State’s Credit Unions Begin Year with strong growth
Kansas credit unions began 2013 with strong growth in assets, shares, capital and loans. Loan growth has been outstanding, with Kansas credit unions increasing loan balances by 5.8 percent, while credit unions nationwide increased loan balances by 4.8 percent. The average member relationship (the outstanding combined loan and share balances per member, excluding member business loans) also increased, up to $12,428 in March.
“Our state’s credit unions continue to faithfully serve the 630,000 Kansas consumers who are credit union members,” said Tammy Wendland, consultant for the Kansas Credit Union Association. “The ‘people helping people’ philosophy is evident by the increased member relationship numbers, as people continue to see the value of credit unions and how credit unions can help them reach their financial goals.”
Asset quality is still a high point for Kansas credit unions, despite a slight increase in delinquency. Even with the increase, credit unions are still below the national average of 1.02 percent.
Capital levels remain high at 11.3 percent of assets, which beats commercial banks, as well as credit unions and banks nationwide.
Share balances increased at a rate of 6.0 percent, outpacing the national average of 5.1 percent.
Nationally, credit unions show strong growth in lending activity, core deposit balances, and have added nearly two million new members over the past year.