adminThe first look at how credit unions performed in the third quarter came out on Friday. The NCUA Call Report data shows a major increase in loans, member business loans (MBLs), and membership year over year. Each also saw a healthy increase from the previous quarter.
Credit union total loans stands at $769 billion, which is a 10 percent increase year over year and a three percent increase over second quarter. New and used auto loans continue to be strong loan drivers for credit unions with a 17 and 13 percent increase year over year. First mortgage loans loans topped $315 billion total with a 10 percent increase year over year. Member business loans (MBLs) at credit unions are strong with a total of $56 billion, which is an 11 percent increase year over year and a three percent increase over second quarter.
“The level of exposure to long-term investments that causes concern about interest-rate risk is declining, although there is still room for improvement. Overall, the third-quarter data indicate the credit union system maintains its soundness while fulfilling its primary mission of providing affordable credit,” said NCUA Chairman Debbie Matz.
Consumers are joining credit unions at a high rate. Membership grew by 3.4 million, year over year, for a total of 103 million credit union members. For the 23rd straight quarter, credit union net income is positive. As the economy keeps improving, credit unions are seeing great quarterly numbers. The year is shaping up to be one of the best since the Great Recession. A closer look at Alabama and Florida numbers should be available later in the week.
