ST. PAUL, Minn. (5/13/14)--Minnesota's credit unions showed year-over-year growth in assets, deposit and loan growth in the first quarter, according the Minnesota Credit Union Network.
Assets increased by $704 million, deposits rose $605 million and loans were up $687 million compared with year-ago figures for the first quarter, the league said.
"The growth we're seeing is a good sign of consumer and business confidence," said Mark D. Cummins, president/CEO of the league. "Credit unions are helping communities grow and are also contributing to Minnesota's overall economic health."
The latest available membership results show that Minnesota credit union membership grew by 10,000 in the fourth quarter of 2013 to reach 1,617,000--a 0.6% growth rate. The pace is faster than the 0.4% reported in the fourth quarter of 2012.
Minnesota credit union assets grew by 3.82% year-over-year between the first quarters of 2013 and 2014, with a 3.14% growth between the fourth quarter of 2013 and the first quarter this year.
Deposits at Minnesota credit unions increased 3.74% year-over-year from first quarter 2013 to 2014. Between the fourth quarter of 2013 and the first quarter this year, deposits increased by 3.36%.
While loan balances fell 0.72% in first quarter of 2014, reflecting a continuing seasonal slowdown in loans seen nationwide, year-over-year loan growth for the same period was strong at 6.67% between 2013 and 2014.
Minnesota credit unions are rated as "well-capitalized" by the National Credit Union Administration (NCUA), with a reported net worth of 10.05% in the first quarter of 2014. The NCUA considers a credit union as well-capitalized if its net worth is above 7%.
"Minnesotans are strong advocates for local, member-owned credit unions," said Cummins. "Credit unions work for people--not for profit--and consumers continue to choose credit unions because they align with their values."