March Sees Deposits Still Flowing Into CUs
Another $5.2 billion of new shares moved into credit unions in March, making a total of $17 billion in new deposits for the first quarter of the year, according to CUNA.
Though first quarter share growth was strong at 3.1%, it was still below last year's first quarter growth of 5.3% for the first three months.
Loan growth, which was tepid for the first two months of the year, picked up in March and came in at a strong 0.8%, bringing first quarter loan growth to 1.1%. This is stronger than the 0.3% loan growth recorded in the first quarter last year.
Second mortgages led the way, growing by 2.4% for March; with home equity loans expanding by 1.8%; new car loans by 1% and fixed-rate first mortgages by 0.8%. The average delinquency ratio declined to 0.7%, from 0.8% for February. Net capital held steady at 10.7%, the same as for February.
Ed Roberts can be contacted via eroberts