COLUMBUS, Ohio (6/27/14)--Ohio credit unions posted strong first-quarter lending results, largely driven by strong consumer lending performance, the Ohio Credit Union League reported.
As interest rates rise and the mortgage market slows, consumer loans are playing an increasingly important role in leading balance-sheet loan growth, the league said (eLumination June 26).
Used-auto loan balances in Ohio increased 7.8% annually, while new-auto balances rose 19.3%. Auto loans now make up 41.4% of state credit union loan portfolios.
Average loan balances increased nearly 4.5% over the past 12 months, the league reported. Total expenses dropped nearly 5%, showing credit unions' focus on return to members.
Regular shares and deposits rose nearly 6%, and total loans were up nearly 8%.
Ohio credit unions also posted decreases in delinquency and charge-offs, but trailed the nation in year-over-year membership growth at 1.2% compared with 2.7% nationally