Iowa credit unions lead the nation in asset, deposit growth
Ranked 24th in year-over-year membership growth
Iowa credit unions led the nation in asset and deposit growth in the year that ended on March 31 and ranked fourth in the nation in terms of loan portfolio growth, according to the National Credit Union Administration.
Iowa credit union assets grew 10.4 percent in the first three months of the year, while deposits increased 10.8 percent. Loans grew by 9.9 percent, behind North Dakota with 11.6 percent, Oklahoma at 12.2 percent and Indiana with 12.4 percent.
Iowa credit unions ranked 24th in year-over-year membership growth with a 2.4 percent expansion. Nationally, credit union membership grew 2.3 percent to 94.6 million members.
Every state except Nevada showed asset growth during the 12-month period ending March 31, 2013. Total assets grew by 5.4 percent compared to 6.7 percent the previous year.
Total loans outstanding grew 4.9 percent in the year that ended on March 31 after rising 2.2 percent during the previous year. Credit unions in 49 of the 54 states and territories included in the NCUA report showed loan growth, with Idaho (12.4 percent) and Oklahoma (12.2 percent) posting the fastest growth rates.
The NCUA said Iowa credit unions recorded 1 percent of their loans delinquent, ranking the state 31st in the nation. Iowa credit union charged of 0.39 percent of their loans during the year from the end of first quarter of 2012 through the same date this year.Nationally, the delinquency rate is 1 percent, down from 1.4 percent at the end of the first quarter of 2012. The annualized net charge-off rate declined to 0.61 percent on March 31 from 0.78 percent on March 31, 2012.