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Report: Kansas Credit Unions Post Solid Performance for First Quarter 2014

Tuesday, July 01, 2014   (0 Comments)
Posted by: Susan Dyer
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Credit unions in Kansas posted solid financial performance, exceeding some national trends. One example is that Kansas credit unions posted annual outstanding loan growth of 9.0%, higher than the 8.8% national average in the first quarter.

This report includes a special section on credit card usage both nationally and in Kansas. This report is brought to you by Shared Financial Solutions in partnership with Callahan & Associates.

Download the full 1st Quarter 2014 Performance Report (pdf). Scroll down for an infographic.

KEY TAKEAWAYS FOR KANSAS CREDIT UNIONS

  • At Kansas credit unions, auto loans and credit cards grew at the fastest pace at 11.4% and 10.1%, respectively. First mortgages also posted a strong annual growth of 7.8%.
  • The average member relationship (the outstanding combined loan and share balances per member, excluding business loans) increased, up 4.1% annually to $12,937 as of March 2014.
  • The net interest margin at Kansas credit unions remained high in the first quarter. Their net interest margin of 3.15% is significantly higher than the national average of 2.80%.
  • Total income at Kansas credit unions is down 1.1% over first quarter 2013 results. A decrease in non-interest income led to the decline, despite higher loan and investment interest income. Credit unions nationwide reported a 23 basis point decline in total income compared to the first quarter of 2013.
  • Kansas credit unions’ delinquency rate is 0.74% as of March 2014. This is lower than that of local banks, as well as banks and credit unions nationwide.
  • The national gross domestic product decreased 1.0% in the first quarter, versus 1.1% growth in the first quarter of 2013.
  • Unemployment in Kansas dropped from March 2013 levels. Kansas’ unemployment rate decreased 70 basis points to 4.9%.
  • In the first three months of 2014, loan originations decreased 5.8% compared to the first three months of 2013 at Kansas credit unions. Consumer loan originations increased 10.8% compared to the first quarter of 2013, with $333.7 million originated in the first quarter of 2014.
  • Credit unions in Kansas added a net gain of nearly 16,000 members over the past year, an annual growth rate of 2.5%.