Despite slower growth in the U.S. economy in the first quarter of 2015, the credit union industry closed out the first three months with a strong performance.
According to first quarter data on more than 6,000 credit unions representing 98% of industry assets, the industry’s total loan portfolio increased 10.6% year-over-year, topping $731.2 billion as of March 2015. This annual loan growth is nearly two percentage points higher than what credit unions reported a year ago.
Credit unions originated $89.5 billion in loans in the first three months of 2015 and finished the quarter with an impressive 20.8% year-over-year growth. Notably, credit unions posted annual origination growth in every major loan category, including first mortgage, other real estate, consumer, and member business loans.
First mortgage loan originations skyrocketed, and credit unions posted a 50.8% year-over-year growth in the first quarter. At the local level, industry superstars include San Antonio Citizens Federal Credit Union ($168.7M, San Antonio, FL), which originated $3.8 million in first mortgage loans during the first three months of 2015. That's an increase of 96.5% year-over-year.
Total first mortgage loans outstanding at the Florida credit union also increased — to the tune of 10.8% annually — and hit $42.5 million as of March 2015. Despite this robust growth, the credit union posted a first mortgage delinquency of only 0.48% and a first mortgage charge-off rate of 0%.
First Mortgage Originations
San Antonio Citizens Federal Credit Union | Data as of March 31
© Callahan & Associates | www.creditunions.com
Source: Peer-to-Peer Analytics by Callahan & Associates
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