ST. PAUL, Minn. (2/12/14)--Minnesota credit unions' loan portfolios expanded faster in 2013 than deposits and assets on their books, according to a Minnesota Credit Union Network (MnCUN) study published Tuesday.
Loans increased by $720 million, while deposits and assets rose by $613 million and $700 million respectively--a trend that MnCUN CEO/President Mark Cummins called "very encouraging."
"More lending is a good sign that consumer and business confidence continue to improve after the economic downturn, and credit unions are helping to contribute to the state economy's overall growth," he said. Loans added were well-balanced between real estate and non-real estate loans.
The Credit Union National Association reported this month that in 2013, growth in lending outpaced savings growth throughout the country for the first time since 2007 (News Now Feb. 5).
Annual loan growth in Minnesota was at 6.95%, with fourth-quarter growth of $202 million or 1.86%--down from 2.69% in the third quarter.
Assets and deposits increased in the fourth quarter by 0.38% and 0.34%, respectively. Assets and deposits both edged upward last year on an annual basis of 3.91%.
The total number of credit union members increased last year to 1.61 million from 1.57 million, but expansion in the state slowed between the third quarters of 2012 and 2013, to 1% from 2%.
The National Credit Union Administration, meanwhile, rated Minnesota credit unions as "well-capitalized," with a reported net worth of 10.06% at the end of last year.