Credit union loans outstanding increased 2.4% in June, according to CUNA's latest Monthly Credit Union Estimates, compared to a 2.3% increase in May of 2022 and a 1 % increase in June of 2021. The loan growth in the first six months of 2022 would be the fastest pace since 1984, says CUNA Chief Economist Mike Schenk.
Home equity loans led loan growth during the month rising 5%, followed by adjustable-rate mortgage loans (5%), other loans (4.3%), unsecured personal loans (4.1%), other mortgage loans (3.8%), new auto loans (2.7%), used auto loans (2.5%), credit card loans (1.1%), fixed rate mortgage loans (0.6%).
Credit union savings balances increased 0.1% in June, compared to a -0.7% increase in May of 2022 and a 1% increase in June of 2021. Individual-retirement accounts led savings growth during the month rising 0.5%, followed by share drafts (0.5%), regular shares (0.2%), and money market accounts (0.1%).
On the decline were one-year certificates (-0.2%).
Credit unions’ 60+ day delinquency remained at 0.4% in June.
The loan-to-savings ratio increased to 75.3% in June compared to 73.6% in May. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 15.3% in May to 13.3% in June.
Total credit union memberships rose 0.2% during June to 134.4 million. Capital* The movement’s overall capital-to-asset ratio declined to 9.0% in June compared to 9.1% in May. The total dollar amount of capital decreased -0.8% to $193.5 billion.