ARLINGTON, Va.—Credit union share growth slowed somewhat in the first quarter but is still rising on a year-over-year basis, while loan growth continued to decelerate in Q1 as mortgage loan growth slowed, according to NAFCU's latest CU Industry Trends report.
"The credit union industry continues to manage record levels of share growth in a difficult rate environment," said NAFCU Chief Economist and Vice President of Research Curt Long, in response to first quarter data. "Despite those challenges, credit unions are still growing membership and supporting communities."
Key Data
Other key data from NAFCU's new trends report:
- Member growth rebounded in the first quarter and advanced versus the prior quarter in all three regions
- Short-term liquidity is higher than at any point in recent history
- Net interest margins remain in free fall, but return on average assets (ROA) improved in Q1 because of lower loan loss provision expenses
- bank delinquencies are somewhat elevated compared with pre-COVID, but the same is not true for FICUs
- 1st mortgage origination growth fell in Q1 for larger credit unions
State-Level Results
State-level results of note include, according to NAFCU:
- Vermont and Puerto Rico had the highest overall loan growth
- Nevada, Iowa and Alabama had the highest membership growth
- Idaho, Utah, Iowa and Vermont had the highest ROA