NCUA Q4 Economic Report: Washington Loan Snapshot

Washington credit unions outperformed national averages in key categories that measure financial health.

Q4, 2016 median annual loan growth tracked at 4 percent nationally, but Washington credit unions grew lending an average of 8.6 percent.

Leading the pack were Bellingham-based WECU (29.23 percent) and Sunnyside-based Lower Valley CU (26.78 percent). WECU is successfully executing a strategic plan that is resulting in not only loan growth, but also growth in membership (9 percent) and assets (11.61 percent.) Lower Valley CU is a CDFI, Certified Financial Institution, and is effectively leveraging the Federation’s resources to help provide affordable credit to a large Hispanic population.

Other credit unions in the Evergreen State experiencing loan growth of 20 percent or higher last year include:

  • ACU, 21.78 percent;
  • Inspirus Credit Union, 21.13 percent;
  • Alaska Air Group CU, 21 percent;
  • Global CU, 20.85 percent; and
  • Qualstar CU, 20.05 percent

Alaska Air Group Credit Union is based in SeaTac, but its nearly 6,000 members have spread their wings to home bases across the nation. President and CEO, Dan Hein, said serving them where they live has resulted in loan growth.

“During June of 2016, we began partnering with Consolidated Community Credit Union (Portland) for first mortgage loan underwriting, and we were able to offer first mortgage loans in all 50 states,” Hein said. “This was extremely important to our membership, since we have members living all across the United States. Coupled with the strong first mortgage loan growth, we continued to experience strong growth in our auto loans and home equity loans by offering exceptional loan rates to our members.”

Median Annual Asset Growth is another key indicator of credit unions’ financial health, and Washington credit unions grew 6.3 percent, well above the national average of 3.2 percent.

ACU, Verity, Salal, and Qualstar were among the fastest growing in assets in the Q4 report, with all posting increases of 14 percent or greater.

Read the full NCUA report below.

NCUA States’ Q4 2016.