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Projecting the Equity Ratio

The following calculations determine whether the statutory criteria for requiring a premium or restoration plan for the Share Insurance Fund are met and the maximum amount of the premium allowed under statute.1 Twice each year, using actual data as of June and December, the NCUA will calculate the actual equity ratio to determine if the equity ratio is less than 1.20 percent.

Quarter-End Calculation
Calendar Year-end Actual 12/31 Retained Earnings + Actual 12/31 Contributed Capital2
Actual 12/31 Insured Shares3
Mid-year Actual 6/30 Retained Earnings + Actual 6/30 Contributed Capital
Actual 6/30 Insured Shares

The NCUA will project the equity ratio for the subsequent six months twice each year to determine whether a restoration plan is required, based on June and December data as follows:

Projected Quarter-End Calculation
June Projected 6/30 Retained Earnings + 1% of 12/31 Insured Shares
Projected 6/30 Insured Shares
December Projected 12/31 Retained Earnings + 1% of 6/30 Insured Shares
Projected 12/31 Insured Shares

In all cases, retained earnings are net of any direct liabilities of the Fund and contingent liabilities for which no provision has been made.

Recently Projected Equity Ratio

Reporting Period Projected Equity Ratio Effective Date of Data
June 2024 1.24% December 2023
December 2023 1.27% June 2023
June 2023 1.25% December 2022
December 2022 1.30% June 2022
June 2022 1.25% December 2021
December 2021 1.28% June 2021
June 2021 1.22% March 20214
December 2020 1.32% June 2020
June 2020 1.33% December 2019
December 2019 1.37% June 2019


1 12 USC § 1782(c)(2)(B)(ii).

2 Actual retained earnings, defined as cumulative results of operations, excluding net cumulative unrealized gains and losses on investments and contributed capital using whole dollars from the trial balance that supports the Share Insurance Fund’s audited financial statements.

3 The aggregate amount of insured shares, using whole dollars, as reported by all insured credit unions on Form 5300 and 5310 Call Reports.

4 Due to the uncertainty in the economy and its impact on insured share growth due to the COVID-19 pandemic, the agency decided to hold the calculation until March 31, 2021, insured share data became available and could be used to update the June 30, 2021, projection.

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