ALEXANDRIA, Va.– New data from NCUA that breaks out credit union industry performance by state reveal that overall, federally insured credit unions experienced continued growth in assets, shares and deposits, and loans outstanding over the year ending in Q2 2022, although the number of CUs reporting positive net income declined slightly over the same period one year earlier.
Meanwhile, while overall membership in federally insured credit unions continued to grow during the year ending in the second quarter of 2022, at the median, membership declined 0.4%, the agency reported, further finding that at the median, membership declined in 26 states and Washington.
The data was released as part of the latest NCUA Quarterly U.S. Map Review.
Here are some of the highlights from the latest reports:
Median Annual Asset Growth
- Nationally, median asset growth over the year ending in the second quarter of 2022 was 4.2%. In other words, half of all federally insured credit unions had asset growth at or above 4.2% and half had asset growth of 4.2% or less, NCUA said. In the year ending in the second quarter of 2021, the median growth rate in assets was 10.8%.
- Over the year ending in the second quarter of 2022, median asset growth was highest in Idaho (11.0%) and Wyoming (9.7%).
- At the median, assets grew the least in New Jersey (1.7%) and Maryland (2.0%) over the year.
Median Annual Share & Deposit Growth
- Nationally, median growth in shares and deposits over the year ending in the second quarter of 2022 was 4.8%. In the year ending in the second quarter of 2021, the median growth rate in shares and deposits was 12.2%.
- Over the year ending in the second quarter of 2022, median growth in shares and deposits was highest in Arizona (10.1%) and Idaho (9.6%).
- At the median, shares and deposits grew the least in New Jersey (1.5%) and Mississippi (2.0%) during that time.
Median Annual Membership Growth
- While overall membership in federally insured credit unions continued to grow during the year ending in the second quarter of 2022, at the median, membership declined 0.4%. Membership also declined 0.4% at the median in the year ending in the second quarter of 2021. Overall, about 55% of federally insured credit unions had fewer members at the end of the second quarter of 2022 than a year earlier. “Credit unions with falling membership tend to be small; about 60% had less than $50 million in assets in the second quarter of 2022,” NCUA said.
- Over the year ending in the second quarter of 2022, credit unions headquartered in Alaska (4.3%) and Wyoming (3.7%) experienced the strongest median membership growth.
- At the median, membership declined in 26 states and Washington, D.C. over the year. New Jersey (-2.1%) and Rhode Island (-1.7%) saw the largest median declines in membership during that time. Membership was virtually unchanged in Colorado and South Carolina at the median.
Median Annual Loan Growth
- Nationally, NCUA reported loans outstanding rose 7.2% at the median over the year ending in the second quarter of 2022. During the previous year, loans grew 1.8% at the median.
- Over the year ending in the second quarter of 2022, median loan growth was strongest in Idaho (21.5%) and Wyoming (16.4%).
- At the median, loans outstanding grew the least in Delaware (0.5%) and New Jersey (2.7%) during that time.
Median Total Delinquency Rate
- At the end of the second quarter of 2022, the median total delinquency rate among federally insured credit unions was 38 basis points, compared with 33 basis points in the second quarter of 2021.
- At the end of the second quarter of 2022, the median delinquency rate was highest in New Jersey (87 basis points) and Mississippi (76 basis points).
- The median delinquency rate was lowest in Utah (12 basis points) and New Hampshire (15 basis points) at that time.
Median Return on Average Assets
- Nationally, the median annualized return on average assets at federally insured credit unions was 42 basis points in the first half of 2022, compared with 46 basis points in the first half of 2021, NCUA said.
- Idaho (84 basis points) and Arizona (71 basis points) had the highest median annualized returns on average assets in the first half of 2022.
- Nebraska (18 basis points) and Massachusetts (19 basis points) had the lowest median annualized returns on average assets during that time.
Share of Credit Unions With Positive Net Income
- Nationally, 79% of federally insured credit unions had positive net income in the first half of 2022, compared with 81% in the first half of 2021.
- At least 60% of federally insured credit unions in every state and Washington, D.C. had positive net income in the first half of 2022.
- The share of federally insured credit unions with positive net income was highest in Alaska and Vermont (both 100%), followed by Minnesota (96%).
- The share was lowest in Nebraska (61%) in the first half of 2022, followed by New Jersey and Rhode Island (both 67%).