DULUTH, Ga.–Georgia’s credit unions finished 2017 with strong loan growth, with lending up by 1.8% in the fourth quarter – eclipsing the third quarter’s 1.5% rate but landing short of the 3.2% rate in the fourth quarter of 2016.
Lending grew by 8.8% at Georgia credit unions for all of 2017, a bit behind the 10% growth credit unions experienced nationally, according to Georgia Credit Union Affiliates.
“Predictably, holiday spending pushed credit balances upward in Georgia, which contributed to that loan growth in the fourth quarter. In fact, 2017 holiday spending propelled credit card loan growth to 6.0% for the quarter, surpassing the 5.3% bump in the final quarter of 2016,” the GCUA said. “However, on a year-over-year basis, new automobile lending showed the most growth at Georgia credit unions, finishing up the year with a gain of 11.4%. Used car loans and first mortgages were also popular, growing by 7.8% and 7.5% on a year-over-year basis, respectively.”
The GCUA reported second mortgages grew by 5.9% and credit cards by 3.8% on a year-over-year basis.
Georgia credit unions finished 2017 with 0.76% return on average assets, a bit higher than 2016’s 0.75%.
Georgia members continue to save money with their credit unions, too, with savings balances growing by 4.3% annually during 2017, the GCUA said.
“Georgia credit union members are still making big purchases, including cars and homes,” said Mike Mercer, president and CEO of Georgia Credit Union Affiliates. “Even as the economy improves, we know not everyone feels the same level of optimism and security. Members know they can continue to rely on their credit union to afford life, regardless of their personal circumstances.”
There are more than 2.1 million credit union members in Georgia.