RANCHO CUCAMONGA, Calif. (10/24/08)--Bucking a three-year trend of asset growth deceleration, Nevada credit unions saw their assets exhibit strength with a 4.02 % increase through the first half of 2008, according to the California and Nevada Credit Union Leagues.
Credit union share (deposits) growth increased by more than $231 million, a 5.45% rise through the second quarter.
Nevada credit unions have seen their investment portfolio grow 13.11% for the first six months of 2008, drastically reversing the prior year's losses in total investments of 10.54%.
Net worth realized a total dollar gain of $52,758 for the first six months of the year. As regular reserves and net income grew ($5.5 million and $3.4 million, respectively), undivided earnings and other reserves dropped ($7.4 million and $1.5 million, respectively), virtually cancelling out each other.
"Maintaining net worth, especially given the economic climate, is actually a show of strength for Nevada's credit unions," said Terrin Griffiths, league economist and industry analyst.
In lending, fixed-rate first mortgages grew $144.3 million while other loans grew $10.7 million. In a surprising turn against the national averages, auto lending was rather strong with used autos growing 2.87% ($9 million) and new autos keeping pace at 2.43% ($8.6 million), the league said.
The statistics are from the league's 2008 mid-year WestScan economic activity report for credit unions. WestScan is a financial report that examines economic, financial, demographic, and other trends affecting credit unions in the state.
courtesy of cuna.org