The overall credit union loan-to-share ratio rose to 75% in December 2004 from 74.7% in November, with loan growth of 0.6% during the year's final month, according to CUNA. Credit unions had loans outstanding of $429.1 billion as of year-end, the trade group's economics and statistics experts reported. Loans during December were actually down from the 1% growth seen during December of 2004 and for the year saw just "moderate growth," CUNA said, and did not meet expectations.
Credit cards were the fastest growing loan category during 2004, improving 4.4% CUNA said. That was followed by home equity loans (2%), ARMs (0.9%), and unsecured personal loans at 0.6%. CUNA said the only lending category to decline was "other loans outstanding," down 1.9%.
On the savings side deposit balances were up 0.3% in December to close the year at $572.4 billion. For the year deposits were up 5%, compared to 9.1% in 2003. CUNA had forecast 7% growth in savings.
