ALEXANDRIA, Va.–Total assets in federally insured credit unions rose by $60 billion, or 2.6%, over the year ending in the first quarter of 2025, to $2.37 trillion, while loans outstanding increased $53 billion, or 3.3%, to $1.65 trillion.

Overall net worth improved even as the number of CUs themselves declined, with federally insured CUs now below 4,500.

As has generally been the case in the quarterly data for a number of years, the growth was primarily led by the largest CUs, with CUs in the smallest asset categories experiencing decreases in loan volume and membership.

The updated performance data was released as part of NCUA’s Quarterly Credit Union Data Summary Report(Opens new window), which is based on call report data as of March 31, 2025 for 4,411 federally insured credit unions representing 143.2 million members.

Selected Performance Indicators

According to the agency’s new data:

• Total assets in federally insured credit unions rose by $60 billion, or 2.6%, over the year ending in the first quarter of 2025, to $2.37 trillion.
• Total loans outstanding increased $53 billion, or 3.3%, over the year, to $1.65 trillion. The average outstanding loan balance in the first quarter of 2025 was $18,659, up $598, or 3.3%, from one year earlier.
• The delinquency rate at federally insured credit unions was 80 basis points in the first quarter of 2025, up two basis points from one year earlier. The net charge-off ratio was 82 basis points, also up two basis points compared with the first quarter of 2024.
• Insured shares and deposits rose $64 billion, or 3.6%, over the year ending in the first quarter of 2025, to $1.83 trillion.
• The loan-to-share ratio stood at 81.9% in the first quarter of 2025, down from 82.8% in the first quarter of 2024.
• The credit union system’s net worth ratio was 10.95% in the first quarter of 2025, compared with 10.61% one year earlier. Note that beginning in 2023Q1, this ratio excludes the Current Expected Credit Loss (CECL) transition provision, NCUA pointed out.
• Net income totaled $15.7 billion at an annual rate in the year to date through the first quarter of 2025, up $0.7 billion, or 4.6%, compared with the same period in 2024.
• The net interest margin for federally insured credit unions was $75.6 billion at an annual rate in the year to date through the first quarter of 2025, or 3.24% of average assets. That compares with $68.4 billion at an annual rate, or 3.00% of average assets, in the year to date through the first quarter of 2024, NCUA said.
• The return on average assets for federally insured credit unions was 67 basis points at an annual rate in the year to date through the first quarter of 2025, compared with 66 basis points in the same period a year earlier. The median return on average assets across all federally insured credit unions was 62 basis points, up seven basis points from a year earlier.
•  The number of federally insured credit unions declined to 4,411 in the first quarter of 2025, from 4,572 in the first quarter of 2024. In the first quarter of 2025, there were 2,766 federal credit unions and 1,645 federally insured, state-chartered credit unions. The year-over-year decline is consistent with long-running industry consolidation trends.
• The number of credit unions with a low-income designation declined to 2,423 in the first quarter of 2025 from 2,468 one year earlier. Their share edged up to 55% of all federally insured credit unions in the first quarter of 2025.
• The number of complex federally insured credit unions (those with total assets greater than $500 million) rose to 740 from 717 one year earlier. Of those, NCUA said 449 opted into the Complex Credit Union Leverage Ratio (CCULR) framework with an average CCULR of 11.85%; 291 reported under the Risk-Based Capital (RBC) framework with an average RBC ratio of 15.35%.
• Federally insured credit unions added 2.9 million members over the year, and credit union membership in these institutions reached 143.2 million in the first quarter of 2025.

Balance Sheet Details

Assets

According to NCUA:

• Total assets in federally insured credit unions rose by $60.0 billion, or 2.6%, over the year to $2.37 trillion in the first quarter of 2025.
• Cash increased by $0.7 billion, or 0.3%, to $215.9 billion.
• Total investments rose $0.4 billion, or 0.1%, over the year to $391.1 billion in the first quarter of 2025
• Investments with maturities less than or equal to one year declined by $0.6 billion, or 0.5%, to $101.1 billion. Investments with maturities of one to three years rose by $2.4 billion, or 2.3%, to $105.7 billion. Investments with maturities of three to five years increased $8.2 billion, or 11.4%, to $80.6 billion.
• Investments with maturities of five to 10 years fell by $5.6 billion, or 6.1%, to $85.5 billion.
• Investments with maturities greater than 10 years declined by $4.1 billion, or 18.4%, to $18.3 billion.
• Total loans outstanding increased $52.8 billion, or 3.3%, over the year to $1.65 trillion. Growth across major categories was mixed.
• Loans secured by 1- to 4-family residential properties increased $44.0 billion, or 6.2%, to $756.8 billion in the first quarter of 2025.
• Auto loans fell $10.4 billion, or 2.1%, to $481.4 billion. Used auto loans contracted by $2.3 billion, or 0.7%, to $318.7 billion, while new auto loans declined by $8.1 billion, or 4.7%, to $162.8 billion.
• Credit card balances grew by $3.0 billion, or 3.7%, to $83.8 billion.
• Non-federally guaranteed student loans edged down $0.4 billion, or 5.2%, to $6.9 billion.
• Commercial loans excluding unfunded commitments increased $18.1 billion, or 11.3%, over the year to $178.1 billion in the first quarter of 2025.
• The delinquency rate at federally insured credit unions was 80 basis points in the first quarter of 2025, up two basis points compared with the first quarter of 2024.
• The delinquency rate on non-commercial real estate loans was 54 basis points in the first quarter of 2025, four basis points higher than in the first quarter of 2024.
• The credit card delinquency rate was little changed at 201 basis points in the first quarter of 2025.
• The auto loan delinquency rate was also little changed at 80 basis points.
• The delinquency rate for commercial loans excluding unfunded commitments was 93 basis points in the first quarter of 2025, up nine basis points from a year earlier.
• The net charge-off ratio for all federally insured credit unions was 82 basis points in the first quarter of 2025, up two basis points compared with the first quarter of 2024.

