A strong economy has Georgia credit unions scoring double-digit loan growth for the fourth year in a row.
With unemployment at 17-year low and consumer spending remaining strong, year-over-year lending was up by 10.7 percent at the end of September 2017, according to the Credit Union National Association.
New car loans grew by 12.7 percent, used auto loans grew by 10.1 percent, first mortgage loans grew by 10.2 percent and second mortgage loans grew by 8.9 percent from third quarter 2016, GCUA reported.
Delinquencies for Georgia credit unions at the end of September are at 0.49 percent, which is 0.29 percent lower than the national average. Net income as a percentage of Georgia CU average assets was 0.8 percent annualized in the third quarter, up from 0.76 percent in the second quarter.
State-wide capital ratios were 12.2 percent, well above the 10.9 percent national average.
Membership rose for Georgia credit unions by 0.6 percent, bringing total membership to 2.1 million or 20 percent of the state’s population.
"Georgia credit unions and their members continue to enjoy the benefits of an improving economy," Mike Mercer, president and CEO of Georgia Credit Union Affiliates, said in a press release. "Members are buying vehicles and investing in homes. Clearly, credit unions are helping them finance the family purchases."