled operating expenses, net income and net worth growth are very strong. Overall, Wisconsin credit unions are financially stable, and the trends are positive.”
Key financial indicators for Wisconsin’s state-chartered credit unions include:
- Total assets as of December 31, 2019 were $41.1 billion. Assets increased by $4.1 billion, a growth rate of 11%.
- Net worth increased by $443 million, an increase of 10.50%. Total net worth at year-end was $4.7 billion, a capital adequacy ratio of 11.40%.
- Credit unions reported earnings of over $428 million.
- The return on average assets ratio was 1.10% compared to 1.13% in 2018.
- The 2019 operating expense ratio was 3.23% compared to 3.18% in 2018.
- Loans increased over $2.3 billion in 2019 to a total of $32.7 billion.
- Savings grew with an increase of $3.3 billion, and the loan to savings ratio decreased from 97.65% to 95.06% in 2019.
- Delinquent loans as a percentage of loans increased to 0.70% in 2019 from 0.69% in 2018. Credit unions increased their allowance for loan losses to $199.0 million from $180.8 million at year-end 2018.
“Wisconsin credit unions continue to serve their mission of being the financial partner for nearly 3.3 million people in Wisconsin,” said David Murphy, VP of Finance & Risk at MMCCU. “We understand the impact our credit unions have on our local communities and how we can improve the financial lives of our members. It’s great to see the industry continuing to succeed because it means we’re helping our friends, family, and neighbors succeed.”
Additional information regarding credit union consolidations and liquidations, historical data on Wisconsin state-chartered credit unions, the December 31, 2019 Statement of Financial Condition and Statement of Income for Corporate Central Credit Union, and a listing of all Wisconsin credit unions at year-end 2019 are included in the 2019 Year-End Credit Union Bulletin.