Wisconsin’s state-chartered banks reported strong financial performance through the first half of the year even as broad sections of the economy were shut down because of the coronavirus pandemic.
At Wisconsin’s 139 state-chartered banks, total assets increased and delinquent loans decreased compared with last year.
The Federal Deposit Insurance Corp. and the state Department of Financial Institutions on Monday released mid-year results for Wisconsin’s state-chartered banks.
“Wisconsin’s state-chartered banks are well-positioned to continue supporting our communities, individuals, and businesses despite continued economic stress due to the COVID-19 pandemic,” said DFI Secretary Kathy Blumenfeld in a news release.
Total assets increased 8.5% from last year to $62.1 billion as of June 30. Delinquent loans as a percentage of all loans decreased to 1.22%. Loan losses were the same as in 2019.
“At the end of the second quarter, bank capital levels and asset quality were strong,” Blumenfeld, who oversees state-chartered banks, said in the news release. “Overall, Wisconsin’s state-chartered banks remain financially sound and a source of strength for the economy.”
Net income increased from $339.3 million last year to $346.2 million as of June 30. Interest income decreased from $1.2 billion to $1.1 billion in 2020.
The state’s credit unions posted similar solid results for the first half of 2020 with total assets rising to $46.9 billion, regulators announced last week.
Many businesses have sought government assistance to make it through the economic slowdown caused by the pandemic. According to the U.S. Small Business Administration, 89,615 Wisconsin businesses were approved for loans through the Paycheck Protection Program created during the crisis. Those loans total $9.9 million from all Wisconsin banks as of Aug. 8.
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