Positive trends generally continued for federally insured credit unions nationwide in the third quarter of 2019, yet loan growth slowed slightly in the past year and some credit unions have reported fewer members, according to the latest NCUA Quarterly U.S. Map Review.
The median growth rate in loans outstanding stood at 3.8% over the year ending in the third quarter of 2019, while the median loan growth rate during the previous year was 5.9%, NCUA reported.
At the median, loans outstanding declined in Arkansas (-0.4%) and grew the least in Arizona and New Jersey (both 0.2%). Minnesota (7.4%), Delaware (6.5%) and Wyoming (6.5%) saw the strongest median loan growth over the year ending in the third quarter of 2019, NCUA reported.
Nationally, median asset growth was 1.9%, with half of all federally insured credit unions seeing asset growth at or above 1.9% and half having asset growth of 1.9% or less, according to the report. The median growth rate in assets was 1.7% in the year ending in the third quarter of 2018, according to NCUA.
Almost 90% of federally insured credit unions reported positive net income at the end of the quarter, with Idaho (7.8%) and Wyoming (5.9%) reporting the highest median asset growth.
Regarding credit union membership, the report indicated that federally insured credit unions continued to grow during the year ending in the third quarter, and at the median, membership remained unchanged. Membership did, however, increase 0.1% at the median over the year ending in the third quarter of 2018, according to NCUA.
Overall, almost half of federally insured credit unions reported fewer members at the end of the third quarter of 2019 than the same time period in 2018. NCUA noted in the report that credit unions with falling membership tend to be smaller — about 70% had less than $50 million in assets.
The report also indicated that credit unions headquartered in Alaska (2.4%) and Wyoming (2.2%) reported the highest median membership growth rates.
The Quarterly U.S. Map Review tracks performance indicators for federally insured credit unions in all 50 states and the District of Columbia and includes information on the unemployment rate and home prices, two important state-level economic indicators.
As a reminder, the New York Credit Union Association and CUNA will be releasing New York-specific data and analysis in the upcoming New York Credit Union Profile report. The third quarter report will be released in the weeks ahead.