Iowa credit unions lead nation in asset, shares, deposit growth
Loan growth strong in state
Data released Monday by the National Credit Union Administration shows Iowa credit unions recorded a 12.2 percent jump in assets, the fastest growth of any state. Total assets of federally insured credit unions grew by 6.5 percent nationally in the year ending in the third quarter.
Nevada was the only state in the nation to post a decline in total assets over the past year, falling 6.6 percent.
Iowa credit unions also recorded the largest gain in shares and deposits over the past year. Shares and deposits rose 11.9 percent in Iowa, compared with 6.2 percent growth nationwide during the same period.
Shares and deposits fell 8.2 percent in Nevada in the year that ended in the third quarter, the only state posting a decline.
Iowa credit unions posted a 10.2 percent increase in loans during the same period, ranking it third in the nation for loan growth. Only 1 percent of the loans by Iowa credit unions were delinquent at the end of the third quarter, ranking it 23rd nationally.
Loan growth was strong in states like Iowa, New York, New Hampshire, North Dakota and Tennessee. Only three states — Nevada, Montana and New Jersey— experienced declines in credit union lending over the last 12 months.The NCUA's Office of the Chief Economist prepares the quarterly review. It looks a return on average assets, membership growth, share and deposit growth, and asset growth.