National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger lauded credit unions’ achievements in share and membership growth represented in the National Credit Union Administration’s (NCUA) second-quarter 2016 call report data released today. The results underscore the significant value of credit unions to the nation’s economy with membership climbing to nearly 105 million members.
“The second-quarter data indicates credit unions continue to deliver exceptional value and service to their members,” said Berger. “American consumers are seeing the difference between credit unions and their competitors, and the choice is clear. Excellent member service and first-rate products and services continue to set credit unions apart and draw new members to the industry.”
Highlights of NCUA’s second-quarter 2016 call report data include:
- Credit union membership grew by more than 1.1 million during the second quarter of 2016, totaling 104.9 million.
- Credit union assets, year over year, were up $86 billion, or 7.4 percent, totaling $1.25 trillion.
- Shares were up 0.8 percent in the quarter, totaling $1.06 trillion.
- Total loans increased 3 percent during the quarter, totaling $823.4 billion.
- The loan-to-share ratio rose 1.7 percentage points to 77.8 percent.
- The average net worth ratio increased by seven basis points from the first quarter of 2016, but was down by seven basis points from a year ago, to 10.85 percent.