WICHITA, Kan. (1/14/14)--Kansas credit unions outperformed their counterparts around the country in two key areas in the third quarter.
The expansion of loans and shares in the state outpaced the national average, according to a recent report commissioned for the Kansas Credit Union Association (Vision Jan. 10).
Shares and outstanding loans at Kansas credit unions increased by 5.5% and 8.5%. The national averages for share and loan growth in the third quarter were 4.1% and 6.8%.
Used auto loans, the largest component of the loan portfolio, increased 8.7% over September 2012 levels. New auto loans increased 17.9% at Kansas credit unions. The overall auto loan portfolio increased 10.3%, up $195.7 million from September 2012.
Delinquency rates, meanwhile, remained low, at 0.86%--below the national credit union average, 1.02%, local commercial bank average, 1.63%, and the in-state savings bank mean, at 1.34%.
The third quarter also saw 15,000 additional Kansans join credit unions, bringing the total number of state members to 641,000--almost a quarter of the state's population.
The report revealed that credit union service organization (CUSO) participation, as measured by loans to or investments in CUSOs, rose by more than 40% on an annual basis in the third quarter, by $14.3 million.