CUNA Mutual Group recently released its February Credit Union Trends Report, compiled with data from December 2018. The report found that credit union loan balances rose 0.6 percent in December, just less than the 0.8 percent pace reported in December 2017.

During December 2018, credit unions picked up 428,000 memberships, and loan balances grew at a 5.7 percent seasonally adjusted annualized pace, while savings balances rose at an 8 percent annualized pace.

Credit union memberships rose 0.36 percent in December, with memberships up 4.5 percent over the past year due to a robust demand for indirect auto credit, solid job growth and comparatively lower fees and loan interest rates compared to banks.

Total credit union assets rose 5.4 percent during the past year due to a 5.4 percent increase in deposits, a 3 percent rise in borrowings and an 8.3 percent increase in capital. Loan delinquency rates fell to 0.67 percent in December, down from 0.88 percent one year earlier due to a stronger economy, lower gas prices and fast loan growth. The credit union net capital-to-asset ratio rose to 11 percent in December, up from 10.7 percent in December 2017.

To learn more or to view the complete report, visit CUNA Mutual Group’s website.