ALEXANDRIA, Va.–Total assets in federally insured credit unions were up by $97 billion, or 7.8%, during the first quarter, while loans grew by $85 billion, or 10.6%, according to first quarter data released by NCUA.
The detailed credit union system performance data is now available on NCUA’s Credit Union and Call Report Data webpage, including Call Report quarterly summaries and financial performance reports. The agency added that its Industry Data page includes a Financial Trends in Federally Insured Credit Unions package illustrating industry trends.
Among the data points released by NCUA for Q1:
- Total assets in federally insured credit unions hit $1.34 trillion as of March 31.
- Total loans outstanding increased to $884.6 billion. The average outstanding loan balance in the first quarter of 2017 was $14,497, up $674, or 4.9%, from one year earlier.
- The delinquency rate at federally insured credit unions was 69 basis points in the first quarter of 2017, little changed from 71 basis points of Q1 2016. The net charge-off ratio was 58 basis points, up from 52 basis points in the first quarter of 2016.
- Insured shares and deposits rose $78 billion, or 7.8%, over the four quarters ending in the first quarter of 2017, to $1.1 trillion.
- The loans-to-shares ratio stood at 77.7% in the first quarter of 2017, up from 76.1% in the first quarter of 2016.
- The credit union system’s net worth ratio was 10.70% in the first quarter of 2017, compared with 10.78% one year earlier.
- Net income totaled $9.4 billion at an annual rate in the first quarter of 2017, up $0.2 billion, or 2.6%, from the same period a year ago.
- The net interest margin for federally insured credit unions was $38.0 billion in the first quarter of 2017, or 2.9% of average assets.
- The return on average assets for federally insured credit unions was 71 basis points for the first quarter of 2017, little changed from 75 basis points in the first quarter of 2016, NCUA said. The median return on average assets across all federally insured credit unions was 33 basis points, unchanged from the first quarter of 2016.
- The number of federally insured credit unions declined to 5,737 in the first quarter of 2017 from 5,954 in the first quarter of 2016. In the first quarter of 2017, there were 3,584 federal credit unions and 2,153 federally insured, state chartered credit unions.
- The number of credit unions with a low-income designation rose to 2,518 in the first quarter of 2017 from 2,348 one year earlier.
- Federally insured credit unions added 4.3 million members over the year, and credit union membership in these institutions reached 108.0 million in the first quarter of 2017.
NCUA also released data around credit union balance sheets for the first quarter. Among the data points:
- Cash and equivalents (assets with maturity of three months or less) rose $7.5 billion, or 6.6%, to $121.1 billion.
- Total investments (instruments with maturities in excess of three months) increased $3.1 billion, or 1.1%, to $275.5 billion.
- Investments with maturities of less than one year rose $7.0 billion, or 10.0%, to $77.2 billion.
- Investments with maturities of one to three years declined $12.9 billion, or 12.4%, to $90.6 billion.
- Investments with maturities of three to five years increased $2.3 billion, or 3.3%, to $69.5 billion.
- Investments with maturities of five to 10 years were up $6.9 billion, or 25.4%, to $33.9 billion.
- Investments with maturities greater than 10 years edged down $0.2 billion, or 3.6%, to $4.3 billion.
- Total loans outstanding increased $85.1 billion, or 10.6%, over the year to $884.6 billion. Credit union loan balances rose over the year in every major category, compared with the first quarter of 2016, NCUA said.
- Auto loans increased $37.0 billion, or 13.7%. Used auto loans rose $20.0 billion, or 12.0%, to $186.8 billion. New auto loans rose $17.0 billion, or 16.5%, to $120.0 billion.
- Real estate loans rose $36.7 billion, or 9.1%, over the year to $438.9 billion in the first quarter of 2017.
- Net member business loan balances, including unfunded commitments, increased $9.1 billion, or 15.3%, to $68.9 billion in the first quarter.
- Credit card balances rose $3.7 billion, or 7.8%, to $51.6 billion
- Non-federally guaranteed student loans rose $0.4 billion, or 9.8%, to $4.0 billion.
- The delinquency rate at federally insured credit unions was 69 basis points in the first quarter of 2017, little changed from 71 basis points one year earlier. Loan performance was mixed across categories.
- The delinquency rate on fixed real estate loans was 38 basis points in the first quarter, down from 49 basis points one year earlier.
- The credit card delinquency rate was 109 basis points, up from 95 basis points in the first quarter of 2016.
- For auto loans, the delinquency rate was 57 basis points in the first quarter of 2017 compared with 54 basis points one year earlier.
- The delinquency rate for member business loans stood at 161 basis points, up from 141 basis points in the first quarter of 2016.
- The net charge-off ratio for all federally insured credit unions was 58 basis points in the first quarter of 2017, up from 52 basis points in the first quarter of 2016.
In terms of liabilities and net worth, NCUA said:
- Credit union shares and deposits rose by $87.1 billion, or 8.3%, over the year to $1.14 trillion in the first quarter of 2017. Regular shares rose $45.8 billion, or 12.4%, to $416.5 billion. Other deposits increased $30.7 billion, or 5.9%, to $555.5 billion, led by money market accounts, which rose $18.2 billion, or 7.7%, and share certificate accounts, which were up $8.5 billion, or 4.4%.
- The credit union system’s net worth increased by $9.3 billion, or 6.9%, over the year to $143.1 billion.