BEAVERTON, Ore., and SEATAC, Wash. (12/19/13)--Credit unions in Oregon and Washington posted higher loan and asset growth than the region's banks, according to an analysis of third-quarter numbers from the National Credit Union Administration.
"Northwest credit unions continued to post strong growth in the third quarter," said Dan Hein, vice president of finance at the Northwest Credit Union Association (Anthem Dec. 17).
Buoyed by autos loans and first mortgages, loans grew by 2.48% at Northwest credit unions, compared with 0.95% at banks.
Credit unions and banks both saw an increase in assets: Credit unions grew 1.4% to $52.4 billion, and banks had 1% growth to $87 billion.
Delinquent loans continued to decline for Northwest financial institutions overall. Credit union delinquency ratios of 68 basis points remain well below that of banks' 158 basis points.
Other states with notable third-quarter growth include Idaho, Iowa, Missouri, Minnesota, and Cornerstone Credit Union League's members--Arkansas, Oklahoma and Texas (News Now Dec. 17).