Credit Union Assets, Lending, Insured Shares, Delinquencies Grow

NCUA Releases First Quarter 2024 Credit Union System Performance Data

ALEXANDRIA, Va. (June 5, 2024) – According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $96 billion, or 4.4 percent, over the year ending in the first quarter of 2024 to $2.31 trillion. During the same period, total loans outstanding increased $71 billion, or 4.6 percent, to $1.60 trillion. Insured shares and deposits rose $40 billion, or 2.3 percent, to $1.77 trillion, from one year earlier. The delinquency rate at federally insured credit unions was 78 basis points in the first quarter of 2024, up 25 basis points compared with the first quarter of 2023.

The NCUA’s Quarterly Credit Union Data Summary provides an overview of the financial performance of federally insured credit unions based on information reported to the agency in the first quarter of 2024. As of March 31, 2024, there were 4,572 federally insured credit unions with 140.4 million members.

Beginning with the first quarter of 2024 Call Report, federally insured credit unions with more than $1 billion in assets are required to disclose, separately, income from overdraft and nonsufficient funds fees. For first quarter 2024, these large credit unions reported a total $915,624,727 in overdraft and NSF fees. For more information on credit unions’ collection and reporting of overdraft and NSF fees, see the Appendix of the Quarterly Data Summary Report.

Highlights from the NCUA’s Quarterly Data Summary Report for the first quarter of 2024 include:

• Net income for federally insured credit unions in the first quarter of 2024 totaled $15.0 billion at an annual rate, down $2.8 billion, or 15.6 percent, from the first quarter of 2023. Interest income rose $21.4 billion, or 24.0 percent, over the year to $110.4 billion annualized. Non-interest income rose $2.6 billion, or 10.6 percent, to $26.6 billion annualized, largely reflecting an increase in other non-interest income.
• The credit union system’s provision for loan and lease losses or credit loss expense increased $4.0 billion, or 45.8 percent, over the year to $12.7 billion at an annual rate in the first quarter of 2024.
• Total loans outstanding increased $70.7 billion, or 4.6 percent, over the year, to $1.60 trillion.
• Total shares and deposits rose by $45.0 billion, or 2.4 percent, over the year to $1.93 trillion in the first quarter of 2024. Regular shares declined by $68.0 billion, or 10.6 percent, to $574.4 billion. Other deposits increased by $124.8 billion, or 14.6 percent, to $978.7 billion, led by share certificate accounts, which grew $155.7 billion, or 43.0 percent, over the year to $517.8 billion.
• The credit union system’s net worth increased by $13.3 billion, or 5.7 percent, over the year to $245.0 billion. The aggregate net worth ratio — net worth as a percentage of assets — stood at 10.62 percent in the first quarter of 2024, up from 10.48 percent one year earlier.

The NCUA makes credit union system performance data available online in the Credit Union Analysis section of NCUA.gov. The analysis section includes quarterly data summaries as well as detailed financial information, a graphics package illustrating financial trends in federally insured credit unions, and a spreadsheet listing all federally insured credit unions as of March 31, 2024, including key metrics.