WICHITA, Kan. (10/9/13)--Credit unions in Kansas outperformed financial institutions around the nation in the second quarter, according to the Kansas Credit Union Association. Loan and share growth at credit unions in the state grew at 6.78% and 5.3% respectively throughout the quarter. National loan and share growth rates at the same time were at 5.43% and 4.7%.
"Consumer support for Kansas credit unions is strong and growing," said Tammy Wendland, vice president of products and services at KCUA. "With loans and shares growing, it's evident that Kansas consumers are looking to credit unions for lower fees and better rates."
Net interest margin, at 3.18% in Kansas credit unions, also bested the 2.7% national average.
Average delinquency at Kansas credit unions reached a record low of 0.80%, and credit card delinquencies reached a 15-year minimum.
Product penetration, a measurement that reflects how many members are using credit unions' products, was also on the rise in Kansas, alongside member growth. On June 30, KCUA tallied 630,000 credit union members in the state.
Credit unions with less than $20 million in assets saw loans increase by 42.49%, shares grow by 18.63%, and membership grow by 39.21%.
Their counterparts with between $20 million and $100 million saw loans increase by 38.83%, shares grow by 15.75%, and membership increase by 8.92%.
Credit unions with over $100 million in assets saw loans increase by 15.82%, shares grow by 19.19%, and membership increase by 11.18%.
The growth reflects a relatively strong economy in Kansas. The U.S. Bureau of Labor Statistics measured seasonally adjusted unemployment in Kansas to be at 5.8% in June, and at 7.6% nationwide.