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Credit unions continued to grow loans and membership in the first quarter of the year, with total loans outstanding rising 10.6 percent and membership up by more than 2.8 million year over year, according to first-quarter call report data released by NCUA on Tuesday.

Lending at federally insured credit unions grew 1.3 percent in the first quarter and totaled $721.9 billion as of March 31, the call report data show. Membership totaled 99.97 million as of March 31.

The data also showed loan delinquencies at their lowest first-quarter levels in 8 years – falling to 69 basis points from 81 basis points a year before.

"The first-quarter data shows credit unions continue to excel at providing outstanding value and exemplary service to their members," said NAFCU President and CEO Dan Berger. "Additionally, credit unions continue to demonstrate their commitment to helping member small businesses develop and grow jobs."

The first-quarter data also showed growth in the following categories:

• Deposits (shares) increased by $41.3 billion year-over-year to $984.4 billion.
• Assets increased 5.5 percent to $1.16 trillion, up by $60.6 billion from the end of the first quarter in 2014.
• Member business lending grew 2.1 percent for the quarter and 11.6 percent year over year, totaling $52.9 billion.
• Net worth increased 1.8 percent in the first quarter, and increased by 7.5 percent from a year ago.

NCUA noted that insured credit unions have recorded positive net income for 21 straight quarters. Year-to-date net income for insured credit unions was $2.2 billion in the first quarter – up by $119 million from a year before.

The agency said the data shows insured credit unions are continuing to move away from long-term investments: total investments were $280.4 billion as of March 31, down 3.7 percent from a year before. Investments with maturities of greater than three years all declined, and investments with maturities of more than 10 years declined 29 percent since the previous year.

The data also show new and used auto loans increased in the first quarter by 3.4 and 2.5 percent respectively, and first mortgage loans increased by 1.6 percent while second mortgage loans decreased 0.5 percent.

The average loan-to-share ratio at insured credit unions was 73.3 percent, which was 4.1 percentage points higher than the end of the first quarter in 2014. Insured credit unions' return on average assets ratio declined two basis points from the previous quarter to 78 basis points, but was at the same level as the first quarter in 2014.