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CUs see assets, lending rise in Q2
Federally-insured credit unions (FICUs) saw a rise in total assets, outstanding loans, and membership during the second quarter of 2023, according to NCUA call report data. NCUA Chairman Todd Harper acknowledged the credit union industry is “generally well positioned,” but cautioned credit unions to stay alert because of the “rise in delinquency rates and charge offs and a slight decline in insured shares.”
NAFCU’s research team provides credit unions with regular analysis on industry and economic trends, which can be accessed anytime online.
Over the year ending in the second quarter of 2023, total loans outstanding in FICUs increased $82 billion (3.8 percent) to $2.22 trillion. During the same period, total assets rose $175 billion (12.6 percent) to $1.56 trillion, and insured shares and deposits rose $31 billion (1.8 percent) to $1.72 trillion.
The amount of credit union members also increased to 137.7 million members.
Additional highlights from the 2023 second quarter data:
- net income for FICUs in the first half of 2023 totaled $17.4 billion at an annual rate, down $0.4 billion, or 2.1 percent, from the first half of 2022;
- interest income rose $28.8 billion, or 45.3 percent, over the year to $92.3 billion at an annual rate in the first half of 2023. Non-interest income grew $1.2 billion, or 4.9 percent, to $24.5 billion annualized;
- the credit union system’s provision for loan and lease losses or credit loss expenses increased $5.8 billion, or 169.5 percent, to $9.2 billion at an annual rate in the first half of 2023;
- the delinquency rate at FICUs was 63 basis points in the second quarter of 2023, up 15 basis points, compared with the second quarter of 2022;
- total shares and deposits rose $23
- the credit union system’s net worth increased $13.2 billion, or 5.9 percent, over the year to $235.9 billion.