Billion Dollar CUs Produced 65% of Loan Growth
Between the first quarter of 2013 and the first quarter of 2014, 219 credit unions with assets in excess of $1 billion accounted for 65% of all loan growth.
According to CUNA Mutual Group’s June Credit Union Trends Report, only 14 of these credit unions reported lending activity declines.
While 2,509 credit unions reported loan portfolio declines between Q1 2013 and Q1 2014, it was a large improvement from 2013’s results, said Dave Colby, CUNA Mutual chief economist.
Roughly 47% of credit unions with assets below $50 million reported loan portfolio declines according to the report, which tracked data through April.
Credit unions added $6.9 billion to their loan portfolios in April as total loans rose to $676 billion. The year-over-year annual loan portfolio gain was 8.9% at the end of that month, the strongest growth since June 2006.