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NCUA: Membership in Federally Insured Credit Unions Tops 101 Million
Wednesday, September 9, 2015 6:40 AM

According to data released Thursday by the National Credit Union Administration, federally insured credit unions recorded another strong performance in the second quarter of 2015.

“Across America, there’s a growing recognition that credit unions offer solid value to their members,” said NCUA Chair Debbie Matz. “More people see credit unions as an affordable financial services alternative. Credit unions continue to increase lending while taking steps to shed certain investments that would pose risk when interest rates inevitably begin to rise. All these trends are signs of a robust system.”

Total memberships in federally insured credit unions rose to 101.1 million as of June 30, up by 1.1 percent during the quarter and 3.2 percent over the previous 12 months.

Growth was strong in several credit union categories. For instance, assets were up to $1.17 trillion, 0.8 percent above last quarter, and 5.9 percent above the second quarter of 2014. Credit unions’ earnings (return on assets) rose modestly from 78 basis points in the first quarter to 84 basis in the second; and these earnings, combined with modest asset growth, raised the credit union overall net worth ratio from 10.81 percent in March to 10.92 percent in June.

Also, total member savings rose to $987 billion, 0.2 percent above last quarter and 4.9 percent above the second quarter of 2014.

Total loans outstanding rose to $745 billion, an increase of 3.2 percent from the previous quarter and 10.6 percent from second quarter of 2014. The strongest lending categories included:

  • New auto loans, which grew to $92.8 billion, up 3.9 percent from the previous quarter and 19.5 percent from the same time last year;
  • Used auto loans, which increased to $152.9 billion, up 3.8 percent from the previous quarter and up 13 percent from the second quarter of 2014; and
  • Total first mortgage loans outstanding, which reached $306.2 billion, up 31  percent from the previous quarter and up 9.6 percent from the second quarter of 2014;
  • Federally insured credit unions originated $35.3 billion in first mortgages in the second quarter, of which they sold 13.6 billion.

Net income for federally insured credit unions was $2.4 billion in the second quarter, an increase of 4.2 percent from the second quarter of last year. This marks the 22nd straight quarter federally insured credit unions have recorded positive net income.

Read more on this report.