Interra Credit Union Outpaces Peers In Fourth Quarter 2014

Non-real estate lending picks up at the Indiana credit union.

An improving economy and favorable rate environment contributed to increased loan volumes at credit unions in 2014. Total loans outstanding increased 9.3% from the fourth quarter of 2013, nearly 1.5% greater than growth in the same period the year prior. A closer look at the individual components of the loan portfolio reveals credit card lending increased 7.1% from December 2013.

Interra Credit Union ($720.0M, Goshen, IN) outpaced both national and Indiana credit unions in all lending categories. Its total loans outstanding increased 19.6% in 2014, with non-real estate loans outstanding including credit card, auto, and other rising 36.6% in the same period. Credit card loans outstanding at Interra increased nearly 25% from 2013; the growth in the number of credit card loans outstanding topped 30%. Comparatively, credit card loans outstanding at Indiana credit unions increased 8.4% during the period.

In addition to impressive credit card growth, Interra posted above above-average automotive lending in 2014. Specifically, used auto loans, which account for nearly one-fifth of the loan portfolio, increased $31 million (50.8%) in 2014, contributing more than 40% of the year-over-year growth of the loan portfolio.


February 17, 2015

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