Credit unions nationwide posted exceptional growth in the first quarter of 2016. Asset growth topped 7.0%, and loans, shares, and members continue to best previous recorded balances. More members than ever are embracing the cooperative spirit and choosing credit unions as their primary financial institution.
Across the United States, credit unions are posting improvements in financial, operational, and member metrics. However, regional trends, economic conditions, and the prominence of credit unions in local markets mean performance is not uniform throughout the country.
For example, the Midwest is home to almost one-quarter of the nation’s credit unions; however, it’s the Western states that claim 23.9% of assets and 21.0% of members, the most of any region.
REGIONAL BREAKDOWN
For all FirstLook credit unions | Data as of 03.31.16
Callahan Associates | www.creditunions.com
| # of Credit Unions* | Total Assets (in billions) | Total Members (in billions) | |
|---|---|---|---|
| Central | 981 | $162.6 | 14.5 |
| Mid-Atlantic | 1,013 | $218.9 | 17.9 |
| Midwest | 1,512 | $226.7 | 20.2 |
| New England | 782 | $141.0 | 10.8 |
| Southeast | 1,090 | $207.1 | 19.6 |
| Western | 751 | $299.8 | 22.0 |
*Number of credit unions as of 12.31.15 excluding Puerto Rico, Virgin Islands, and Guam.
Source: Peer-to-Peer Analytics by Callahan Associates
Asset Growth
Nationwide, credit unions posted average asset growth of 7.2%, but regional breakdowns range from 6.0% for Central credit unions to 8.5% for Western ones. In the Midwest, Southeast, and West, credit unions posted asset growth at least two percentage points higher than in 2015. Midwest credit unions posted the highest change 2.6 percentage points in asset growth. Growth there expanded from 3.8% in March 2015 to 6.4% in 2016.
ASSET GROWTH BY REGION
For all FirstLook credit unions | Data as of 03.31.16
Callahan Associates | www.creditunions.com
Source: Peer-to-Peer Analytics by Callahan Associates
Loan Growth
Credit union loan portfolios in the Western region expanded 13.4% annually, besting the 10.9% national loan growth average by 2.5 percentage points. Collectively, credit unions in all regions except the Mid-Atlantic posted accelerating growth rates. In the Mid-Atlantic, although still positive, growth dipped from 11.1% to 10.8%, a 0.3 percentage point drop.
LOAN GROWTH BY REGION
For all FirstLook credit unions | Data as of 03.31.16
Callahan Associates | www.creditunions.com
Source: Peer-to-Peer Analytics by Callahan Associates
Share Growth
Western credit unions led the country in share growth, posting an 8.2% increase over first quarter 2015. Credit unions in the Mid-Atlantic came in second with 7.4% growth. Both regions posted share growth stronger than the national average of 6.9%.
Although trailing other regions, the Midwest posted the highest jump 0.4 percentage points in year-over-year share growth. Credit unions there collectively posted share growth of 4.4% in March 2015 versus 4.0% in March 2015.
SHARE GROWTH BY REGION
For all FirstLook credit unions | Data as of 03.31.16
Callahan Associates | www.creditunions.com
Source: Peer-to-Peer Analytics by Callahan Associates
Member Growth
Credit union membership topped 105.2 million members in the first quarter of 2016. The Mid-Atlantic led the nation in member growth, expanding membership 5.6% and adding more than 796,000 new members in 12 months. Western credit unions follow closely behind with 4.7% annual growth and 727,000 new members.
MEMBER GROWTH BY REGION
For all FirstLook credit unions | Data as of 03.31.16
Callahan Associates | www.creditunions.com
