Total assets in federally insured credit unions rose by $108 billion, or 5.2%, to $2.17 trillion over the year ending in the fourth quarter of 2022, according to the latest NCUA Quarterly Data Summary Report.

“In terms of overall performance, federally insured credit unions remained on a solid footing last year,” said Todd Harper, NCUA chairman. “Total loans, assets, and insured shares increased, and capital levels remained strong. Economic activity, however, has begun to cool.”

Insured shares and deposits grew $50 billion, or 3.1%, to $1.68 trillion, according to the report, which provides an overview of the financial performance of federally insured credit unions based on information reported to the agency in the fourth quarter of 2023.

Other highlights from the report include:

• The credit union system’s net worth increased by $21.4 billion, or 10.1%, over the year to $232.9 billion.
• Total shares and deposits rose by $61.3 billion, or 3.4%, over the year to $1.85 trillion.
• The return on average assets for federally insured credit unions was 89 basis points in 2022, down from 107 basis points in 2021.
• Total loans outstanding increased $251 billion, or 20.0%, over the year to $1.51 trillion.
• The average outstanding loan balance in the fourth quarter of 2022 was $17,141, up $1,022, or 6.3%, from one year earlier.
• The delinquency rate at federally insured credit unions was 61 basis points in the fourth quarter of 2022, up 12 basis points from one year earlier.
• The number of federally insured credit unions declined to 4,760 in the fourth quarter of 2022, from 4,942 in the fourth quarter of 2021.
• There were 2,980 federal credit unions and 1,780 federally insured, state-chartered credit unions.
• Federally insured credit unions added 5.8 million members over the year, and credit union membership in these institutions reached 135.3 million.