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Insured Shares and Deposits Exceed $1 Trillion in Third Quarter
Wednesday, December 7, 2016 6:40 AM

Insured shares and deposits in federally insured credit unions grew, for the first time, to more than $1 trillion and membership reached 106.2 million in the third quarter of 2016, the National Credit Union Administration reported Tuesday.

“By almost any measure, America’s credit unions as a whole continue to grow,” said NCUA Board Chairman Rick Metsger. “Rising credit union membership has boosted deposits, and loans have continued to grow at a double-digit pace. At the same time, the overall delinquency rate has held steady, and the shift away from long-term investments has continued. Despite these positive trends, federally insured credit unions must guard against risks on the horizon like rising interest rates and regional economic downturns, particularly in energy-producing states.”

NCUA released the new figures based on Call Report data submitted to and compiled by the agency for the quarter ending Sept. 30, 2016.

Loans Outstanding Up 10.1 Percent

Total loans outstanding at federally insured credit unions reached $847.1 billion at the end of the third quarter of 2016, an increase of 10.1 percent from one year earlier.

Year over year, loans grew in every major category, including:

  • New auto loans increased 15.8 percent to $112.2 billion.
  • Used auto loans rose 12.3 percent to $178.1 billion.
  • Total real estate lending grew 8.2 percent to $421 billion.
  • Net member-business loan balances increased 14.0 percent to $63.9 billion.
  • Non-federally guaranteed student loans expanded 10.1 percent to $3.8 billion.
  • Payday alternative loans originated at federal credit unions rose 9.5 percent to $129.5 million.

The loans-to-shares ratio was 78.6 percent, up from 77.5 percent a year earlier. The same ratio was slightly higher for low-income credit unions at 80.6 percent. 

Investment Levels Continue General Decline

Total investments by federally insured credit unions stood at $266.3 billion at the end of the third quarter, down 1.4 percent from the third quarter of 2015. Short-term investments grew from the end of the third quarter of 2015, while other investments declined in that period.

Read the rest of this report here at the NCUA Newsroom.