The Kansas Credit Union Association reports that annual growth figures among the state’s 98 credit union in assets, shares, capital and loans were strong and above national averages during the first quarter of the year.
The KCUA recently released a first quarter state analysis report compiled by Callahan & Associates that showed the average member relationship – the total dollar amount of loans, balances and deposits per member – increased from $11,831 at the end of March 2012 to $12,428 at the end of March 2013.
What’s more, 5,339 new members joined Kansas credit unions from March 2012 to March 2013.
Product penetration metrics, which help credit unions measure how many members are using each product, are increasing at Kansas credit unions, the league said. For example, over the past year, share draft penetration increased two percentage points to 36.4% in the state’s credit unions.
While the state penetration rate remains lower than the national rate of 51.8%, Kansas has seen share draft penetration rise much faster than the rest of the nation, according to the report.
Auto loan penetration jumped 92 basis points to 27.6% and credit card penetration increased 53 basis points to 9.2% from March 2012 to March 2013, the KCUA said.
The report also showed during the first three months of 2013, loan originations at Kansas credit unions increased by 2.9% from March 2012 to March 2013 to top $449 million. Nationally, credit unions posted a 14.1% increase in loan originations during the first quarter of 2013.
Kansas credit unions saw share balances increasing at a rate of 6%, faster than the national average of 5.1% with only share certificates decreasing by 2.6%.
The report also noted net interest margin was 3.17% among Kansas credit unions in March, above the national average of 2.77% Capital levels remain high at the state’s cooperatives at 11.3% of assets, which is higher than credit unions and banks nationwide, according to the report.