Credit Unions Report Double-Digit Loan Growth: Callahan
A report from the Washington-based consulting firm Callahan & Associates revealed early credit union data trending toward double-digit loan growth in 2015 for the seventh consecutive quarter by more than 10%.
The report projected year-over-year loan growth for the past year at 10.6% based on 85% of credit unions that had reported thus far. While total loan growth is up by 23 basis points from the same time last year, the report showed a decline in some categories. Auto loans, credit cards and student loans decreased from the year prior at 1.7%, 1.7% and 8.5%, respectively.
First mortgage and auto loans were the top lending categories with growth of 10.4% and 14%, while new auto lending led all categories at 16% year-over-year growth.
Several other key credit union focus areas — asset, share and member growth — were also strong at the end of the year, at 7.5%, 7.0%, and 3.7%, respectively. Credit unions saw more rapid growth in each of these areas compared to year-end 2014, according to the report.