SALT LAKE CITY (4/9/14)--Utah credit unions reported 16.5% growth in loan originations during 2013, more than double the national credit union average of 6.2% for the year, according to the Utah Credit Union Association.
Overall, loan growth outpaced share growth, and consumer loans were the focal point of the loan portfolio, the league said (Association Update April 7).
Auto loans grew at the fastest pace at 11.1%, with both new and used auto loans increasing. First mortgage loans also posted strong annual growth, increasing 8.4%.
Total loan originations at Utah credit unions in 2013 increased 16.5% annually to top $10.5 billion. The increase in loan originations was primarily driven by the growth in consumer loan, which rose by $1.5 billion from 2012.
The average member relationship--the outstanding combined loan and share balances per member, excluding business loans--increased, up 1.8% annually to $13,188 at the end of 2013.
Utah credit unions' net interest margin of 2.92% was higher than the national average of 2.81%.
Credit unions in Utah added 69,507 members during 2013, an annual growth rate of 3.8%.