Credit union loans outstanding increased 0.8% in August

Credit union loans outstanding increased 0.8% in August, compared to a 0.7% increase in July of 2023 and a 1.7% increase in August of 2022, according to CUNA's latest Monthly Credit Union Estimates.

Other mortgage loans led loan growth during the month, rising 4.0%, followed by adjustable-rate mortgages (3.1%), home equity loans (2.4%), unsecured personal loans (1.6%), credit card loans (0.9%), used auto loans (0.6%) and new auto loans (0.2%).

On the decline were fixed-rate mortgages (-0.05%).

Credit union savings balances increased 0.1% in August, compared to a -1.0% decline in July of 2023 and a 0.6% increase in August of 2022.

One-year certificates led savings growth during the month, rising 3.5%, followed by share drafts (0.7%) and individual retirement accounts (0.5%). On the decline were regular shares (-2.2%) and money market accounts (-0.9%).

Credit unions’ 60+ day delinquency remained at 0.7% in August.

The loan-to-savings ratio increased from 84.7% in July to 85.2% in August. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 12.1% in July to 12.0% in August.

Total credit union memberships grew 0.2% during August to 140.7 million.

The movement’s overall capital-to-asset ratio increased from 9.0% in July to 9.1% in August. The total dollar amount of capital increased by 1.4% to $205.7 billion.