Kansas credit unions post more assets, members
03/12/2011 12:00 AM
03/12/2011 12:40 AM
Kansas-chartered credit unions ended the year with more members and more assets, according to a new report from their regulator.
The Kansas Department of Credit Unions' Fourth Quarter 2010 Call Report Statistics showed that as a whole, the industry increased its assets 4.08 percent to $4.02 billion between 2009 and 2010.
Loans also increased 6.21 percent to $2.7 billion during the same period.
And credit unions' annualized membership growth was 3.71 percent for 2010.
"We're pleased that credit unions are continuing to perform and perform actually slightly better than national averages," said John Smith, KDCU's administrator.
Not only did the industry grow in key categories, it also increased profitability. Kansas credit unions' return on average assets ratio was 0.71 percent compared to 0.47 percent a year ago, the report said.
Delinquency ratios also were down, from an average delinquency ratio of 1.57 percent to 1.34 percent, the report said.
There was also one fewer Kansas chartered credit union in 2010 versus 2009, bringing the total to 81. Wyandotte Credit Union merged into Lenexa-based Mainstreet Credit Union on Dec. 31.
Smith said he expects 2011 to be a better year for the industry he supervises.
"I think we're recovering from a down economy, however, Kansas was never affected as drastically as other states,'' he said.
"I think (this year) will be steady performance. I don't see any big changes."
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