States maintain growth, assets share in first half of ‘16FICU asset growth

Sept. 6, 2016 -- Federally insured, state chartered credit unions expanded their assets by more than 4.4% in the first half of 2016, which kept their share of total assets among all federally insured credit unions at 48%, according to mid-year numbers released by NCUA Tuesday.

By contrast, federal credit unions (which account for more than two-thirds of all federally insured CUs) expanded assets by 3.9% in the first half of the year. FCUs hold 52% of federally insured credit union assets –which now total more than $1.25 trillion, according to the mid-year numbers released by the federal agency.

State-chartered credit unions also led growth in both loans and deposits, as reported by NCUA. According to the mid-year numbers, FISCUs expanded their loans by 5% (to $401.7 billion), and shares/deposits by 4.3% (to $515 billion). FCUs, in the same categories, saw growth of 4.2% for loans (total of $421.7 billion) and 4.2% in shares (for a total of $544 billion).

In memberships, the state and federal credit unions grew at nearly the same rate (about 2% each), with FISCUs counting 49.4 million memberships (47% of all), and FCUs counting 55.4 million (53% of all).

In key ratios, the state credit unions had slightly higher results in return on average assets (0.79, compared to 0.76 for FCUs), loan to share ratio (78% to 77.5%), median net interest margin (3.03 to 2.94), and cost of funds over average assets (0.28 to 0.24). The states reported lower ratios in net long-term assets (31.4% to 33%) and net charge offs to average loans (0.2% to 0.3%). States and federals were at the same level for their delinquency rates (0.75%). However, states reported a slightly lower net worth ratio compared to federals (10.82% to 10.88%, respectively).

NCUA press release, 2nd quarter 2016 results

NCUA CU data summary, 2016 Q2