National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger applauded credit unions’ achievements in share and membership growth represented in the National Credit Union Administration’s (NCUA) third-quarter 2016 call report data released today. The results underscore the outstanding value of credit unions to the nation’s economy with membership rising to more than 106 million members.
“The third-quarter data indicates that consumers continue to value credit unions business model of putting members first,” said Berger. “Main Street credit unions continue to attract consumers who value the difference between credit unions and Wall Street. Extraordinary member service and top-notch products and services underscore the credit union value proposition and continue to attract new members to the industry.”
Highlights of NCUA’s third-quarter 2016 call report data include:
- Credit union membership grew by more than 1.3 million during the third quarter of 2016, totaling 106.2 million.
- Credit union assets, year over year, were up $96.9 billion, or 8.2 percent, totaling $1.28 trillion.
- Shares were up 1.8 percent in the quarter, totaling $1.08 trillion.
- Total loans increased 2.9 percent during the quarter, totaling $847 billion.
- The loan-to-share ratio rose 0.8 percentage points to 78.6 percent.
- The average net worth ratio remained at 10.85 percent in the third quarter, which is a 14 basis point decline from a year ago.