Year-end loan growth at the nation’s credit unions hit a nine-year high with outstanding loan balances hitting $712 billion, according to a new report.
Those balances were 10.4 percent higher for the fourth quarter of 2014 over the same period a year earlier, the single biggest hike since 2005, according to the National Credit Union Administration, a government agency.
“2014 was a very productive year for America’s credit unions,” NCUA board chairman Debbie Matz said. Loan growth also helped credit unions reduce reliance on long-term investments to generate income. However, credit unions must remain prepared when interest rates rise.”
Much of the percentage increase was in auto loans, business loans and student loans, followed by first mortages.
Delinquencies fell to 0.85 percent from 1.01 percent at the end of 2013, and the percentage of loan charge-offs due to bankruptcy also dropped
Membership in credit unions topped 99 million, a 3 million boost on the year, NCUA reported.
David Migoya: 303-954-1506, dmigoya@denverpost.com or
