Consumer loan originations posted an increase of more than 60% in the first six months of 2014, according to second quarter FirstLook data from Callahan & Associates. The consumer loan portfolio hit $106.4 billion as members took out more auto loans and drew on their credit card lines more often. Despite such promising activity, however, total credit union loan originations are down 5.7% from the first six months of 2013.
Eighteen states posted growth in their midyear loan originations when compared to the same time frame last year. Within the top 10 states that posted the highest loan origination growth, see below, there are individual credit unions that stand out as superstars. For example:
- Greater Nevada Credit Union ($474M, Carson City, NV) posted a 37% growth in its loan originations and closed out June with $109.5 million in its portfolio.
- Piedmont Advantage Credit Union ($283M, Winston-Salem, NC) posted a 56% increase in its loan originations and closed out June with $71 million in its portfolio.
- Houston Federal Credit Union ($151M, Sugar Land, TX) posted a 43% increase in its loan originations and closed out June with $81.4 million in its portfolio.
TOP 10 STATES IN LOAN ORIGINATION GROWTH
Data as of June 30, 2014, for FirstLook credit unions
Callahan & Associates | www.creditunions.com
Source: Peer-to-Peer Analytics by Callahan & Associates
