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CUNA Mutual Releases February Trends Report
Tuesday, March 15, 2016 6:35 AM

The CUNA Mutual Trends Report for February has been released. Some of the highlights of this new report include:

  • During December, credit unions picked-up 248,000 in new memberships, loan and savings balances grew at a 9.8 percent and 9.6 percent seasonally-adjusted annualized pace, respectively. Firms hired 262,000 workers, nominal consumer spending increased 0.1 percent, and long-term interest rates decreased 2 basis points. Economic growth fell to 0.7 percent in the fourth quarter and 1.8 percent over the last year.
  • At the end of December CUNA’s monthly estimates reported 6,225 CUs in operation, 39 fewer than one month earlier. Year-over-year, the number of credit unions declined by 288, more than the 282 lost in the 12 months ending in December 2014.
  • Total credit union assets rose 0.9 percent in December, above the -0.2 percent decline reported in December of 2014. Assets rose 7.1 percent during the past year due to a 6.8 percent increase in deposits, an 11.6 percent increase in borrowings, and a 6.5 percent increase in capital.
  • The nation’s credit unions increased their loan portfolios by 0.9 percent in December, more than the 0.8 percent pace reported in December 2014. Loan balances are up 10.2 percent during the last 12 months. With loan balances growing faster than assets during the last year, the credit union average loan-to-asset ratio reached 65.5 percent, up from 63.7 percent in December 2014.
  • Credit union memberships rose 0.25 percent in December, down from the 0.32 percent gain reported in December 2014. Memberships are up 3.8 percent during the past year due to robust demand for credit, solid job growth and comparatively lower fees and loan interest rates.
  • Credit union loan delinquency rates fell to 0.80 percent in December; down from 0.85 percent one year earlier due to fast loan growth, a robust labor market, and lower gas prices. The credit union capital-to-asset ratio fell to 10.7 percent in December, down from 10.8 percent in December 2014, and equal to community banks’ core capital ratio.

View the full February Credit Union Trends Report.