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Wisconsin CUs boost reserves weather slowing economy
MILWAUKEE (2/20/08)--Despite an economic slowdown, Wisconsin credit unions stayed healthy the past year by boosting their assets, according to a Wisconsin Office of Credit Unions financial report. Assets grew $887 million, or 5%. Net worth increased by $102 million, an increase of 5.92%, and total net worth was $1.9 billion. Earnings increased to $113 million, from $107 million the previous year. Credit unions prudently increased their reserves by 20%, which would offset any potential loan losses due to the economy, Suzanne T. Cowan, Office of Credit Unions director, told the Milwaukee Journal-Sentinel (Feb. 19). Loans increased to $13.3 billion, an increase of 4.8% from 2006. Savings grew slightly more rapidly than loans during 2007, so the loans-to-savings ratio declined to 95.9% compared with 96.6% in 2006. Delinquent loans were at 1.27% compared with 1.09% in 2006. Loan losses were at $52.1 million, up from $43.3 million the year before. Provisions for loan loss expense increased to 0.31% from 0.28%. Wisconsin’s credit unions are healthy and continue to perform well based on the information reported at year-end 2007, Cowan concluded in the report.


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