Michigan credit unions delivered a mixed bag of financial data, according to the
Credit union membership in the Wolverine State edgeCUd up by 0.7 percent in the fourth quarter of 2018, down from the 1.6 percent growth in the third quarter. At year-end, total membership amounted to about 5.4 million, a 3.3 percent increase in 2018, somewhat below the 3.5 percent lift recorded in the prior year. The population in Michigan edged up only 0.2 percent in 2018.
Loan volumes at Michigan credit unions grew by 1.5 percent in the fourth quarter of 2018, far below the 3.1 percent gain reported in the third quarter. Overall, loan growth for 2018 amounted to 10.4 percent, down from the 11.6 percent pace from the prior year.
Among loan types, credit card loans climbed by 4.3 percent in the fourth quarter, above the 3.1 percent figure from the third quarter. MCUL attributed this holiday spending hitting a six-year high, with
With respect to other loan types, commercial loan balances jumped by 21.7 percent over 2018; while new auto loans were up 15.5 percent; first mortgages rose 12.0 percent; used auto loans went up 9.5 percent; home equity loans/secondnd mortgages rose by 7.8 percent and personal unsecured loans increased by 5.8 percent.
Earnings at Michigan credit unions – as measured by annualized return-on-assets (net income as a percentage of average assets) climbed by 1.00 percent in 2018, up from a 0.90 percent rise in 2017.
Finally, delinquency rates at Michigan credit unions slipped to 0.68 percent in 2018 from 0.75 percent in the previous year.
