ALEXANDRIA, Va.–Total assets in federally insured credit unions rose by $52 billion to $2.31 trillion (up 2.3%) at year-end 2024, according to new data released by NCUA. Overall net income was down 3.5%.

Total lending increased $42 billion, or 2.6%, year over year to $1.65 trillion. The average outstanding loan balance in the fourth quarter of 2024 was $18,410, up $488, or 2.75 , from one year earlier, NCUA reported.

Once again, growth was strongest among the largest asset-size credit unions, with membership declining in the three smallest asset size categories.

The new NCUA data also show insured shares and deposits grew $58 billion, or 3.4%, to $1.78 trillion, according to the agency’s newly released Quarterly Data Summary Report

“The growth in assets and insured shares is good news and reflects the strength and resiliency of the credit union system when operating within a mixed economic environment,” NCUA Chairman Kyle S. Hauptman said in a statement. “The NCUA is closely watching interest rates, delinquency rates, and inflation and their effects on the economy. Credit union managers and directors should prepare for a variety of interest rate scenarios and economic conditions.”  

Highlights from the NCUA’s Quarterly Data Summary Report

Specific Balance Sheet Details

According to the new report, CU performance broke out this way at year-end 2024:

Assets

• Total assets in federally insured credit unions rose by $51.9 billion, or 2.3%, over the year to $2.31 trillion in the fourth quarter of 2024.

• Cash increased by $19.8 billion, or 12.4%, to $180.2 billion
• Total investments fell $15.4 billion, or 3.9%, over the year to $381.8 billion in the fourth quarter of 2024.
• Investments with maturities less than or equal to one year rose $2.3 billion, or 2.3%, to $100.6 billion
• Investments with maturities of one to three years declined by $3.6 billion, or 3.3%, to $103.4 billion.
• Investments with maturities of three to five years increased $1.2 billion, or 1.7%, to $76.6 billion
• Investments with maturities of five to 10 years fell by $10.7 billion, or 11.2%, to $84.7 billion
• Investments with maturities greater than 10 years declined by $4.6 billion, or 21.8%, to $16.6 billion
• Total loans outstanding increased $42.4 billion, or 2.6%, over the year to $1.65 trillion. Growth across major categories was “mixed,” NCUA said

Lending

• Loans secured by one-to-four family residential properties increased $40.4 billion, or 5.7%, to $748.6 billion in the fourth quarter of 2024
• Auto loans fell $16.6 billion, or 3.3%, to $481.5 billion. Used auto loans contracted by $5.5 billion, or 1.7%, to $317.1 billion, while new auto loans declined by $11.1 billion, or 6.3%, to $164.3 billion
• Credit card balances grew by $3.2 billion, or 3.9%, to $85.2 billion
• Non-federally guaranteed student loans edged down $0.4 billion, or 4.8%, to $7.0 billion
• Commercial loans excluding unfunded commitments increased $16.8 billion, or 10.7%, over the year to $174.0 billion in the fourth quarter of 2024
• The delinquency rate at federally insured credit unions was 98 basis points in the fourth quarter of 2024, up 15 basis points compared with the fourth quarter of 2023
• The delinquency rate on non-commercial real estate loans was 78 basis points in the fourth quarter of 2024, 22 basis points higher than in the fourth quarter of 2023
• The credit card delinquency rate rose to 216 basis points from 211 basis points one year earlier.
• The auto loan delinquency rate increased 6 basis points over the year to 96 basis points in the fourth quarter of 2024.
• The delinquency rate for commercial loans excluding unfunded commitments was 85 basis points in the fourth quarter of 2024, up 24 basis points from a year earlier
• The net charge-off ratio for all federally insured credit unions was 80 basis points in the fourth quarter ofn2024, up 19 basis points compared with the fourth quarter of 2023.

