OMAHA, Neb. (9/25/15)--First-mortgage originations at Nebraska credit unions shot up 38.1% year-over-year during second quarter 2015, contributing to an overall loan growth of 7.4% for the quarter, according to the Nebraska Credit Union League.
Nebraska credit unions reported significant gains across loan originations, shares and member growth. The league attributed the improvements to a growing economy and the state’s 70-basis-point drop in unemployment since second quarter 2014. Nebraska’s unemployment is 2.6%, or 2.7 percentage points lower than the national average.
Year-to-date overall loan originations totaled $776.5 million, an 11.6% increase over second quarter 2014.
First mortgages in the state’s credit unions totaled $224.3 million at the end of June. Credit unions also originated higher quality loans, reflecting a 21-basis point decrease year-over-year of mortgage delinquencies to 0.39%, less than half the national rate of 0.80%.
The strong performance ‘isn’t surprising, but it is not just about growth,” said league President/CEO J. Scott Sullivan. “Credit unions continue to demonstrate the value of the cooperative business model. Nebraska credit union success lies in their ability to meet the financial service needs of their member-owners.”
Other Nebraska results:
The results are based on quarterly data released by the National Credit Union Administration.