NV LOAN GROWTH: PRE-RECESSION LEVELS
updated 08/19/14 12:28 PM
California Lending Almost Doubles
Industry-wide loan growth at Nevada credit unions in the second quarter nearly hit levels unseen since the same period in 2005—a phenomenon mirroring a positive trend in California and across the nation.
The considerable lending rebound is spelled out in the numbers: Growth was 4.7 percent, making the second quarter almost solely responsible for the 5.1 percent growth in loans for the first half of the year, according to data gathered by the Credit Union National Association (CUNA).
Nevada credit union loan portfolios bucked the national trend of auto lending fueled growth, with credit card loans as the top performer. Card balances grew 7.2 percent in the first half of 2014, followed by used vehicles, first mortgages, and new vehicle loans—5.9 percent, 4.4 percent, and 2.3 percent, respectively.
Nevada Deposits Rise
Nevada consumers continue to work on increasing their savings. Credit union savings balances grew 0.6 percent in the second quarter of 2014, and by 4.4 percent in the year ending June 2014.
With historically low market interest rates, consumers are focusing on building short-term liquid accounts: The state’s credit unions reported regular savings account balances grew by 3.6 percent in the first six months of 2014, while checking account balances grew by 2.9 percent and money market balances grew by 6.4 percent over the same period.
California Loan Growth Nearly Doubles
Meanwhile, loan growth at California credit unions for the second quarter grew at 4 percent—nearly double the first-quarter rate. It was the best second quarter since the start of the recession in 2007.
In a similar vein to the first quarter, nearly every category of California credit unions’ loans reported growth. Once again, auto loans remained the fastest-growing component of loans, with new vehicle lending growing by 17.6 percent, while used auto loans grew by 8.1 percent.
Mortgages also saw an accelerated rate of growth, increasing by 5.6 percent and 2.3 percent for first and second mortgages, respectively.
Rounding out loan growth was other unsecured loans, excluding credit cards, which grew by 4.6 percent.
California Deposits Increase
California credit union savings balances grew 3 percent in the first half of 2014, and by 3.6 percent year-over-year. Consumers remained focused on short-term liquid accounts.
In addition, credit union memberships in the state grew by 0.9 percent in the first half of the year—and by 2 percent in the 12 months ending June 2014—as credit unions nationwide reached the 100 million membership milestone.
SPEAKER DELVES INTO DATA PRIVACY updated
10/22/14 11:57 AM
The Credit Union Connection
As the Big Data Panel during REACH 2014 kicked off on Wednesday, it was apparent “big data” is everywhere and infiltrates all facets of our lives. But how much do consumers value their privacy, and what does it mean for credit unions?
SOCIAL CHARM: INGREDIENT FOR SUCCESS updated
10/22/14 07:59 AM
Chen Lizra at REACH
“Engagement” is one of the top buzz words circulating around REACH 2014—and TED speaker, business consultant, and author Chen Lizra shared some unique insights during the general session on Tuesday. Her buzz word: “social charm.”
INNOVATION PANEL SPURS TAKE-AWAYS updated
10/22/14 05:21 PM
Three CU Industry Perspectives
Attendees at REACH 2014 received a plethora of ideas from Tuesday’s innovation panel to take back to their credit unions—not the least of which included more interaction between employees and leaders, and free-flow of ideas from the bottom up.
WHAT 'REACH' MEANS TO YOUR CU updated
10/22/14 05:00 PM
Unique Cross Section of Opinions
What’s your perspective of “REACH”? And what does it mean to your credit union? On Monday afternoon, the California and Nevada Credit Union Leagues’ 2014 Annual Meeting and Convention was in full swing—so we asked several attendees at this year’s REACH conference their opinion.