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Despite the effects of the ongoing coronavirus pandemic, membership at federally-insured credit unions continued to grow in the fourth quarter of 2020 – reaching 124.3 million – according to the NCUA's latest call report data. In addition, total assets rose by 3.2 percent over the quarter to $1.85 trillion.

"The fourth quarter call report data shows credit unions are continuing to do what they do best – serving their members and communities despite an uncertain economic outlook," said NAFCU Chief Economist and Vice President of Research Curt Long.

"NAFCU will continue to work to ensure credit unions can access every tool in the toolbox to grow and support their members by advocating for vital relief measures."

The quarterly call reports, released by the NCUA, provide an overview of the financial performance of federally-insured credit unions based on information reported by those credit unions.

Additional highlights from the fourth quarter data, which ended December 31, include:

• loans outstanding increased 4.9 percent since the previous year to $1.2 trillion;
• deposits (shares) grew 20.3 percent from the previous year to 1.6 trillion;
• the loan-to-share ratio stood at 73.2 percent, down from 84 percent a year prior; and
• the credit union system's net worth ratio was 10.32 percent, down from 11.37 percent one year prior.

For more on the state of the industry, NAFCU's 2020 Report on Credit Unions – released in the fourth quarter – details the critical and growing role credit unions play in their local communities. Insights from the report.