Good quarter for credit unions
Federally insured credit unions experienced the highest loan growth since 2006 during the quarter that ended Sept. 30, the National Credit Union Administration (NCUA) reported Thursday. It was the highest loan growth since 2006.
There was increased lending in all categories for credit unions in the last quarter, with outstanding loan balances totaling $695.3 billion, 10.1 percent higher than for the third quarter of 2013.
Other year-over-year data showed new auto loans were 19.4 percent higher in the third quarter 2014 than in the third quarter 2013, used auto loans were up 12.2 percent, net member loan balances rose 12.6 percent, and non-federally guaranteed student loans increased 21.9 percent.
In real estate, first-mortgage lending rose 9.1 percent from a year earlier. Second-mortgage lending -- which had contacted year-over-year since the second quarter of 2009 -- posted a 1.1 percent rise for the third quarter of 2014.
Total investments declined 1.7 percent or $5.1 billion from the third quarter of 2013, the NCUA said.
While membership grew, the consolidation trend in the industry brought the total number of credit unions to 6,350 at the end of the third quarter, 270 few than a year earlier.
Total assets grew 4.8 percent from the third quarter of 2013, reaching $1.1 trillion.
“The fact that credit unions are turning towards making loans and reducing their reliance on long-term investments is encouraging,” NCUA Board Chairwoman Debbie Matz said. “To protect the safety and soundness of the credit union system, NCUA will continue to carefully monitor signs of interest-rate risk.”
WBJ Web Partners
Most Recent
Most Recent
0 Comments