COLUMBUS, Ohio (3/19/14)--For the second straight year, loan balances at Ohio credit unions increased more than savings balances, according to a report on 2013 numbers from the Ohio Credit Union League.
Overall, credit union loan portfolios edged up 1.5% (6% annualized) in the final quarter of 2013 and jumped 9.9% in the 12 months ending December 2013. Savings balances, meanwhile, had a slight uptick of 0.6% (2.4% annualized) in the fourth quarter and 3% over the year.
Stronger economic and labor market conditions--Ohio added 26,000 jobs in 2013, according to the Census Bureau--resulted in across-the-board loan improvement.
In response to pent-up demand for vehicles, new auto loans surged 25.6% from a year prior, while used autos accounted for a 9.8% increase.
More importantly, the league's report noted, lending saw improvements in nearly every key category. Gains included first mortgage loans, 10.9%; personal unsecured loans, 8.6%; member business loans, 8.4%; and credit cards, 7.1%.
Total membership for credit unions statewide increased by 3.04% in full-year 2013--the strongest annual increase in more than a decade--at a rate significantly higher than the state's population growth of 0.15%.