NCUA’s latest Quarterly Credit Union Data Summary provides an overview of the financial performance of federally insured credit unions based on information reported by credit unions in the second quarter of 2019.
Data for federally insured credit unions as of the mid-year mark shows total assets rapidly approaching $1.52 trillion, even as the number of credit unions continues to decline. The data shows that as of June 30, there were 5,308 federally insured credit unions with 118.3 million members.
Highlights from the report show:
- total assets in federally insured credit unions rose by $91 billion, or 6.3%, over the year ending in the second quarter of 2019, to $1.52 trillion;
- total loans outstanding increased $64 billion, or 6.4%, over the year to $1.1 trillion. The average outstanding loan balance in the second quarter of 2019 was $15,458, up $228, or 1.5% from one year earlier;
- the delinquency rate at federally insured credit unions was 63 basis points in the second quarter of 2019, down from 67 basis points one year earlier. The net charge-off ratio was 56 basis points, down slightly from 60 basis points in the second quarter of 2018;
- insured shares and deposits rose $62 billion, or 5.5%, over the four quarters ending in the second quarter of 2019, to $1.19 trillion;
- the loan-to-share ratio stood at 83.3% in the second quarter of 2019, up from 83% in the second quarter of 2018;
- the credit union system’s net worth ratio was 11.27% in the second quarter of 2019, compared with 11.01% one year earlier;
- net income totaled $14.4 billion at an annual rate in the second quarter of 2019, up $1.7 billion, or 13.5%, from the same period a year ago;
- the number of credit unions with a low-income designation rose to 2,618 in the second quarter of 2019 from 2,544 one year earlier; and
- federally insured credit unions added 4.3 million members over the year, and credit union membership in these institutions reached 118.3 million in the second quarter of 2019.
For more information, visit NCUA’s website.