National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger said credit unions’ third-quarter 2017 call report data, released today by the National Credit Union Administration (NCUA), highlights the credit union industry’s strength and value to America’s economy, with membership climbing to nearly 110 million members.
"The third-quarter data reveals the great benefits credit unions provide to their members, communities and the nation's economy as a whole," Berger said. "Credit unions continue to see growth because those in their communities see what a tremendous focus they place on delivering superior support and products to their members."
The NCUA’s third-quarter data shows credit union membership growth of 4 percent versus a year ago; and loan growth of 10.6 percent, also year over year.
Here are highlights of the NCUA's 2017 third-quarter call report data:
- Membership in federally-insured credit unions rose 4 percent, up 4.3 million members from a year ago.
- Assets grew 6.8 percent to $1.36 trillion, up from $1.28 trillion a year ago.
- Lending grew 10.6 percent to $937 billion, up from $847 billion a year ago.
- Deposits (shares) grew 6.8 percent to $1.15 trillion, up from $1.08 trillion a year ago.
- The industry’s loan-to-share ratio increased 2.8 percentage points from a year ago to 81.4 percent.
- Credit union net income totaled $10.5 billion annualized through the third quarter, up 7.8 percent from the third quarter of 2016.
- Net worth grew 7.2 percent to $149 billion, up from $139 billion a year ago.