Credit unions nationwide exhibited strong growth patterns during the first half of 2013, according to the NCUA Quarterly U.S. Map Review.
The report, released Thursday, shows specific strengths among federally insured credit unions on a state-by-state basis in areas from membership and loan growth to positive net income share and greats returns on average assets.
During the first half of the current year, credit unions in Idaho (8.8%) and Virginia (7.9%) topped the list in membership growth. Membership in federally insured credit unions rose 2.2% overall to 95.2 million through the second quarter, a slightly slower pace than in the same period in 2012.
Membership increased in 41 U.S. states and territories and declined in 11 states, the Virgin Islands and Washington, D.C., led by Nevada at –4.5%.
Total loans outstanding rose 5.5% overall, up from 3.2% the previous year, and all by six U.S. states and territories showed growth, with Nevada's –7% bottoming the list.
Credit unions in Utah and Washington experienced the highest annualized return on average assets with 150 basis points and 126 basis points respectively. Nationwide, ROAA averaged 85 bps overall, virtually unchanged from 86 bps the previous year. The U.S. Virgin Islands posted the lowest ROAA with –13bps.
Credit unions in Maine and Alaska led the states and territories in highest positive net income, which measured 73% nationwide. Both states reported a 92% net income, while Connecticut and the Virgin Islands brought up the end with 53% and 40%, respectively.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