Liabilities and Net Worth

• Total shares and deposits grew by $78.2 billion, or 4.2%, over the year to $1.96 trillion in the fourth quarter of 2024. Regular shares declined by $13.6 billion, or 2.4%, to $555.5 billion. Other deposits increased by $82.7 billion, or 8.8%, to $1.03 trillion, led by share certificate accounts, which grew $77.3 billion, or 16.0%, over the year to $561.2 billion.
• The credit union system’s net worth increased by $14.2 billion, or 5.9%, over the year to $255.3 billion. The aggregate net worth ratio — net worth as a percentage of assets — stood at 11.07% in the fourth quarter of 2024, up from 10.69% one year earlier. Note that beginning in 2023Q1, this ratio excludes the CECL transition provision
• The net worth ratio for prompt corrective actionwas 11.20% in the fourth quarter of 2024. This ratio considers the CECL Transition Provision, as applicable. The calculation can be found on Schedule G

of the 5300 Call Report; see Account 998.

Income Statement Details

• Net income for federally insured credit unions in 2024 totaled $14.4 billion, down $0.5 billion, or 3.6%, from 2023. 
• Interest income rose $17.1. billion, or 17.4%, to $115.2 billion. Non-interest income rose $1.8 billion, or 7.2%, to $26.6 billion, largely reflecting an increase in other non-interest income
• Interest expense totaled $44.0 billion in 2024, up $12.5 billion, or 39.8%, from one year earlier. Non-interest expense grew $4.0 billion, or 6.2%, to $69.2 billion in 2024. Rising employee compensation and benefits, which were up $2.3 billion, or 6.9%, accounted for more than half of the increase in non-interest expenses
• The aggregate net interest margin widened by $4.6 billion, or 6.9%, to $71.2 billion in 2024.
• The credit union system’s provision for loan and lease losses or credit loss expense increased $2.9 billion, or 25.5%, over the year to $14.2 billion in 2024.

Performance by Asset Category

As the agency noted in releasing its data, consistent with long-running trends, credit unions with assets of at least $1 billion reported the strongest growth in loans, membership, and net worth over the year ending in the fourth quarter of 2024.

• The number of federally insured credit unions with assets of at least $10 billion declined to 20 in the fourth quarter of 2024 from 21 in the fourth quarter of 2023. These 20 credit unions held $562.8 billion  in assets, or 24% of total system assets. Credit unions in this category reported loan growth of 2.8% over the year. Membership rose 3.8%. Net worth increased 3.7%.
• The number of federally insured credit unions with assets of at least $1 billion but less than $10 billion increased to 425 in the fourth quarter of 2024 from 411 in the fourth quarter of 2023. These 425 credit unions held $1.2 trillion in assets, or 53% of total system assets. Credit unions in this category reported loan growth of 5.0% over the year. Membership also rose 5.0%. Net worth increased 8.9%.
• The number of federally insured credit unions with assets of at least $500 million but less than $1 billion edged up to 283 in the fourth quarter of 2024 from 282 in the fourth quarter of 2023. These 283 credit unions held $202.4 billion in total assets, or 9% of total system assets. Credit unions in this category reported a 2.2% decline in total loans outstanding over the year. Membership declined 3.1%. Net worth increased by 1.8%.
• The number of federally insured credit unions with at least $100 million but less than $500 million in assets fell to 1,046 in the fourth quarter of 2024 from 1,058 in the fourth quarter of 2023. These 1,046 credit unions held $238.6 billion in total assets, or 10% of total system assets. Credit unions in this category reported a 3.3% decrease in total loans outstanding over the year. Membership declined 3.7%, while net worth rose 2.2%.
• The number of federally insured credit unions with at least $50 million but less than $100 million in assets declined to 607 in the fourth quarter of 2024 from 630 one year earlier. These 607 credit unions held $43.7 billion in total assets, or 2% of total system assets. Credit unions in this category reported a 6.5% decline in total loans over the year. Membership declined 6.8%. Net worth rose 0.6%.
• The number of federally insured credit unions with assets of at least $10 million but less than $50 million declined to 1,209 in the fourth quarter of 2024 from 1,274 in the fourth quarter of 2023. These credit unions held $31.6 billion in assets, or 1% of total system assets. Credit unions in this category reported an 8.0% decrease in loans over the year. Membership declined 7.2%, while net worth rose 0.5%.
• The number of federally insured credit unions with less than $10 million in assets declined to 865 in the fourth quarter of 2024 from 928 in the fourth quarter of 2023. These credit unions held $3.6 billion in assets, or 0.2% of total system assets. Credit unions in this category reported a 10.3% decrease in loans over the year. Membership declined 6.6%. Net worth fell 3.6%

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