Lending, membership growth lead historic credit union performance

Credit union loans outstanding increased 0.5% in January

April 6, 2023

Credit union loans outstanding increased 0.5% in January, according to CUNA's latest Monthly Credit Union Estimates, compared to a 1.1% increase in December 2022, and a 0.6% increase in January 2022. 

Adjustable-rate mortgage loans led loan growth rising 2.7% followed by home equity loans (2.0%), used auto loans (0.7%), unsecured personal loans (0.7%), and new auto loans (0.3%). 

On the decline were other loans declining -7.4% followed by fixed-rate mortgage loans (-3.3%), other mortgage loans (-0.3% ), and credit card loans (-0.2%).

 Credit union savings balances declined -0.9% in January, compared to a 0.4% increase in December 2022, and a -0.1% decrease in January 2021. 

On the rise were one-year certificates rising 5.9%. On the decline were Share drafts (-4.8%), money market accounts (-2.0%), regular shares (-1.1%) and individual retirement accounts (-0.3%).

Credit unions’ 60+ day delinquency increased to 0.55% in January.

The loan-to-savings ratio increased to 83.1% in January compared to 81.9% in December. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined to 10.3% in January compared to 10.5% in December.

Total credit union memberships increased 0.1% in January to 138.3 million.

The movement’s overall capital-to-asset ratio increased to 9.2% in January compared to 8.0% in December. The total dollar amount of capital increased 3.1% to $200.5 billion