MADISON, Wis. - Loans at credit unions increased during March, including fixed-rate mortgages, which were up 2.8%, according to analysis by CUNA. But auto loan balances saw their biggest declines in a decade. CUNA Senior Economist Steve Rick released a statement saying CUs are gaining loan volume as the result of competitors tightening loan standards.
Among the other data from March, according to CUNA:
* Loans outstanding increased 0.6% in March and 0.8% for the first quarter of 2008.
* Posting declines during March were home equity lines (2.8%), new auto loans (1.5%) and unsecured loans (1.1%).
* New auto loan balances declined 3.4%, the biggest drop in 10 years, according to Rick.
* Savings balances were up 1.2% in March, compared with 2.5% one year earlier. Savings balances were up 5% in Q1, the fastest pace in five years.
* IRA balances were up 4.7%, money markets 3.8% and regular shares 1.7%. MMAs are up 8% since the beginning of the year.
* The largest year-to-date growth by account type was in the money markets accounts–rising 8%.
* The CU loan-to-share ratio decreased slightly to 80.1%. The delinquency rate was almost flat at 0.97%.
