Rhode Island held the title for the largest average loan balance as of June 2013, with its 21 credit unions holding an average loan balance of $30,876. Such large average loan balance at Rhode Island credit unions is attributed to their large first mortgage balances. Credit unions in Rhode Island hold $111.1 million in first mortgage loans on average in the second quarter while credit unions nationwide hold $37.8 million. District of Columbia came in second, with 50 credit unions having $18,989 in average loan balance. Massachusetts rounded out the top three with $18,352 in the same quarter.
The industry reported average loan balance of $12,745 in the second quarter of 2013, up from the previous June at $12,682. The growth in the total amount of loans outpaced the growth in the number of loan accounts, which pushed up the average loan balance.
LEADERS IN AVERAGE LOAN BALANCE
Data as of June 30, 2013 for All Credit Unions in the U.S.
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Generated by Callahan & Associates' Peer-to-Peer Analytics