MADISON, Wis. (11/8/13)--State-chartered credit unions are growing in Wisconsin, according to the Wisconsin Department of Financial Institutions.
Data from the state regulator showed that the credit unions saw assets grow by 5.7% to $24.45 billion, and aggregate net worth edge up to 10.43% in the first three quarters of 2013. After the same period in 2012, state-chartered credit unions had a net worth of 10.09% and cumulative assets worth $23.13 billion.
The Wisconsin DFI also found that credit unions regulated in Madison saw loan portfolios grow by 5.8% to $17.9 billion, with half of the growth in real estate financing, and loan delinquency reaching a six-year low, falling to 1.17% at the end of the third quarter in 2013 from 1.5% at the end of the third quarter in 2012.
State-chartered credit unions did see net income fall by 0.1% between the third quarters of 2012 and 2013. But DFI Secretary Peter Bildsten said that net income is still robust, with net worth rising and loan delinquency rates dropping.
Kim Santos, director of the Office of Credit Unions at DFI, also noted that credit unions' cost of funds fell by almost $22 million, or 20.2%, in the first three quarters this year. She hailed the trend as "critical" with interest rates low throughout the financial sector.