Deposits By The Numbers (1Q18)

Increases in most deposit products helped total share balances top $1.2 trillion in the first quarter of 2018.

 
 

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Credit union shares and deposits increased $64.9 billion, or 5.6%, over the past year to reach $1.22 trillion in the first quarter of 2018. The majority of this growth came from regular shares, which increased $26.4 billion year-over-year. Credit unions reported an annual increase in all deposit products  except for IRA & Keough accounts, which decreased 1.0%.

Although regular shares added the largest dollar value in the first quarter, share drafts posted the fastest growth — 9.4%. Share drafts added $16.9 billion to the deposit portfolio, and closed out the quarter at $196.8 billion. The proportion of the deposit portfolio comprised of share drafts also increased —80 basis points YOY to 15.6% as of March 31. 

The largest portion of the deposit portfolio remained regular shares. These comprised 35.7% of the portfolio at the end of the first quarter. Money market shares followed at 22.5%, then share certificates at 17.7%, share drafts at 15.6%, and IRA & Keough accounts at 6.8%.

 

 

 

Together, core deposits comprised 74.0% of the deposit portfolio, an increase of 20 basis points year-over-year. Year-over-year, core deposit balances grew 5.9%.

Credit unions in the NCUA Western Region reported the highest share growth, at 7.1%. The Mid-Atlantic Region dominated in share accounts per member, reporting 2.14 in the first quarter of 2018. The Western Region came next at 1.91 share accounts per member.

Although nationwide, IRA & Keough balances decreased, credit unions in the Southeast Region recorded the highest average balance, $19,029 per account. This is $2,200 more than the Central Region, which came in at No. 2. 

Share draft penetration rose 82 basis points year-over-year and was 57.31% as of March 31. Credit Unions $100 million to $200 million in assets reported the highest share draft penetration, 61.52%.

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The NCUA Southeast Region reported the largest average IRA/Keough balance — $19,029.

The proportion of the deposit portfolio comprised of share drafts has consistently increased and was 15.6% at the end of the first quarter. By comparison, this segment of the deposit portfolio was 13.8% in first quarter 2014.

The deposit portfolio has increased $261.8 million, or 27.4%, in the past five years.

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June 25, 2018


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