Credit union loan growth in the state reached into the positive territory for the first time since 2007, posting a 0.6-percent increase, according to a report released today by the Nevada Credit Union League.
In addition, Nevada credit unions saw another noticeable uptick in savings, with a 0.5-percent increase in the fourth quarter of 2013, finishing the year with a 3.2 percent increase.
“Deeper analysis of the lending picture in Nevada points to an increase in demand being largely driven by mid-level consumer purchases, mostly used auto, unsecured personal loans, and credit cards,” said League Chief Economist Dwight Johnston. “These three categories provided strong enough growth to push the overall loan growth into positive territory in the fourth quarter. After lagging the recovery in the rest of the U.S., Nevada began what appears to be a sustainable rebound in jobs and construction in the second half of 2013.”
Used auto, unsecured personal loans, and credit cards finished the year 2013 with increases of 13.6 percent, 5.4 percent, and 4.8 percent, respectively.
On the savings side, with historically low market interest rates, Nevada consumers continued to focus on building short-term liquid accounts. The state’s credit unions reported regular savings account balances grew by 9.0 percent at year-end 2013, while checking account balances grew by 0.9 percent and money market balances grew by 2.0 percent year over year.
The League’s report is compiled from credit unions representing 33 percent of all federally-insured Nevada credit unions that collectively serve 55 percent of the members and manage 45 percent of the assets reported by such institutions located throughout the state.
About the California and Nevada Credit Union Leagues: With headquarters in Ontario, CA, the California and Nevada Credit Union Leagues are the trade associations representing the interests of more than 400 credit unions in California and Nevada, and their 10 million members. For more information, go to www.ccul.org.