HARRISBURG, Pa. (1/23/13)--Pennsylvania credit unions reported mixed financial results in the third quarter while the state economy lost four thousand jobs, the Pennsylvania Credit Union Association said.
Loan balances increased 1.9% in the third quarter of 2012, an increase from a 1.2% rise in the third quarter of 2011 (Life is a Highway Jan. 23). Almost every loan category grew 2% or more. Mortgage loans and auto lending were the major driving forces for the increase in overall loan balances.
Net membership at Pennsylvania credit unions grew 0.8%--equal to the pace set one year earlier, PCUA said. Net memberships grew by 62,000 in the first nine months of the year to reach 3.7 million.
Asset quality numbers produced mixed results. Overall, 60-plus day dollar delinquencies decreased to 1.12% in the third quarter--a 0.03% drop compared with the third quarter of 2011. But net charge-offs rose to 0.55%--a 0.03% increase compared to the third quarter one year earlier.
On the positive side, delinquency rates fell to 1.15% at the end of 2012, down from 1.6% at year-end 2011, PCUA said. The state credit union loan delinquency rate is significantly less than the 1.80% reported by Pennsylvania banking institutions, PCUA added.
Pennsylvania credit unions reported second quarter earnings of 0.69% of average assets.