During January 2019, credit unions picked up 195,000 memberships, and loan balances grew at a 7.1 percent seasonally adjusted annualized pace, while savings balances rose at an 8.5 percent annualized pace.
Credit union memberships rose 0.16 percent in January, with memberships up 4.2 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 5.7 percent during the past year due to a 6.1 percent increase in deposits, a 16.3 percent decrease in borrowings and a 9.8 percent increase in capital. Loan delinquency rates remained at 0.67 percent in January, down from 0.81 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 11.1 percent in January, up from 10.7 percent in January 2018.
To learn more or to view the complete report, visit CUNA Mutual Group’s website.