Newsroom

December 02, 2013

CUs' loan, membership growth continue in 3Q

NCUA on Monday said federally insured credit unions grew lending by 2.9 percent in the third quarter, the 10th consecutive quarter in which credit unions increased lending.

The data, from credit unions' third-quarter call reports, "underscores credit unions' vital role in keeping our economy moving," said NAFCU President and CEO Dan Berger.

Here are highlights from the 3Q data:

  • Credit union membership maintained a healthy pace with growth at more than 2 million, year over year. For the third quarter of 2013, credit union membership increased by 727,000.
  • Deposits (shares) grew by 4.2 percent, year over year, to $905.9 billion, with the loan-to-share ratio increasing 1.8 percentage points from last September.
  • Assets increased 4.3 percent, year over year, to $1.06 trillion, up from $1.02 trillion a year ago.
  • Net worth increased 7.8 percent, year over year, to $112.6 billion, up from $104.5 billion a year ago.
  • Delinquency ratio and net charge-offs are lower than they were a year ago.
  • Total loans increased 6.8 percent, year over year, to $631.5 billion, and business lending rose 2.5 percent for the quarter (9.3 percent since September 2012).

Top categories of loan growth included:

  • new-auto loans, up 4 percent in the quarter to $69 billion (up 11.4 percent year over year);
  • used-auto loans up 3.1 percent in the quarter to $125 billion (up 9.7 percent year over year);
  • first-mortgage loans, up 3.3 percent in the quarter to $262.3 billion (up 7.7 percent year over year);
  • non-federally guaranteed student loans up 10.2 percent in the quarter to $2.5 billion (up 32 percent year over year).

NCUA reported that 62.4 percent of credit unions' first-mortgage real estate loans are at fixed rates.