ALEXANDRIA, Va.–More than half of all federally insured credit unions had fewer members at the end of the third quarter of 2021 than they had one year earlier, most of which were smaller CUs.
In 23 states and Washington, D.C., the median membership growth rate for federally insured credit unions was negative.
Meanwhile, according to the latest NCUA Quarterly U.S. Map Review, federally insured credit unions continued to see elevated asset and share-and-deposit growth over the year ending in the third quarter of 2021, the agency reported.
Idaho (20.3%) and Nevada (16.1%) led the country in asset growth, the agency analysis showed, with Idaho again leading in loan growth, followed by Wyoming. In seven states, the median loan growth rate for federally insured credit unions was negative, NCUA reported.
Additional detail by category can be found below:
Median Asset Growth
- Nationally, median asset growth over the year ending in the third quarter of 2021 was 10.4%. In other words, half of all federally insured credit unions had asset growth at or above 10.4% and half had asset growth of 10.4% or less. In the year ending in the third quarter of 2020, the median growth rate in assets was 12.0%.
- Over the year ending in the third quarter of 2021, median asset growth was highest in Idaho (20.3%) and Nevada (16.1%).
- At the median, assets grew the least in New Jersey (5.9%) and Washington, D.C. (6.2%).
Median Annual Share and Deposit Growth
- Nationally, median growth in shares and deposits over the year ending in the third quarter of 2021 was 11.5%. In the year ending in the third quarter of 2020, the median growth rate in shares and deposits was 13.4%.
- Over the year ending in the third quarter of 2021, median growth in shares and deposits was highest in Idaho (20.2%) and Nevada (17.7%) NCUA said.
- At the median, shares and deposits grew the least in New Jersey (6.8%) and Washington, D.C. (7.3%).
Median Annual Membership Growth
- While overall membership in federally insured credit unions continued to grow during the year ending in the third quarter of 2021, at the median, membership declined 0.4%. NCUA reported membership also declined 0.4 at the median during the preceding year (over the year ending in the third quarter of 2020). Overall, about 55% of federally insured credit unions had fewer members at the end of the third quarter of 2021 than a year earlier. Credit unions with falling membership tend to be small; almost 65% had less than $50 million in assets in the third quarter of 2021.
- Over the year ending in the third quarter of 2021, credit unions headquartered in Idaho (3.9%) and Alaska (3.7%) posted the highest median membership growth rates.
- In 23 states and Washington, D.C., the median membership growth rate for federally insured credit unions was negative. At the median, membership declined the most in New Jersey (-2.7%) and Washington, D.C. (-1.9%), and was unchanged in Kentucky.
Median Annual Loan Growth
- Nationally, loans outstanding rose 2.5% at the median over the year ending in the third quarter of 2021. During the previous year, loans declined by 0.6% at the median.
- Over the year ending in the third quarter of 2021, median loan growth was strongest in Idaho (16.3%) and Wyoming (10.4%), NCUA said.
- In seven states, the median loan growth rate for federally insured credit unions was negative. At the median, loans outstanding declined the most in New Jersey (-2.7%) and Delaware (-2.4%). Median loan growth was also negative in Maryland, Massachusetts, Pennsylvania, Virginia, and West Virginia, over the year.
Median Annual Delinquency Rate
- Nationally, loans outstanding rose 2.5% at the median over the year ending in the third quarter of 2021. During the previous year, loans declined by 0.6% at the median.
- Over the year ending in the third quarter of 2021, median loan growth was strongest in Idaho (16.3%) and Wyoming (10.4%).
- In seven states, the median loan growth rate for federally insured credit unions was negative. At the median, loans outstanding declined the most in New Jersey (-2.7%) and Delaware (-2.4%). Median loan growth was also negative in Maryland, Massachusetts, Pennsylvania, Virginia, and West Virginia, over the year, according to the agency.
Median Loan-to-Share Ratio
- Nationally, the median ratio of total loans outstanding to total shares and deposits (the loan-to-share ratio) was 57% at the end of the third quarter of 2021. At the end of the third quarter of 2020, the median loan-to-share ratio was 62%.
- The median loan-to-share ratio was highest in Vermont (75%), followed by Idaho and Wyoming (both 73%), NCUA said.
- The median loan-to-share ratio was lowest in New Jersey (37%) and Hawaii (42%) at that time.
Median Return on Average Assets
- Nationally, the annualized median return on average assets at federally insured credit unions was 56 basis points in the first three quarters of 2021, compared with 42 basis points in the first three quarters of 2020.
- South Dakota (114 basis points) and Rhode Island (106 basis points) had the highest annualized median returns on average assets in the first three quarters 2021.
- Ohio (22 basis points) and Connecticut (23 basis points) had the lowest annualized median return on average assets during that time.
Share of credit Unions With Positive net Income
- Nationally, 84% of federally insured credit unions had positive net income in the first three quarters of 2021, compared with 82% in the first three quarters of 2020.
- At least 65% of federally insured credit unions in every state and Washington, D.C., had positive net income in the first three quarters of 2021.
- The share of federally insured credit unions with positive net income was highest in Alaska and Vermont (both 100%), followed by Washington (98%).
- The share was lowest in Nebraska and Washington, D.C. (both 69%), followed by Mississippi and Ohio (both 70%).