MADISON, Wis. (8/2/13, UPDATED 1:30 p.m.. CT)--Credit union loans outstanding increased in June, while savings balances dropped, according to the June monthly sample of credit unions by the Credit Union National Association.
Credit union loans outstanding grew 0.8% in June and 2% during the first half of 2013. Fixed-rate first mortgages led loan growth, rising 1.7%, followed by used-auto loans (1.6%), new-auto loans (1.5%), unsecured personal loans (1.2%), and credit card loans (1%). Adjustable-rate mortgages, home-equity loans and other mortgages declined 1.4%, 1.1%, and 0.7%, respectively.
Credit union savings balances dropped 0.4% in June, compared with a 0.8% increase in June 2012. Individual retirement accounts increased 0.8% and regular shares and money market accounts grew 0.4% and 0.1%, respectively. Share drafts (3.9%) and one-year certificates (1%) each declined.
Regarding asset quality, credit unions' 60-plus-day delinquency rate has remained at 1% during the past five months.
With loan growth outpacing savings growth during June, the loan-to-savings ratio increased from to 67.5% in June from 66.7% in May. The liquidity ratio--the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities--was 19% as of June 2013.
Total credit union membership grew 0.2% during June to 97.6 million.
The movement's overall capital-to-asset ratio remained at 10%, while the total dollar amount of capital is $110 billion.
Monday's News Now will have a CUNA economist's analysis of the data.