As of Nov. 18, 2015, 6,092 credit unions representing 99.95% of industry assets are reporting as part of Callahan & Associates Firstlook program. Assets for these credit unions have increased 6.1%, topping $1.2 trillion in the third quarter. What’s more, credit unions lent more than $1 billion every day during the third quarter, and total loan balances have reached an all-time high of $778.7 billion.
Other notable industry trends:
- Loans: The credit union loan portfolio has increased 10.8% annually, the highest third quarter growth rate since 2005. Loan originations are up 18.2% year-over-year and topped $310.7 billion in September 2015. A 41.2% annual growth rate in first mortgages underscores strong origination activity across the board.
- Shares: Share balances increased 6.3% annually and topped $1.0 trillion as of September 2015. Loan growth outpaced share growth by 4.5 percentage points, driving the loan-to-share ratio up 3.4 percentage points to 77.4%. That’s the highest since June 2009 when it was 77.5%. Core deposits expanded to an all-time high of $506.9 billion and now comprise 55.4% of the share portfolio.
- Members: Membership expanded 3.7% annually and topped 103 million as of September 2015.
- Relationships: The average member relationship hit a record high of $16,753 as of September 201. Credit card and auto penetration increased 60 basis points and one percentage point, respectively. Credit unions posted record high share draft penetration of 55.1%.
- The Bottom Line: Despite a steady interest rate environment, total income soared 7.0% year-over-year to $41.1 billion as of September 2015. This is the highest third quarter income reported since September 2009, when it was $40.3 billion.
Need more data? Read 3 Takeaways From Trendwatch 3Q 2015 and check out more FirstLook analysis.