National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger said credit unions’ fourth-quarter 2016 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 107 million members.
“The year-end figures demonstrate credit unions’ solid commitment to providing excellent products and services to their members,” said NAFCU President and CEO Dan Berger. “This data shows credit unions are maintaining healthy growth by doing what they do better than any other providers: focusing on the financial needs of their member-owners and keeping members’ interests as their top concern.”
Highlights of the fourth quarter call report data show that, in 2016:
- Membership in federally insured credit unions rose 4.1 percent in 2016, up more than 4.2 million members from 2015.
- Assets grew 7.3 percent to $1.29 trillion, up from $1.2 trillion in 2015.
- Lending grew 10.4 percent to $869.1 billion, up from $787 billion in 2015; and member business lending rose 14.3 percent to $62.4 billion.
- Deposits (shares) grew 7.5 percent to $1.09 trillion, up from $1.02 trillion in 2015.
- The industry’s loan-to-share ratio increased 2.1 percentage points to 79.5 percent.
- Credit union net income totaled $9.6 billion in 2016, up 10.6 percent from a year ago.
- Net worth grew 7.1 percent to $140.8 billion, up from $131.6 billion in 2015.