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NCUA Q3 call report data released
Federally-insured credit unions (FICUs) saw a rise in total loans, assets, and deposits in the third quarter of 2023, according to the NCUA’s call report data released Thursday.
Credit unions saw an increase in total loans of $132 billion, an increase of 9.1 percent, year over year. Total assets rose $79 billion, or 3.7 percent, and deposits increased $23 billion, or 1.4 percent, for the same timeframe.
In the release, NCUA Chairman Todd Harper the credit union industry is stable and resilient, but added economic conditions continue to pose challenges.
“[T]he NCUA is seeing growing signs of financial strain on credit union balance sheets and household budgets, along with growing consumer financial stress as reflected in the rising delinquency rate,” said Harper. “Credit card and auto loan delinquencies are elevated at 190 and 78 basis points, respectively.”
Additional highlights from the data:
· credit union membership increased to 138.8 million members;
· FICU net income dropped 10.3 percent from Q3 last year, while interest income has increased over 40 percent;
· loan and lease losses or credit loss expense increased $5.5 billion, or 125.5 percent; and
· total loan growth continues but has slowed from previous quarters.
Credit unions can get additional insights from NAFCU’s research team with regular analysis on industry and economic trends, which can be accessed anytime online.