The local branch of CoVantage is located at 1200 Badger Ave. in Stevens Point. The comany will begin construction on a second branch in Plover later this year. (Metro Wire photo)

Credit unions across state show strong mid-year performance

August 27, 2019

By Jess Noelck

Wisconsin’s 122 state-chartered credit unions continue to have a strong financial performance with loan-to-share ratios at 93.6 percent.

The mid-year posting is up two basis points from March 2019, and total asset growth up nearly 4 percent compared to the same time last year, according to data released this week by the Wisconsin Department of Financial Institutions.

In the six months ending on June 30, 2019:

Net income was strong at $208 million, 1.09 percent of average assets.
Loan balances were just over $31 billion with loan growth at 5.71 percent.
Delinquent loan to total loan ratio was 0.62 percent, identical to last June and in line with recent quarters—this ratio is at historically low levels.
Net worth to assets was at 11.27 percent with a stable trend.
Total assets were $39.6 billion with asset growth at 14 percent compared to just over 10 percent at the same time last year.

“State-chartered credit unions continued to perform well during the first two quarters of 2019,” said DFI Secretary Kathy Blumenfeld. “Their continued solid performance is a result of a good economy during the first half of the year and strong fiscal management.”

A full report of credit unions’ second-quarter 2019 performance is available on the DFI website at http://www.wdfi.org/fi/cu/financial_data.htm.

Jess Noelck is the communications director for the Wisconsin Department of Financial Institutions