Idaho, Virginia Lead in Membership Growth: NCUA
Credit unions nationwide exhibited strong growth patterns during the first half of 2013, according to the NCUA Quarterly U.S. Map Review.
The report, released Thursday, shows specific strengths among federally insured credit unions on a state-by-state basis in areas from membership and loan growth to positive net income share and greats returns on average assets.
During the first half of the current year, credit unions in Idaho (8.8%) and Virginia (7.9%) topped the list in membership growth. Membership in federally insured credit unions rose 2.2% overall to 95.2 million through the second quarter, a slightly slower pace than in the same period in 2012.
Membership increased in 41 U.S. states and territories and declined in 11 states, the Virgin Islands and Washington, D.C., led by Nevada at –4.5%.
Total loans outstanding rose 5.5% overall, up from 3.2% the previous year, and all by six U.S. states and territories showed growth, with Nevada’s –7% bottoming the list.
Credit unions in Utah and Washington experienced the highest annualized return on average assets with 150 basis points and 126 basis points respectively. Nationwide, ROAA averaged 85 bps overall, virtually unchanged from 86 bps the previous year. The U.S. Virgin Islands posted the lowest ROAA with –13bps.
Credit unions in Maine and Alaska led the states and territories in highest positive net income, which measured 73% nationwide. Both states reported a 92% net income, while Connecticut and the Virgin Islands brought up the end with 53% and 40%, respectively.