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Credit Union Membership Increases to Over 111 Million

Mon, Mar 12, 2018

The NCUA has released financial performance data of federally insured credit unions for the quarter ending Dec. 31, 2017. Here are the highlights:

  • Total assets in federally insured credit unions rose by $86 billion, or 6.7 percent, over the year ending in the fourth quarter of 2017, to $1.38 trillion.
  • Total loans outstanding increased $88 billion, or 10.1 percent, over the year to $957.3 billion. The average outstanding loan balance in the fourth quarter of 2017 was $14,807, up $565, or 4.0 percent, from one year earlier.
  • Insured shares and deposits rose $59 billion, or 5.7 percent, over the four quarters ending in the fourth quarter of 2017 to $1.09 trillion.
  • The loan-to-share ratio stood at 82.6 percent in the fourth quarter of 2017, up from 79.5 percent in the fourth quarter of 2016.
  • The number of federally insured credit unions declined to 5,573 in the fourth quarter of 2017 from 5,785 in the fourth quarter of 2016. In the fourth quarter of 2017, there were 3,499 federal credit unions and 2,074 federally insured, state-chartered credit unions. The year-over-year decline is consistent with long-running industry consolidation trends.
  • The number of credit unions with a low-income designation rose to 2,542 in the fourth quarter of 2017 from 2,491 one year earlier.
  • Federally insured credit unions added 4.5 million members over the year, and credit union membership in these institutions reached 111.3 million in the fourth quarter of 2017.