All but three states reported improvements in lending during the third quarter of 2012, according to a state-by-state analysis released Monday by the NCUA.
Loan growth was particularly strong in New York, Iowa, Tennessee, North Dakota and New Hampshire. Only Nevada, Montana and New Jersey experienced declines in lending during the dog days of summer.
- SEE Credit Union Times' map and state-by-state analysis
Overall, federally insured credit unions saw outstanding loan balances increase by 4.3% during the 12 months preceding September 2012, reflecting a continuing economic recovery and growing consumer confidence, the NCUA said.
“Consumer credit drives the economy, and credit unions provide consumers with access to the credit needed to buy homes, purchase cars, and pay for groceries at the store,” said NCUA Board Chairman Debbie Matz.
“Credit unions kept credit available during the recession. That commitment to members and to local economies is now, literally, paying off in the form of growing loan balances,” Matz said. “What's more, these loans are a prudent investment for credit unions. Delinquency rates have stayed low, and charge-offs have declined in most states.”
The NCUA Quarterly U.S. Map Review examines key financial indicators on a state-by-state basis for federally insured credit unions. The full report, which includes updated state employment rates and state home price indices tables, is available on the NCUA's website.
NCUA's Office of the Chief Economist prepares and issues the quarterly review, which included these results:
- Return on average assets of 86 basis points was unchanged from the second quarter and up 20 basis points from 3rd quarter 2011.
- Membership growth increased to 93.9 million members, marking a 2.7% increase over the past 12 months.
- Despite a 4.3% increase in outstanding loan balances, share and deposit growth outpaced lending, up 6.2% nationally during the past 12 months.
- Assets increased 6.5% during the past 12 months.
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