Iowa Credit Unions Lead Nation In Deposit Growth

By George C. Ford, The Gazette

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By Richard Pratt

CEDAR RAPIDS, Iowa -- Federally-insured credit unions in Iowa led the nation in share and deposit growth in the year ending in the third quarter of this year.

Data released Wednesday by the National Credit Union Administration shows Iowa credit unions recorded a 9 percent jump in shares and deposits, down from 11 percent in 2012. Total shares and deposits of federally insured credit unions grew by 4.2 percent nationally in the year ending in the third quarter.

Massachusetts was the only state to record a decline in shares and deposits during the period. Shares and deposits fell 2.1 percent the year that ended with the third quarter.

Iowa credit unions recorded the second-largest gain in assets, growing by 8.2 percent during the year that ended on Sept. 30 and unchanged from 2012. Idaho ranked No. 1 in asset growth with a gain of 9.3 percent, easily topping the 4.3 percent increase in assets nationally.

Iowa credit unions posted a 12.1 percent increase in loans during the same period, ranking the state fifth in the nation for loan growth. Only 1 percent of the loans by Iowa credit unions were delinquent at the end of the third quarter, ranking it 23rd nationally.

The annualized net charge-off rate for Iowa credit unions was 40 basis points, up from 35 basis points in 2012 and ranking the state 16th in the nation. Nationally, the annualized net charge-off rate for federally insured credit unions fell to 57 basis points during the first three quarters of 2013, compared with 73 basis points in the first three quarters of 2012.

Seventy-eight percent of Iowa credit unions had positive net income at the end of the third quarter on Sept. 30. down from 85 percent on the same date in 2012. Nationally, 72 percent of federally insured credit unions had positive net income in the first three quarters of 2013, down slightly from 73 percent in the first three quarters of 2012.

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