Mortgages lead the pack for Neb. CU loan growth
OMAHA, Neb. (3/18/14)--Nebraska credit unions watched loan growth thrive--along with shares, memberships and net worth--in 2013, according to data released by the National Credit Union Administration and reported by the Nebraska Credit Union League last week.
Over the past year, almost all categories of loans stepped up, with first mortgages leading the charge at a 10.3% increase.
Total loans jumped 6.2% over 2012 levels to $2.46 billion outstanding. Auto loans, which make up 47% of all loans for credit unions in Nebraska, increased by 6.3%.
"Nearly 460,000 Nebraska consumers have chosen to obtain their financial services from locally owned cooperative credit unions," said league President/CEO J. Scott Sullivan. "These positive growth trends underscore the value that members receive from their credit union membership."
- Asset quality improved statewide, as delinquency fell 3 basis points to 92 at the end of 2013.
- Credit unions added 11,541 new members during 2013, which is a 40% improvement over the number of new members reported the previous year.
- Total net worth increased 4.8% to $401.3 million, and, because reserves ramped up faster than assets, the net-worth-to-assets ratio rose by 18 basis points to 10.7%.
- Deposits grew by 2.3% to $3.19 billion.
- The loan-to-share ratio climbed to 77.4%, up from 74.6%.