Minnesota's credit unions had mixed results in key financial performance indicators for the second quarter of 2013, according to the Minnesota Credit Union Network.
Deposits at Minnesota credit unions decreased -0.4% in Q2 2013 from Q1 2013, but increased 6.9% year-over-year from Q2 2012 to Q2 2013, the McCUN reported this week. However, Minnesota credit unions' core deposits grew from 40.1% in 2012 to 41.6% in the first quarter of 2013, the league said.
Loan balances increased 2.7% in Q2 2013, up from a -0.5% decrease in the first quarter. Year-over-year loan growth was 4.4% between Q2 2012 and Q2 2013, according to the MnCUN. Additionally, despite the first quarter decrease in overall lending (-0.5%) credit unions' member business lending grew at a rate of 1.6% during the same time frame.
Minnesota credit union assets declined by just four-tenths of a percent between Q1 2013 and Q2 2013, with 6.2% growth between Q2 2012 and Q2 2013. Minnesota credit unions' total assets, despite a drop from 9.4% in 2012 to 7.6% in the first quarter of 2013, which is above the national average of 5.3%, MnCUN reported.
Nonetheless, in Q1 of this year, Minnesota credit unions' asset quality measures improved. Overall, the 60+ day dollar delinquency rate fell to 0.90%, a 0.19% decline compared to fourth quarter 2012, the league said.
Minnesota credit union membership grew by 6,000 in Q1 2013 to reach 1,579,000 – a 0.7% growth rate. This number, although slightly behind the pace of the 0.9% growth reported in the first quarter of 2012, illustrates consumers' continued interest in the credit union business model, the MnCUN said.
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