Tuesday, March 27, 2018

Credit Union Trends Report: March 2018

Our Credit Union Trends Report for March 2018 is now available online. The report covers data from January 2018 and includes details on credit union memberships, loans savings and more. Highlights include the following:
  • During January, credit unions picked up 463,000 in new memberships, and loan and savings balances grew at an 11.4 percent and 5.2 percent seasonally-adjusted annualized pace, respectively. 
  • Firms hired 239,000 workers, nominal consumer spending increased 0.2 percent, and long-term interest rates increased 18 basis points. Real GDP increased 2.5 percent in the fourth quarter and 2.5 percent for all of 2017, above the 1.6 percent increase in 2016.
  • At the end of January, CUNA’s monthly estimates reported 5,758 CUs in operation, nine fewer than one month earlier. Year-over-year, the number of credit unions declined by 248, more than the 224 lost in the 12 months ending in January 2017.
  • Total credit union assets fell 0.1 percent in January, below the 0.5 percent gain reported in January 2017. Assets rose 5.9 percent during the past year due to a 6.1 percent increase in deposits, a -1.3 percent decrease in borrowings, and a 6.9 percent increase in capital.
  • The nation’s credit unions increased their loan portfolios by 0.7 percent in January, more than the 0.6 percent pace reported in January 2017. Loan balances are up 10.9 percent during the last 12 months. With loan balances growing faster than savings, credit union liquidity is tightening up as the credit union average loan-to-savings ratio reached 84.4 percent, up from 80.8 percent in January 2017.
  • Credit union memberships rose 0.41 percent in January, up from the 0.19 percent gain reported in January 2017. Memberships are up 4.6 percent during the past year due to robust demand for credit, solid job growth and comparatively lower fees and loan interest rates.
  • Credit union loan delinquency rates rose to 0.8 percent in January from 0.79 percent in December, but is down from 0.83 percent from one year ago. The credit union capital-to-asset ratio rose to 10.7 percent in January from 10.6 percent last January, as capital growth outpaced asset growth.
Click here to download the full report.