ALEXANDRIA, Va. (UPDATED: 12:45 p.m. ET, 8/31/12)--The total amount of loans made by credit unions increased by 1.7% in the second quarter of 2012, bringing the total amount of outstanding loans held by credit unions to $581.7 billion, the National Credit Union Administration (NCUA) reported. This increase, the largest recorded since the fall of 2008, shows that credit unions "are playing an important role in efforts to create jobs, stimulate small businesses, and revitalize communities," NCUA Chairman Debbie Matz said today.
This is the fifth straight quarter the NCUA has reported positive loan growth at credit unions.
Matz in an NCUA release noted the credit union industry's overall performance grew stronger in almost every category during the quarter. "Assets, earnings, and net worth rose, as charge-offs, bankruptcy filings, and loan loss reserves declined," she said.
The agency reported:
- Credit union net worth grew 2.1% to $102.4 billion;
- Credit union industry total assets increased 0.6% to $1.007 trillion;
- Total savings increased 0.3% to $868.8 billion; and
- Credit union net income increased by 2.9% to $2.13 trillion.
The agency also reported a membership increase of 643,322 during the quarter, and the 93.1 million credit union members nationwide deposited an additional $2.7 billion in savings into their credit unions.
The Credit Union National Association's (CUNA) economics and statistics staff continues to comb through these NCUA numbers, and a CUNA analysis will be featured in Tuesday's issue of News Now