ALEXANDRIA, Va. (9/2/14 11:20 a.m. ET)--Second quarter data from the National Credit Union Administration indicates the highest year-over-year loan growth since 2006, the agency announced today. Data also showed federally insured credit unions saw membership grow by 909,452 over the last quarter.
Lending increased in all categories, with outstanding loan balances up 9.8%, to $673.9 billion from the same time last year.
The data released from the NCUA shows federally insured credit unions saw:
First mortgage real estate loans reached $279.2 billion, up 9.9% from the second quarter of 2013. Of those loans 61% had fixed rates.
The growth in total loans over the year contributed to a 4.2 percentage-point increase in the overall loan-to-share ratio, which reached 71.7%, the highest ratio since the fourth quarter of 2010.
Total membership in federally insured credit unions now stands at 98 million, according to the NCUA.
The Credit Union National Association announced that total credit union membership passed the 100 million mark in June. According to CUNA's monthly survey, that number grew by 0.4% in July, bringing total credit union membership to 100.5 million.
See tomorrow's News Now for more on the NCUA's second quarter data.