DES MOINES, Iowa (12/19/14)--Iowa credit unions reported a loan growth rate nearly three times faster than that of national banks in the third quarter, according to the Iowa Credit Union League (ICUL).
"The increase in loan growth at Iowa credit unions is a reflection of consumers' confidence in the economy and their corresponding willingness to buy bigger ticket items this year," said Patrick S. Jury, ICUL president/CEO. "The consistent growth in membership and loans is reflective of how Iowa credit unions are working to improve the financial lives of their members."
Iowa credit unions posted a loan growth rate of 13.5%, according to National Credit Union Administration data. Particularly strong activity was reported in new auto lending, with 21.7% growth.
Consumer loans for the first nine months of 2014 were up $276.3 million from the third quarter 2013. Overall, Iowa credit unions originated $2.1 billion in consumer loans in the third quarter.
Total assets stand at $12.5 billion--a 6.8% increase from September 2013. Return-on-assets for third quarter 2014 stands at 1.09%. This reflects a three basis-point increase from the third quarter of 2013.
Membership increased 1.9% to 1,036,758 members, with Iowa credit unions adding almost 19,000 members in the last 12 months.
Nationally, federally insured credit unions have been reporting strong loan growth all year and that positive trend even picked up a bit during the third quarter of this year, according to National Credit Union Administration state-level data released earlier this month (News Now Dec. 10).
For credit unions nationwide, the median growth rate for loans outstanding was 3.5% during the year ending in the third quarter. That was up from the 1.8% median growth rate in the year ending Sept. 30, 2013.