NCUA: Third-quarter state data show loan, membership growth trends continue
ALEXANDRIA, VA (December 4, 2013) – A new analysis of state-level data for federally insured credit unions finds strong growth in loans and membership in the year ending Sept. 30, 2013, according to the National Credit Union Administration.
The NCUA Quarterly U.S. Map Review, available here, tracks performance indicators for federally insured credit unions in the 50 states, the District of Columbia, Puerto Rico, Guam and the Virgin Islands. The review also summarizes key state-level economic indicators, including unemployment rates and home price changes.
Loan Growth Surges, Fastest in Idaho and Rhode Island
Nationally, total loans outstanding grew 6.8 percent in the year ending in the third quarter of 2013, up from 4.3 percent the previous year. All but three of the 54 states and territories included in the report showed loan growth, with Idaho (15.2 percent) and Rhode Island (12.6 percent) posting the largest gains.
Idaho and Virginia Top States in Membership Gains
Nationally, membership in federally insured credit unions rose 2.2 percent to 95.9 million in the year ending in the third quarter, a slightly slower pace than in the year ending in the third quarter of 2012. Membership increased in 43 of the states and territories, with Idaho (8.9 percent) and Virginia (7.8 percent) reporting the fastest growth. Membership declined in nine states, the Virgin Islands and the District of Columbia.
Utah and Washington Have Highest Returns on Average Assets
Nationally, the annualized return on average assets (ROAA) at federally insured credit unions was 80 basis points in the first three quarters of 2013 compared to 86 basis points at the end of the third quarter of 2012. ROAA was higher than a year ago in eight states and Guam and was unchanged in Georgia. Utah had the highest annualized ROAA (144 basis points), followed by Washington (117 basis points). The District of Columbia (25 basis points) and Connecticut (30 basis points) posted the lowest annualized returns of the remaining states and territories.
Maine, Alaska and New Mexico Lead States with Highest Positive Net Income Share
Nationally, 72 percent of federally insured credit unions had positive net income in the first three quarters of 2013, down slightly from 73 percent in the first three quarters of 2012. Compared with the first three quarters of 2012, the share of credit unions with positive net income rose in 17 states and the District of Columbia, and was unchanged in Alaska, Wyoming and Guam. Maine, Alaska and New Mexico (92 percent) posted the highest shares of federally insured credit unions with positive net income among the states, while Hawaii (55 percent) and Connecticut (58 percent) had the lowest.
Asset, Share and Deposit Growth Slows; Delinquencies and Charge-offs Low
NCUA’s Office of the Chief Economist prepares and issues the quarterly review, which includes other state-level credit union data and maps on essential metrics such as:
- Annual asset growth. Federally insured credit unions assets rose 4.3 percent nationally in the year ending in the third quarter of 2013, after rising 6.5 percent during the previous year. Federally insured credit unions in Idaho and Iowa led the nation in annual asset growth.
- Annual share and deposit growth. Federally insured credit unions shares and deposits grew 4.2 percent nationally, down from a 6.2 percent rise the year before. Iowa posted the largest gain in the country. Shares and deposits fell in Massachusetts.
- Delinquency rate. The delinquency rate at federally insured credit unions remained steady at 1.0 percent nationally, a decline from 1.2 percent the year before. New Jersey and Florida posted the highest delinquency rates, while New Hampshire and Idaho had the lowest.
- Annualized net charge-off rate. Nationally, the annualized net charge-off rate for federally insured credit unions fell to 57 basis points during the first three quarters of 2013, compared to 73 basis points in the first three quarters of 2012. Net charge-off rates fell in 39 states, the District of Columbia and Guam.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 95 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.