WASHINGTON – Savings were down a bit in April with loans increasing pulling credit unions' loan-to-savings ratio up to 78.8% at the end of the month, according to CUNA's Monthly Credit Union Estimates.
Loans outstanding rose 0.8% in April for a year-to-date increase of 1.6%; the same four-month period last year yielded credit unions a 2.6% increase in loans. "Other" loans led growth in April at 6.7% followed by "other" mortgages (2.9%). Unsecured personal loans (1.2%), new auto loans (0.5%), and fixed rate mortgages (0.1%) were also up. Used auto loans, adjustable-rate first mortgages, and home equity loans all declined slightly in April, 0.7%, 0.5% and 0.4%, respectively.
Savings in April dropped 0.5% from March, which had included an extra potential payday artificially inflating savings. Year-to-date savings growth was 2.7%, but not as much as the 3.9% increase during the same period last year. Certificates led the way rising 1.2% during April and represented 27.4% of the total $611.9 billion credit unions hold in savings, up from 23.4% of total savings ($597.2 billion) at the same time last year.
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The lower savings growth and increase in lending put the loan-to-share ratio up to 78.8% from 77.7% at the end of March.
Asset quality is strong with delinquencies at 0.6% for the month and credit unions' average capital-to-asset ratio was up slightly from 11.0% in March to 11.1% in April.
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