Minnesota Credit Unions Show Mixed Second Quarter
Minnesota’s credit unions had mixed results in key financial performance indicators for the second quarter of 2013, according to the Minnesota Credit Union Network.
Deposits at Minnesota credit unions decreased -0.4% in Q2 2013 from Q1 2013, but increased 6.9% year-over-year from Q2 2012 to Q2 2013, the McCUN reported this week. However, Minnesota credit unions’ core deposits grew from 40.1% in 2012 to 41.6% in the first quarter of 2013, the league said.
Loan balances increased 2.7% in Q2 2013, up from a -0.5% decrease in the first quarter. Year-over-year loan growth was 4.4% between Q2 2012 and Q2 2013, according to the MnCUN. Additionally, despite the first quarter decrease in overall lending (-0.5%) credit unions' member business lending grew at a rate of 1.6% during the same time frame.
Minnesota credit union assets declined by just four-tenths of a percent between Q1 2013 and Q2 2013, with 6.2% growth between Q2 2012 and Q2 2013. Minnesota credit unions' total assets, despite a drop from 9.4% in 2012 to 7.6% in the first quarter of 2013, which is above the national average of 5.3%, MnCUN reported.
Nonetheless, in Q1 of this year, Minnesota credit unions' asset quality measures improved. Overall, the 60+ day dollar delinquency rate fell to 0.90%, a 0.19% decline compared to fourth quarter 2012, the league said.
Minnesota credit union membership grew by 6,000 in Q1 2013 to reach 1,579,000 – a 0.7% growth rate. This number, although slightly behind the pace of the 0.9% growth reported in the first quarter of 2012, illustrates consumers' continued interest in the credit union business model, the MnCUN said.