It was yet another good quarter for Kansas-chartered credit unions, with loans and assets higher than a year ago as well as profitability, according to a report this week from the industry’s state regulator.
The Kansas Department of Credit Unions’ Third Quarter 2012 Call Report Statistics showed that combined assets of the state’s 79 credit unions increased 8.6 percent from a year ago to $4.3 billion.
Loans for the three-month period ending Sept. 30 rose 6.7 percent to $2.8 billion, compared with the same quarter a year ago, the report said.
Profitability also edged higher for credit unions, to 0.9 percent return on average assets, compared with 0.72 percent in the third quarter of 2011. Kansas credit unions’ ROAA also was higher than the 0.86 percent for credit unions nationally in the third quarter, according to data from the National Credit Union Administration.
ROAA is a key measure of profitability.
Total delinquencies also were lower for the quarter, albeit slightly, to $27 million, compared with $27.8 million in the same period of 2011.
“I think credit unions should be satisfied with these figures overall,” said John Smith, KDCU administrator.
State-chartered credit unions have consistently shown growth in assets and loans compared with federally chartered credit unions over the past year or so. Smith attributes that largely to the diversification of the Kansas economy between agriculture, energy and other sectors such as manufacturing.
“The economy in Kansas was not as adversely affected as many of the other states,” Smith said. He added that smaller Kansas credit unions and their largely consumer banking focus “makes them a little more nimble” to responding quickly to economic changes.