ALEXANDRIA, Va. -- Assets and loans at federally insured credit unions rose at the median over the year ending in the third quarter of 2024, while shares and deposits declined, according to the latest NCUA state-level data.
The quarterly data, too, continue to show a trend of declining CU membership: Overall, about 54% of federally insured credit unions had fewer members at the end of the third quarter of 2024 than a year earlier. States showing the strongest membership growth were New Mexico (2.0%) and Alaska (1.8%).
Nationally, median asset growth was 0.3%--half of all federally insured credit unions had asset growth at or above 0.3% and half had asset growth of 0.3% or less. That compares with a 1.6% decline during the same period one year ago. In the year ending in the third quarter of 2023, the median growth rate in assets was negative 1.6%.
Median growth in shares and deposits over the year ending in the third quarter of 2024 was negative 0.4%, compared with negative 3.5% a year ago. Loans outstanding at federally insured credit unions rose 0.9% at the median over the year ending in the third quarter of 2024. During the previous year, loans increased by 8.5% at the median. At the end of the third quarter of 2024, the median total delinquency rate among federally insured credit unions was 65 basis points, compared with 53 basis points at the end of the third quarter of 2023, the data show.
Nationally, 85% of federally insured credit unions had positive year-to-date net income in the third quarter of 2024, compared with 87% in the first three quarters of 2023. The annualized median return on average assets at federally insured credit unions was 64 basis points in the first three quarters of 2024, compared with 67 basis points in the first three quarters of 2023.
Median Annual Asset Growth
- Over the year ending in the third quarter of 2024, median asset growth was fastest in Maine (5.0%) and Utah (3.7%).
- At the median, assets declined in twelve states and Washington, D.C., over the year ending in the third quarter of 2024. New Jersey and Washington, D.C. (both -3.3%) experienced the largest decline in median assets over the year, followed by Connecticut (-1.7%).
Median Annual Share And Deposit Growth
- Over the year ending in the third quarter of 2024, median growth in shares and deposits was positive in twenty-five states, led by Maine (4.2%) and South Dakota (4.0%).
- At the median, shares and deposits declined the most in Washington, D.C. ( 4.6%) and New Jersey ( 4.5%) over that time.
Median Annual Membership Growth
- Nationally, membership declined by 0.4% at the median over the year ending in the third quarter of 2024. Overall, about 54% of federally insured credit unions had fewer members at the end of the third quarter of 2024 than a year earlier. Credit unions with falling membership tend to be small; over half had less than $50 million in assets in the third quarter of 2024.
- Over the year ending in the third quarter of 2024, credit unions headquartered in New Mexico (2.0%) and Alaska (1.8%) experienced the strongest median membership growth.
- At the median, membership declined in thirty-one states over the year. Arkansas, Connecticut, and Kentucky (all 1.5%) saw the largest median decline in membership, followed by New Jersey (-1.4%).
Median Annual Loan Growth
- Nationally, loans outstanding rose by 0.9% at the median over the year ending in the third quarter of 2024. Over the previous year, loans increased by 8.5% at the median.
- Over the year ending in the third quarter of 2024, median loan growth was strongest in Nevada (6.1%) and Montana (6.0%).
- At the median, loans outstanding declined in Washington, D.C., and twelve states over the year, led by Oklahoma (-3.4%) and Arkansas (-1.2%).
Median Total Delinquency Rate
- At the end of the third quarter of 2024, the median total delinquency rate among federally insured credit unions was 65 basis points, compared with 53 basis points at the end of the third quarter of 2023.
- At the end of the third quarter of 2024, the median delinquency rate was highest in Delaware (117 basis points) and New Jersey (116 basis points).
- The median delinquency rate was lowest in New Hampshire (24 basis points) and Montana (34 basis points) at that time.
Median Loan-To-Share Ratio
- Nationally, the median ratio of total loans outstanding to total shares and deposits - the loan-to-share ratio - was 72% at the end of the third quarter of 2024. At the end of the third quarter of 2023, the median loan-to-share ratio was 70%.
- The median loan-to-share ratio was highest in Idaho (90%) at the end of the third quarter of 2024, followed by Alaska and Vermont (both 88%).
- The median loan-to-share ratio was lowest in Delaware (48%), followed by Connecticut and New Jersey (both 52%).
Median Return On Average Assets
- Nationally, the median annualized return on average assets at federally insured credit unions was 64 basis points in the first three quarters of 2024, compared with 67 basis points in the first three quarters of 2023.
- Wyoming (109 basis points) and Montana (104 basis points) had the highest median annualized return on average assets in the first three quarters of 2024.
- Delaware (23 basis points) and New Jersey (24 basis points) had the lowest median annualized return on average assets at that time.
Share Of Credit Unions With Positive Net Income
- Nationally, 85% of federally insured credit unions had positive year-to-date net income in the third quarter of 2024, compared with 87% in the third quarter of 2023.
- In the third quarter of 2024, the share of federally insured credit unions with positive year-to-date net income was highest in Maine and Montana (both 98%), followed by Wyoming (95%).
- The share was lowest in New Jersey (65%) and Washington, D.C. (66%) at that time.