State Data Show Loan, Membership Growth Gain Speed in First Quarter 2014

A new analysis of state-level data released this week by NCUA shows several key performance measures, particularly loan and membership growth, rising at federally insured credit unions in the 12 month period ending March 31, 2014.

Nationally, assets and shares grew at a slower pace than in the previous year, while delinquencies declined and return on average assets (ROAA) was slightly lower. State-wide declines in assets, loans, shares, and members in Massachusetts over the 12 months (March 31, 2013 - March 31, 2014) resulted from the conversion of HarborOne to a bank.

The NCUA Quarterly U.S. Map Review, prepared by NCUA's Office of the Chief Economist, tracks performance indicators for federally insured credit unions in the 50 states and the District of Columbia. The review includes two key state-level economic indicators: unemployment rates and home price changes. The review also shows data on median loan growth and median return on average assets to aid comparisons of typical credit unions across states.

Locally the report showed that New Hampshire credit unions had the lowest delinquency rate (0.4%) of any group of credit unions for the twelve month period ending March 31, 2014. The Granite State was among the top ten in growth in savings and growth in loans as well.

Rhode Island credit unions were fourth in the nation for collective loan growth in the 12 month period. They were also among the top ten for lowest delinquency, with a rate of 0.6%.

The aggregate growth in assets for credit unions in Massachusetts over the first three months this year was 3.02%. New Hampshire credit unions showed similar growth at 2.9%. These rates of increase are very near the national average of 3.39%. In Rhode Island assets were up as well but at a somewhat more modest 0.79%. Savings in the three states were also near the national 3 month average growth of 3.69%. Massachusetts had a 3.67% growth in credit union savings during Q1, New Hampshire was up 3.11%, and Rhode Island grew by 2.44%.