CUNA Mutual Group recently released its September Credit Union Trends Report, compiled with data from July. The report found that during July, credit unions picked up 385,000 in new memberships.

Memberships are up 3.5% over the past year due to modest job creation and demand for credit card loans and real estate loans. Credit union memberships rose a modest 0.32% in July, below the 0.35% increase reported in July 2018.

The report also found loan balances grew at a 4.4% seasonally-adjusted annualized rate and savings balances grew 7.1%.

Total credit union assets fell 0.3% in July due to credit unions losing 0.2% in deposits, but made up for this with a 4.6% surge in borrowings. Assets rose 6.4% during the past year due to a 6.9% increase in deposits, a 6.9% decrease in borrowings and a 10% increase in capital.

Loan delinquency rates came in at a 0.49% decrease in July, down from 0.67% one year earlier, due to a stronger economy and modest loan growth. As the labor market approaches full employment and the unemployment rate falls to 3.5% in 2019, the loan delinquency rate is expected to remain in the 0.5% to 0.65% range for the next year.

Loan portfolios increased by 0.6% in July, less than the 0.8% pace reported in July 2018, and 6% during the last 12 months. July is historically the third-fastest loan growth month in the year.

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