ST. PAUL, Minn. (5/12/15)--Minnesota credit unions experienced strong year-over-year growth in assets, deposits and loans during the first quarter, according to preliminary data released by the National Credit Union Administration (NCUA), the Minnesota Credit Union Network (MnCUN) reported.
Year-over-year loan growth between the first quarters of 2014 and 2015 was 9.31%--nearly twice the growth seen in assets--for a total of $997 million. Loan balances also grew 1.74% between 4Q 2014 and 1Q 2015.
“Credit union loan growth has been impressive, and we’re pleased to see this continuing sign of consumer confidence,” said MnCUN President/CEO Mark Cummins. “These loans are making a positive difference for families and communities throughout Minnesota.”
Assets increased $927 million between the first quarters of 2014 and 2015, a 4.97% year-over-year improvement, and also increased 3.22% between 4Q 2014 and 1Q 2015.
Deposits rose $669 million during the same time period--a 4.09% year-over-year increase. Between 4Q 2014 and 1Q 2015, deposits increased by 3.34%.
The latest available membership data show that the number of Minnesota credit union members is 1.62 million.
Minnesota credit unions are rated as well-capitalized by the NCUA, with a reported net worth of 10.64% in 1Q 2015. The NCUA considers a credit union well-capitalized if its net worth is above 7%.