ALEXANDRIA, Va.–Credit unions in Idaho, Arizona and South Dakota led the nation in asset growth during Q1, more than half of federally insured CUs had fewer members as of March 30 than one year earlier, while more than three-quarters of all FICUs reported positive net income, according to NCUA’s latest State-Level Credit Union Data Report.
The report notes that while overall membership in federally insured credit unions continued to grow during the year ending in the first quarter of 2022, at the median, membership declined 0.4%, nearly all of the decline coming in smaller CUs.
Here’s a look at how credit unions performed by category, with certain state-level data also highlighted.
Asset Growth
- Nationally, median asset growth over the year ending in the first quarter of 2022 was 5.2%, meaning half of all federally insured credit unions had asset growth at or above 5.2% and half had asset growth of 5.2% or less. In the year ending in the first quarter of 2021, the median growth rate in assets was 17.1%, NCUA said.
- Over the year ending in the first quarter of 2022, median asset growth was highest in Idaho (11.4%), followed by Arizona and South Dakota (both 8.7%).
- At the median, assets grew the least in Delaware (2.4%) and New Jersey (3.4%) over the year.
Membership Growth
- While overall membership in federally insured credit unions continued to grow during the year ending in the first quarter of 2022, at the median, membership declined 0.4%, according to NCUA. Membership declined 0.5% at the median in the year ending in the first quarter of 2021.
- “Overall, about 55% of federally insured credit unions had fewer members at the end of the first quarter of 2022 than a year earlier,” NCUA said. “Credit unions with falling membership tend to be small; about 60% had less than $50 million in assets in the first quarter of 2022.”
- Over the year ending in the first quarter of 2022, credit unions headquartered in Alaska (4.3%) and Wyoming (3.3%) experienced the strongest median membership growth.
- At the median, membership declined in 25 states and Washington, D.C., over the year. New Jersey (-2.3%) and Rhode Island (-1.9%) saw the largest median declines in membership during that time.
Median Annual Loan Growth
- Nationally, loans outstanding rose 4.6% at the median over the year ending in the first quarter of 2022. During the previous year, loans declined 0.4% at the median.
- Over the year ending in the first quarter of 2022, median loan growth was strongest in Idaho (17%) and Wyoming (13.7%).
- At the median, loans outstanding declined in Delaware (-3.2%) and New Jersey (-0.2%) during that time and grew the least in Nevada (0.4%) and Massachusetts (1.1%).
Delinquency Rate
- At the end of the first quarter of 2022, the median total delinquency rate among federally insured credit unions was 31 basis points, compared with 34 basis points in the first quarter of 2021, according to NCUA.
- At the end of the first quarter of 2022, the median delinquency rate was highest in New Jersey (81 basis points) and Mississippi (58 basis points).
- The median delinquency rate was lowest in North Dakota (seven basis points) at that time, followed by New Hampshire and Utah (both 10 basis points).
Loan-to-Share Ratio
- Nationally, the median ratio of total loans outstanding to total shares and deposits (the loan-to-share ratio) was 56% at the end of the first quarter of 2022. At the end of the first quarter of 2021, the median loan-to-share ratio was 57%.
- The median loan-to-share ratio was highest in Idaho and Wyoming (both 77%), followed by Utah (76%).
- The median loan-to-share ratio was lowest in New Jersey (37%) and Delaware (39%) at that time.
ROA
- Nationally, the median annualized return on average assets at federally insured credit unions was 42 basis points in the first quarter of 2022, compared with 38 basis points in the first quarter of 2021, NCUA reported.
- Idaho (83 basis points) and South Dakota (80 basis points) had the highest median annualized returns on average assets in the first quarter of 2022.
- Nebraska (14 basis points) had the lowest median annualized return on average assets during that time, followed by Maryland and Pennsylvania (both 15 basis points).
Net Income
- Nationally, 77% of federally insured credit unions had positive net income in the first quarter of 2022, compared with 78% in the first quarter of 2021.
- At least 55% of federally insured credit unions in every state and Washington, D.C. had positive net income in the first quarter of 2022.
- The share of federally insured credit unions with positive net income was highest in Alaska (100%), followed by Minnesota, Oregon, South Dakota, and Vermont (all 94%), NCUA said.
- The share was lowest in Washington, D.C. (56%) and Maryland (61%) in the first quarter of 2022.
For the full report, go here.