Year to date, loan growth at credit unions is now stronger thanall of 2009, 2010 and 2011's gains.

That's according to the CUNA Mutual Group's October Credit UnionTrends Report, which tracked data through August.

At $603 billion, loans were up 3.9% from August 2011. Most ofthe strength has come from first mortgages and vehicle loans, the data showed.

Mid-year data revisions added $2.4 billion to previous loanportfolio estimates and growth was restated 0.4 percentage pointshigher, the report noted. Almost all of the entire positiverevisions came from short-term consumer installment credit,particularly vehicle loans. Data revisions were also positive formember business loans.

A $1.8 billion (4.4%) gain in MBLsalso contributed to improving loan portfolio growth, but thissource of growth and net interest margin is losing steam as manycredit unions approach their MBL caps, wrote CUNA Mutual ChiefEconomist Dave Colby in the report.

Still, total loans are up 2.7% year to date, which is muchbetter than same-period 2011 results and well above 2009, 2010 and2011 full-year results, Colby said.

The picture looked remarkably different a year ago when creditunions were in the midst of a 0.4% portfolio contraction, accordingto the trends report. On a year-over-year basis, totalindustry loans were up 3.9% as of August.

“Credit unions are starting a real recovery at the memberlevel,” Colby said. “Not included in the portfolio statistics ismember mortgage refinances, which are freeing up cash flow andproviding members with interest rate security.”