Thought Leadership: NCUA Data Bears Continued Good News for NW CUs
October 4, 2016
by Lou Grilli
NCUA released it state-by-state data and Washington State (along with Nevada) led the nation in loan growth. The average loan growth for credit unions in Washington was 9.2%, just behind Nevada at 10.0%. Assets also grew, with Washington showing a median asset growth rate in shares and deposits of 6.5%, second only to Idaho at 7.3%.
The next graphic provided by NCUA shows that Washington and Oregon are among the only 7 states that experienced median annual loan growth of greater than 7%, easily exceeding the U.S. average of 4.3%.
And the positive views of the northwest states continues to shine when looking at median total delinquency rates. Again, Washington and Oregon were among the relatively few states that experienced a median total delinquency rate of 0.4% or less. Specifically, both states were tied in second place with average delinquency rates of 0.4%, only behind New Hampshire at 0.3%.
While these three graphs certainly do not tell the entire story, they do show that the Northwest consistently leads the nation in positive economic indicators, including payroll growth and unemployment, and the credit unions in these two states benefit from the positive economic health. In fact, Business Insider earlier this year ranked all 50 states and DC using 7 measures, including housing prices, wages, unemployment rates; GDP per capita and the State of Washington came out at number 1 (Oregon also ranked high, at number 11).
To see the full NCUA state by state report, click here.
Lou Grilli is Director of Payments Strategy for Strategic Link partner CSCU.