WICHITA, Kan. (1/8/13)--Total outstanding loan balances at Kansas credit unions increased 6.5% in September from the same time a year earlier, according to the Kansas Credit Union Association (KCUA).
Kansas credit unions posted higher than average growth rates and exceeded national credit union rates in both loans and share draft balances in the third quarter, KCUA said.
Used auto loans, the largest component of the loan portfolio, increased 7.4% from September 2011. New auto loans increased 8.6%, compared with a 5.8% increase at credit unions nationwide. The overall auto loan portfolio in Kansas increased 7.6% over the past year to $1.9 billion.
The average member relationship rose to $12,100, a 5.5% increase. The increase is an indication that Kansas credit unions are gaining a higher share of wallet among their members, said Janeeen Smalley, KCUA vice president of member and strategic services. "I think it's clear that more consumers are seeing credit unions as their primary financial institution," Smalley added.
Other highlights cited by the KCUA:
- Year over year, total shares deposited stood at $4.4 billion, an increase of 8.5%, compared with the national credit union average rate of 6.2%.
- Share drafts were up $63.9 million, an annual increase of 10.2%.
- In September 2012, roughly 35.7% of Kansas credit union members held share draft accounts with their credit unions, higher than any point in the past six years.
- As of September 30, Kansas credit unions reported an average capital ratio of 11.5%, better than national peers, and behind only Kansas savings banks.
"In difficult financial times, it's important the financial institutions have a financial safety net," Smalley said. "That said, Kansas credit unions are poised to put their capital to use in a way that will serve the best interests of their members."