MADISON, Wis.—Membership in credit unions increased by 0.4% in February, lifting total membership in U.S. credit unions to 102.3 million, according to CUNA's monthly estimates.
Perc Pineda, CUNA senior economist, stated that CUs added 440,000 in February, holding steady the annualized growth rate at 4.8%. January's membership growth rate was revised down to 101.8 million.
CUNA assessed that membership increases, along with substantial inflows of tax refund dollars, drove savings balances higher, rising 1.9% in February compared with the 0.8% jump in January.
Share drafts led the savings growth increases, climbing 7.3% in February, followed by a 2.8% jump in regular shares and a 0.8% increase in money market accounts. Loan balances also gained ground in February, with loans outstanding rising 0.2% for the month.
ARMs showed a 2% increase, followed by new-auto loans (1.2%), used-auto loans (0.6%) and home-equity loans (0.4%).
CUNA said personal loans declined 1.4%, fixed-rate first mortgages fell by 1.5%, credit card loans slipped by 1.9% and other mortgages tumbled by 2.1%.
"Adjustable-rate mortgages led loan growth despite weather-related pockets of weaknesses in the housing market in February," Pineda said.
The loan-to-savings ratio at credit unions fell to 73.6% from 74.8% for the month, while the liquidity ratio climbed to 18.7% from 16.9%.
CU capital-to-asset ratio closed February at 10.6%, with $124.9 billion in total capital.
Pineda added that CUNA expects membership growth and loan growth to climb 3% and 11% respectively in 2015.