by. Keith Leggett
NCUA reported that credit union loans and assets rose during the second quarter of 2014; but shares (deposits) fell.
Federally insured credit unions’ total assets grew $47.3 billion, or 4.5 percent, from the second quarter of 2013, to rise above $1.1 trillion for the first time.
Federally-insured credit unions reported that in the second quarter of 2014, outstanding loan balances rose 9.8 percent from the second quarter of 2013 to $673.9 billion, the highest year-over-year growth rate since the first quarter of 2006.
All major loan categories grew in the second quarter led by strong auto lending. New and used car loan balances were up year-over-year by 17 percent and 11.6 percent, respectively. Business loans at credit unions were $48.8 billion at the end of the second quarter — up 12 percent from a year ago.
Overall, share and deposit accounts declined slightly from the first quarter to $940.4 billion, but were 3.4 percent higher than the $909.5 billion at the end of the second quarter of 2013.continue reading »