MADISON, Wis. (11/17/11)--Wisconsin credit unions in the third quarter saw increases in total assets, loans and savings deposits, according to data compiled by the Wisconsin Department of Financial Institutions (DFI) released Tuesday. Earnings also remained steady in the quarter.
Compared with the second quarter, Wisconsin's 211 state-chartered credit unions in the third quarter:
- Grew assets by nearly 1%, to $21.8 billion from $21.6 billion;
- Increased savings deposits by 1%, to $19.02 billion from $18.85 billion;
- Expanded total loans by 1.5%, to $16.3 billion from $16.06 billion; and
- Reported earnings of 0.52%, compared with 0.53% for the second quarter.
The increases in deposits were recorded before the growth seen since Sept. 29 and related to the events leading up to Bank Transfer Day.
"Wisconsin credit unions had another solid performance in the third quarter," DFI Secretary Peter Bildsten said. "It is encouraging to see positive trends in several key areas. This bodes well for state credit union members and the Wisconsin economy."
Brett Thompson, CEO of the Wisconsin Credit Union League agreed. "With some of the largest credit unions, I think what you're seeing drive a good year is an increase in demand for small-business lending," Thompson told the Milwaukee Journal-Sentinel
Wednesday. That "has probably been the largest area of growth for our credit unions over the last year," he said. "More and more small businesses are looking for a place to borrow money and finding it difficult, and many are turning to credit unions."
Ginger Larson, director of the Office of Credit Unions--the DFI agency that regulates Wisconsin's state-chartered credit unions--also pointed to improvement in the loan-delinquency ratio as a positive sign.
"The loan-delinquency rate dropped to 1.83% in the third quarter and that's encouraging," Larson said. "This is down from 1.84% in the second quarter and 1.87% a year ago."