Iowa credit unions post double-digit loan gains
BUSINESS RECORD STAFF Oct 2, 2015 | 3:33 pm
1 min read time
290 wordsAll Latest News, Banking and FinanceIowa credit unions experienced strong loan and membership growth in the first half of 2015, according to data posted by the Iowa Credit Union League.
Loan growth of 12.6 percent resulted $3.3 billion in loan originations as of June 30, up 33.4 percent from the first six months of 2014. This helped produce a total loan portfolio of $9.7 billion at 104 Iowa credit unions for the first half of 2015. Share growth of 7.8 percent resulted in $11.3 billion held in shares at Iowa credit unions for the first half of 2015.
“Credit unions are experiencing remarkable growth in key areas throughout the first half of 2015, and the real winners are Iowans,” said Patrick Jury, president and CEO of the Iowa Credit Union League. “Overall, membership and loan growth at Iowa credit unions continues to be positive, evidence that consumers are doing better and that credit unions provide meaningful value in supporting their activities.”
Iowa credit unions originated $1.9 billion in consumer loans for the first half of 2015, a 47.5 percent increase from a year ago. In addition, mortgage originations topped $844.9 million, an increase of 32.4 percent from 2014. Unsecured personal loans were up 7.8 percent, and credit cards increased 7.5 percent.
The net charge-off ratio on loans was 0.35 percent, down 6 basis points from June 2014 and well below the national credit union average of 0.46 percent. Delinquency decreased from June 2014, dropping 9 basis points to 0.71 percent.
Total membership at the state’s credit unions grew by 3.1 percent as of June 2015, the highest rate of growth in three years. Over the past 12 months, Iowa credit unions have added nearly 32,000 members. There are more than 1 million credit union members in Iowa.
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