As both current homeowners and potential homebuyers are settling more into their prospective communities, turning to federally-insured credit unions for their mortgage and banking needs has become a viable option.
On Monday the National Credit Union Administration (NCUA) released its 2017 Q1 call report data, which reports growth all across the board for federally insured credit unions. Dan Berger, the President and CEO of the National Association of Federally-Insured Credit Unions (NAFCU) attributes the overall growth first and foremost to growing membership, which rose 4.2 percent, over 4.3 million more members than were registered a year ago.
“The figures show that credit unions’ consistent commitment to providing excellent products and member service is being recognized by members,” said Berger. “Credit unions are maintaining healthy growth by focusing on their members' needs and concerns. Credit unions succeed when their members succeed–this quarterly report is just more proof of that.”
And succeed they did, as the NAFCU saw a steady climb in all of its reported data. Assets were up 7.8 percent to $1.34 trillion, $0.1 trillion more than last year, and lending climbed to $885 billion from $800 billion (10.6 percent). Member business lending also rose to 68.9 billion (15.3 percent).
Deposits, or shares, grew 8.3 percent to $1.14 trillion from $1.05 trillion, and the loan-to-share ratio for the industry increased 1.7 percent from a year prior to 77.7 percent. Net income of the credit union also was up 2.6 percent in comparison with first quarter 2016, totaling $9.4 billion annualized. Finally, net worth appreciated 6.9 percent to $143.1 billion from $133.8 billion a year ago.
Berger is looking forward to continuing this growth going into the second quarter of 2017. If member growth remains on the rise, and the credit unions’ members remain happy, there’s no reason why their reported numbers can’t continue to climb.