ALEXANDRIA, Va. (8/29/13, UPDATED 11:16 a.m. ET)--Loan growth, net worth, and membership are the biggest stories told in the National Credit Union Administration's second-quarter data, according to the agency. The data show federally insured credit unions saw brisk loan growth, their highest net worth ratio since 2008 and record membership levels.
NCUA Chairman Debbie Matz, releasing the second-quarter report this morning, said, "The increases in lending, net worth and membership are especially positive signs.
"The brisk loan growth shows that federally insured credit unions are meeting the needs of more borrowers and putting their assets to productive use. The net worth ratio rose to 10.5%, its highest level since 2008. Credit union membership continues to reach a new milestone each quarter."
Loans were up 2.3% in the second quarter, and 5.5% in the last four quarters, which the NCUA said is the strongest four-quarter growth since the start of 2009.
"Although the industry is performing well overall, smaller credit unions continue to face challenges with making loans, generating earnings and attracting members," Matz added. "NCUA is committed to providing assistance and support to ensure the viability of small credit unions so they can continue to serve local communities."
Regarding lending by federally insured credit unions, the NCUA highlighted the following:
First mortgage real estate loans rose to $253.8 billion, up 2.1% for the quarter and 5.6% year-over-year;
New auto loans expanded to $66.4 billion, up 2.8% for the quarter and 10.7% for the last four quarters;
Used auto loans rose to $121.3 billion, up 3.7% for the quarter and 9.3% for the year ending June 3; and
Net member business loan balances grew to $43.5 billion, up 2.3% for the quarter and 8.3% for the prior 12 months.
Use the resource link to read more of the NCUA's report.