Wisconsin credit unions earned a combined $225.7 million in 2012, up 81 percent over their profits of $124 million in 2011, according to the Wisconsin Department of Financial Institutions.

Return on average assets in 2012 was 1.0 percent, the highest since 2003, and assets grew by 6.6 percent to a total of $23.4 billion compared with $21.9 billion the previous year.

By comparison, the state-chartered commercial banks had assets of $45.1 billion for the third quarter of 2012, the most recent data available, or nearly twice as much as the credit unions.

Meanwhile, the state's 187 state-chartered credit unions had a delinquent loan ratio of 1.36 percent, down from 1.83 percent and the lowest since 2007, and they wrote off a total of $92.7 million in bad loans, a reduction from $118.1 million the previous year.

"A key factor in credit union performance was that loan portfolios showed significant improvement in 2012," Peter Bildsten, secretary of the Department of Financial Institutions, said in a written statement.

"That, in turn, allowed credit unions to make more loans and grow assets."

Another reason profits increased was that credit unions did not have to pay as much to the corporate credit union stabilization fund last year. The 2012 assessment was $18.1 million, less than half of the 2011 assessment of $43.8 million.

A full report will be available later this month at www.wdfi.org.

You might also like

(4) comments

Irish520
Irish520

and I say good of those of us who "bank" at a credit union. Go Unions. : )

Queen123
Queen123

Did credit unions have to be bailed out on the backs of tax payers? No, that would be those blood sucking BANKS!

deernut00
deernut00

They should be profitable, as they don't pay Federal taxes. They are a premadonna tax-free bank, that long ago changed from their original charters to be a small coop within a company or institution.

Rational
Rational

Deernut, Credit Unions are chartered non-profit institutions. They are allowed under their charters to have a surplus (call it profit if you want) to ensure that they have enough capital reserves to ensure solvency. Banks do the same. Bank lobbys try to confuse the differance. Banks are charged taxes on those profits that are distributed to shareholders.

Also, credit unions have frequently been associated with a company, but there have been federally chartered credit unions for decades that are geographically (community) based.

Welcome to the discussion.

Keep it clean. Exchange ideas and opinions on posted articles. Don't promote products or services, impersonate other site users, register multiple accounts, threaten or harass others, post vulgar, abusive, obscene or sexually oriented language. Don't post content that defames or degrades anyone. Don't repost copyrighted material; link to it. In other words, stick to the topic and play nice. Report abuses by clicking the button. Users who break the rules will be banned from commenting. We no longer issue warnings. Use the 'Report' link on each comment to let us know of abusive posts.