ALEXANDRIA, Va. (6/5/13)--First quarter 2013 credit union financial results, which represented the strongest quarter membership growth in credit union history, are broken down state-by-state in a new National Credit Union Administration Quarterly U.S. Map Review.
The first quarter results, released last week by teh NCUA, reported membership growth of more than 800,000 new members and the fastest first-quarter loan growth for federally insured credit unions in five years. Credit Union National Association President/CEO Bill Cheney said the membership numbers reflect "a real cultural shift that is taking place.
"Not only do credit unions generally offer better rates and lower fees, they have powerful appeal in today's environment where so many people are put off by big conglomerates and are turning instead to locally based, community-oriented businesses," he said.
This shift was strongest in the U.S. Virgin Islands, where membership increased by 18.5%. Idaho and Virginia led the mainland U.S., reporting membership increase rates of 7.5% and 7.4%, respectively.
Fourteen states, including Georgia and Washington, saw credit union membership growth rates of greater than 3%. Most states saw their credit union membership grow by at least 1%.
Loan growth was strongest in Idaho and Oklahoma, with credit unions in those states reporting combined loan volume increases of 12.4% and 12.2%, respectively, over the totals reported in the first quarter of 2012. Loans declined in Nevada, the Virgin Islands, Hawaii, Montana, and Arkansas, led by Nevada's 8.8 percent decline, the NCUA said.
Asset growth remained strong in Iowa and North Dakota, as consistent growth continued from 2012 fourth quarter into the first quarter of 2013. Growth was similarly strong in Idaho and Virginia, with those states also posting asset growth rates of 8% or above. Iowa had the fastest growth in total assets during the quarter, posting a 10.4% increase.
Nevada was the only state to post a decline in total assets during the first quarter of 2013, reporting a 3.2% decline.
Share and deposit growth and delinquency rates are also addressed in the NCUA release.
For the NCUA maps and an agency release, use the resource link.