How The West Was Won

Regional credit union data shows cooperatives in the western states posted impressive growth during first quarter.

 
 

Credit unions nationwide posted exceptional growth in the first quarter of 2016. Asset growth topped 7.0%, and loans, shares, and members continue to best previous recorded balances. More members than ever are embracing the cooperative spirit and choosing credit unions as their primary financial institution.

Across the United States, credit unions are posting improvements in financial, operational, and member metrics. However, regional trends, economic conditions, and the prominence of credit unions in local markets mean performance is not uniform throughout the country.

For example, the Midwest is home to almost one-quarter of the nation’s credit unions; however, it’s the Western states that claim 23.9% of assets and 21.0% of members, the most of any region.

REGIONAL BREAKDOWN
For all FirstLook credit unions | Data as of 03.31.16
© Callahan & Associates | www.creditunions.com

  # of Credit Unions* Total Assets (in billions) Total Members (in billions)
Central 981 $162.6 14.5
Mid-Atlantic 1,013 $218.9 17.9
Midwest 1,512 $226.7 20.2
New England 782 $141.0 10.8
Southeast 1,090 $207.1 19.6
Western 751 $299.8 22.0

*Number of credit unions as of 12.31.15 excluding Puerto Rico, Virgin Islands, and Guam.

Source: Peer-to-Peer Analytics by Callahan & Associates

Asset Growth

Nationwide, credit unions posted average asset growth of 7.2%, but regional breakdowns range from 6.0% for Central credit unions to 8.5% for Western ones. In the Midwest, Southeast, and West, credit unions posted asset growth at least two percentage points higher than in 2015. Midwest credit unions posted the highest change — 2.6 percentage points — in asset growth. Growth there expanded from 3.8% in March 2015 to 6.4% in 2016.

ASSET GROWTH BY REGION
For all FirstLook credit unions | Data as of 03.31.16
© Callahan & Associates | www.creditunions.com

Asset_Growth

Source: Peer-to-Peer Analytics by Callahan & Associates

Loan Growth

Credit union loan portfolios in the Western region expanded 13.4% annually, besting the 10.9% national loan growth average by 2.5 percentage points. Collectively, credit unions in all regions except the Mid-Atlantic posted accelerating growth rates. In the Mid-Atlantic, although still positive, growth dipped from 11.1% to 10.8%, a 0.3 percentage point drop.

LOAN GROWTH BY REGION
For all FirstLook credit unions | Data as of 03.31.16
© Callahan & Associates | www.creditunions.com

Loan_Growth

Source: Peer-to-Peer Analytics by Callahan & Associates

Share Growth

Western credit unions led the country in share growth, posting an 8.2% increase over first quarter 2015. Credit unions in the Mid-Atlantic came in second with 7.4% growth. Both regions posted share growth stronger than the national average of 6.9%.

Although trailing other regions, the Midwest posted the highest jump — 0.4 percentage points — in year-over-year share growth. Credit unions there collectively posted share growth of 4.4% in March 2015 versus 4.0% in March 2015.

SHARE GROWTH BY REGION
For all FirstLook credit unions | Data as of 03.31.16
© Callahan & Associates | www.creditunions.com

Share_growth

Source: Peer-to-Peer Analytics by Callahan & Associates

Member Growth

Credit union membership topped 105.2 million members in the first quarter of 2016. The Mid-Atlantic led the nation in member growth, expanding membership 5.6% and adding more than 796,000 new members in 12 months. Western credit unions follow closely behind with 4.7% annual growth and 727,000 new members.

MEMBER GROWTH BY REGION
For all FirstLook credit unions | Data as of 03.31.16
© Callahan & Associates | www.creditunions.com

Member_Growth

Source: Peer-to-Peer Analytics by Callahan & Associates

 
 

June 3, 2016


Comments

 
 
 

No comments have been posted yet. Be the first one.