ALEXANDRIA, Va. –NCUA’s new Quarterly U.S. Map Review shows federally insured credit unions experienced growth in loans and the share of credit unions with positive net income increased during 2023, but results depend on the individual U.S. state.
NCUA said its Quarterly U.S. Map Review tracks performance indicators for federally insured credit unions in all 50 states and the District of Columbia and includes information on two important state-level economic indicators: the unemployment rate and home prices.
Here's how credit unions performed by category, including the states that are leading and trailing in performance:
Median Asset Growth
- While aggregate assets in federally insured credit unions continued to grow during the year ending in the fourth quarter of 2023, at the median, assets declined 1.5%. In other words, half of all federally insured credit unions had asset growth at or above negative 1.5% and half had asset growth of negative 1.5% or less. In the year ending in the fourth quarter of 2022, the median growth rate in assets was 1.3%, NCUA said.
- Over the year ending in the fourth quarter of 2023, median asset growth was fastest in Alaska (4.4%), followed by Idaho and Wyoming (both 3.5%).
- At the median, assets declined in 37 states and Washington, D.C. over the year ending in the fourth quarter of 2023. New Jersey (-4.3%) and West Virginia (-3.4%) experienced the largest declines in median assets over the year.
Median Annual Share Deposit Growth
- Nationally, shares and deposits continued to increase in the aggregate during the year ending in the fourth quarter of 2023, while the median growth in shares and deposits was negative 3.0%. In the year ending in the fourth quarter of 2022, the median growth rate in shares and deposits was 0.9%.
- Over the year ending in the fourth quarter of 2023, median growth in shares and deposits was positive in six states, led by Wyoming (2.2%) and Idaho (0.9%).
- At the median, shares and deposits declined the most in New Jersey (6.3%) and West Virginia (5.9%).
Median Annual Membership Growth
- Nationally, membership remained roughly unchanged at the median in the year ending in the fourth quarter of 2023. Membership was also roughly unchanged at the median in the year ending in the fourth quarter of 2022. Overall, about 50% of federally insured credit unions had more members at the end of the fourth quarter of 2023 than a year earlier.
“Credit unions with falling membership tend to be small; nearly 60% had less than $50 million in assets in the fourth quarter of 2023,” NCUA said.
- Over the year ending in the fourth quarter of 2023, credit unions headquartered in Alaska (2.4%) and Arizona (2.2%) experienced the strongest median membership growth.
- At the median, membership declined in twenty-two states over the year. New Jersey (-1.9%) and New Hampshire ( 1.3%) saw the largest median declines in membership during that time.
Median Annual Loan Growth
- Nationally, loans outstanding rose by 6.2% at the median over the year ending in the fourth quarter of 2023. During the previous year, loans increased by 12.7% at the median.
- Over the year ending in the fourth quarter of 2023, median loan growth was strongest in Montana (11.5%) and Hawaii (11.4%).
- At the median, loans outstanding grew the least in Oklahoma (0.3%) and Washington, D.C. (1.9%) over the year.
Median Total Delinquency Rate
- At the end of the fourth quarter of 2023, the median total delinquency rate among federally insured credit unions was 61 basis points, compared with 48 basis points at the end of the fourth quarter of 2022.
- At the end of the fourth quarter of 2023, the median delinquency rate was highest in Delaware (110 basis points) and New Jersey (109 basis points).
- The median delinquency rate was lowest in New Hampshire and Utah (both 30 basis points) at that time, followed by Nevada (32 basis points).
Median Loan-to-Share Ratio
- Nationally, the median ratio of total loans outstanding to total shares and deposits - the loan-to-share ratio - was 72% at the end of the fourth quarter of 2023. At the end of the fourth quarter of 2022, the median loan-to-share ratio was 64%.
- The median loan-to-share ratio was highest in Idaho (93%) and Vermont (89%) at the end of the fourth quarter of 2023.
- The median loan-to-share ratio was lowest in Delaware (46%) at that time, followed by Connecticut and New Jersey (both 52%).
Median Return on Average Assets
- Nationally, the median return on average assets at federally insured credit unions was 60 basis points in 2023, compared with 51 basis points in 2022.
- Georgia (102 basis points) and South Carolina (100 basis points) had the highest median return on average assets in 2023.
- Washington, D.C. (12 basis points) and New Jersey (26 basis points) had the lowest median return on average assets at that time.
Share of Credit Unions with Positive Net Income
- Nationally, 87% of federally insured credit unions had positive year-to-date net income in the fourth quarter of 2023, compared with 85% in the fourth quarter of 2022.
- In the fourth quarter of 2023, the share of federally insured credit unions with positive year-to-date net income was highest in Maine (100%) and Montana (98%).
- The share was lowest in Washington, D.C. (61%) and New Jersey (72%) at that time.
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