Liabilities and Net Worth

According to the NCUA data:

• Total shares and deposits grew by $86.1 billion, or 4.5%, over the year to $2.02 trillion in the first quarter of 2025. Regular shares increased by $1.7 billion, or 0.3%, to $575.8 billion. Other deposits grew by $68.0 billion, or 6.9%, to $1.05 trillion, led by share certificate accounts, which grew $53.2 billion, or 10.3%, over the year to $571.0 billion.
• The credit union system’s net worth increased by $14.5 billion, or 5.9%, over the year to $259.3 billion. The aggregate net worth ratio — net worth as a percentage of assets — stood at 10.95% in the first quarter of 2025, up from 10.61% one year earlier. NCUA noted that beginning in 2023Q1, this ratio excludes the CECL transition provision.
• The net worth ratio for prompt corrective action was 11.11% in the first quarter of 2025. This ratio considers the CECL Transition Provision, as applicable.

Income Statement Details

According to the agency:

• Net income for federally insured credit unions in the year to date through the first quarter of 2025 totaled $15.7 billion at an annual rate, up $0.7 billion, or 4.6%, from the same period in 2024. Interest income rose $8.1 billion, or 7.3%, to $118.5 billion at an annual rate. Non-interest income declined by $2.0 billion, or 7.4%, to $24.6 billion at an annual rate, largely reflecting a decrease in other non-interest income.
• Interest expense totaled $42.8 billion at an annual rate in the year to date through the first quarter of 2025, up $0.8 billion, or 1.9%, from one year earlier. Non-interest expense grew $4.1 billion, or 6.2%, to $71.4 billion at an annual rate in the year to date through the first quarter of 2025. Rising employee compensation and benefits, which were up $2.1 billion, or 5.9%, accounted for roughly half of the increase in non-interest expenses.
• The aggregate net interest margin widened by $7.3 billion, or 10.6%, to $75.6 billion at an annual rate in the year to date through the first quarter of 2025.
• The credit union system’s provision for loan and lease losses or credit loss expense increased $0.5 billion, or 3.8%, over the year to $13.1 billion at an annual rate in the year to date through the first quarter of 2025.

Performance by Asset Category

According to NCUA:

NCUA noted that consistent with long-running trends, credit unions with assets of at least $1 billion reported the strongest growth in loans and membership over the year ending in the first quarter of 2025.

In addition, the data show:

• The number of federally insured credit unions with assets of at least $10 billion declined to 20 in the first quarter of 2025 from 21 in the first quarter of 2024. These 20 credit unions held $581.7 billion in assets, or 25% of total system assets. Credit unions in this category reported loan growth of 3.3% over the year. Membership rose 3.7%. Net worth also increased 3.7%.
• The number of federally insured credit unions with assets of at least $1 billion but less than $10 billion increased to 434 in the first quarter of 2025 from 422 in the first quarter of 2024. These 434 credit unions held $1.3 trillion in assets, or 53% of total system assets. Credit unions in this category reported loan growth of 5.6% over the year. Membership rose 4.5%. Net worth increased 8.9%.
• The number of federally insured credit unions with assets of at least $500 million but less than $1 billion increased to 286 in the first quarter of 2025 from 274 in the first quarter of 2024. These 286 credit unions held $204.1 billion in total assets, or 9% of total system assets. Credit unions in this category reported a 1.9% increase in total loans outstanding over the year. Membership rose 1.1%. Net worth increased by 4.2%.
• The number of federally insured credit unions with at least $100 million but less than $500 million in assets fell to 1,045 in the first quarter of 2025 from 1,069 in the first quarter of 2024. These 1,045 credit unions held $239.0 billion in total assets, or 10% of total system assets. Credit unions in this category reported a 4.9% decrease in total loans outstanding over the year. Membership declined 5.7%, while net worth rose 0.5%.
• The number of federally insured credit unions with at least $50 million but less than $100 million in assets declined to 591 in the first quarter of 2025 from 622 one year earlier. These 591 credit unions held $42.9 billion in total assets, or 2% of total system assets. Credit unions in this category reported a 7.8% decline in total loans over the year. Membership declined 8.1%. Net worth fell 1.1%.
• The number of federally insured credit unions with assets of at least $10 million but less than $50 million declined to 1,196 in the first quarter of 2025 from 1,253 in the first quarter of 2024. These credit unions held $31.6 billion in assets, or 1% of total system assets. Credit unions in this category reported a 7.9% decrease in loans over the year. Membership declined 6.5%, while net worth edged up 0.8%.
• The number of federally insured credit unions with less than $10 million in assets declined to 839 in the first quarter of 2025 from 911 in the first quarter of 2024. These credit unions held $3.5 billion in assets, or 0.1% of total system assets. Credit unions in this category reported a 12.4% decrease in loans over the year. Membership declined 7.8%. Net worth fell 6.1%.