Iowa CUs report growth in loans, shares, memberships
DES MOINES, Iowa (10/5/15)--Iowa-based credit unions recorded solid growth in loans and memberships during the first half of 2015, according to a recent report.
Through the first six months of the year, loan growth at the state’s 104 credit unions climbed 12.6%, pushing total loan portfolios up to $9.7 billion, a 33.4% surge on a year-over-year basis.
Memberships, meanwhile, increased by 3.1% on an annual basis in June, marking the highest rate of growth in three years. For the 12 months ending in June, the state’s movement added 32,000 members.
The numbers were compiled by Callahan and Associates.
“Credit unions are experiencing remarkable growth in key areas throughout the first half of 2015, and the real winners are Iowans,” said Patrick Jury, Iowa Credit Union League president/CEO. “Overall, membership and loan growth at Iowa credit unions continue to be positive, evidence that consumers are doing better and that credit unions provide meaningful value in supporting their activities.”
Iowa’s credit unions originated nearly $2 billion in consumer loans in the first half of 2015, a 47.5% increase year-over-year. Furthermore, mortgage originations topped $844.9 million, a 32.4% annual increase for the month.
Iowa’s credit unions also:
Experienced a 7.8% increase in shares and deposits to $11.3 billion;
Saw assets climb to $13.4 billion, an 8.5% increase year-over-year;
Reported a net charge-off ratio of 0.35%, a drop of 5 basis points annually; and
- Had three credit unions merge in the first half of 2015. Nationally, 118 credit unions have either merged or been dissolved over that period.