According to a National Credit Union Administration report yesterday, the credit union system performed solidly in the second quarter with loans rising at a double-digit pace over the year with growth in every major category. New auto loans rose 15.6 percent, the fastest of all loan categories. Membership grew by 1.2 million for the quarter and 3.8 million for the year.
NCUA released the new figures today, based on Call Report data submitted to and compiled by the agency for the quarter ending June 30.
In all, credit unions added 1.1 million members during the quarter and more than 14 million members during the last five years. There were 3,679 federal credit unions and 2,208 federally insured, state-chartered credit unions at the end of the second quarter.
Total lending at federally insured credit unions increased to $823.4 billion in the second quarter of 2016.
As in previous quarters, large credit unions reported the greatest growth in loans, membership and net worth, as well as the highest return on average assets. Credit unions with assets between $10 million and $100 million had positive growth in all metrics. Credit unions with assets of less than $10 million saw positive growth in loans and net worth but continued to see declining membership.
For more of the highs in the second quarter report, see the NCUA article.