Iowa credit unions recorded the second-fastest loan and asset growth in the nation last year, according to a new report from the National Credit Union Administration.
Total loans and leases by Iowa credit unions increased by 13.6 percent to $8.2 billion in 2013, compared with an average increase of 8 percent nationally. Iowa tied with Vermont for loan growth and was surpassed by Idaho, which recorded a 16.7 percent increase in loans. Iowa credit unions' loan delinquency rate was 1 percent in the fourth quarter, which matched the national average.
Total assets at Iowa credit unions totaled $11.8 billion at the end of 2013, a 6.6 percent increase over Dec. 31, 2012, according to the NCUA's Quarterly Map Review.
Nationally, federally insured credit unions' total assets grew by 3.9 percent, or $40 billion, for the year to more than $1.06 trillion.
Iowa credit union membership increased by 1.2 percent to nearly 1.02 million members in the past year. Nationally, membership in federally insured credit unions grew 2.6 percent to more than 96.3 million members.
Credit union earnings in Iowa increased by 11.7 percent to $120.1 million in 2013, up from $107.5 million in 2012, according to a separate report by credit union consulting firm Callahan & Associates.
"Iowa credit unions are strong and healthy, and continue to be leaders in the industry," Patrick Jury, president and CEO of the Iowa Credit Union League, said in a release. "Our positive growth in credit union membership, loans and deposits affirms that Iowa consumers desire to conduct business with not-for-profit financial cooperatives."