WEBVTT

NOTE
This file was generated by Descript 

00:00:00.460 --> 00:00:02.340
Samantha: Hello, this is Samantha Shares.

00:00:02.980 --> 00:00:07.660
This episode covers N C U A’s First
Quarter 20 24 Credit Union System

00:00:07.660 --> 00:00:09.370
Performance Data press release.

00:00:10.054 --> 00:00:13.764
The following is an audio version of
that advisory and the press release.

00:00:14.334 --> 00:00:17.534
This podcast is educational
and is not legal advice.

00:00:17.964 --> 00:00:21.964
We are sponsored by Credit Union
Exam Solutions Incorporated, whose

00:00:21.964 --> 00:00:25.054
team has over two hundred and
Forty years of National Credit

00:00:25.054 --> 00:00:26.934
Union  Administration experience.

00:00:27.444 --> 00:00:31.074
We assist our clients with N C
U A so they save time and money.

00:00:31.454 --> 00:00:35.424
If you are worried about a recent,
upcoming or in process N C U A

00:00:35.424 --> 00:00:39.814
examination, reach out to learn how they
can assist at Mark Treichel DOT COM.

00:00:40.324 --> 00:00:44.674
Also check out our other podcast called
With Flying Colors where we provide tips

00:00:44.674 --> 00:00:47.224
on how to achieve success with N C U A.

00:00:47.991 --> 00:00:49.271
And now the press release.

00:00:50.011 --> 00:00:54.191
Credit Union Assets, Lending,
Insured Shares, Delinquencies Grow

00:00:54.944 --> 00:00:55.774
N.C.U.A.

00:00:56.044 --> 00:01:00.044
Releases First Quarter 2024 Credit
Union System Performance Data

00:01:00.788 --> 00:01:02.178
June 5th 20 24,

00:01:02.981 --> 00:01:06.531
According to the latest financial
performance data released today by the

00:01:06.531 --> 00:01:10.801
National Credit Union Administration,
total assets in federally insured

00:01:10.801 --> 00:01:15.871
credit unions rose by 96 billion
dollars , or 4 point 4 percent, over

00:01:15.871 --> 00:01:20.661
the year ending in the first quarter of
20 24 to 2 point 31 trillion dollars.

00:01:21.396 --> 00:01:25.026
During the same period, total
loans outstanding increased 71

00:01:25.026 --> 00:01:29.406
billion dollars, or 4 point 6
percent, to 1.60 trillion dollars.

00:01:29.976 --> 00:01:34.086
Insured shares and deposits rose
40 billion dollars, or 2 point 3

00:01:34.086 --> 00:01:38.366
percent, to 1 point 77 trillion
dollars, from one year earlier.

00:01:39.006 --> 00:01:43.706
The delinquency rate at federally insured
credit unions was 78 basis points in the

00:01:43.706 --> 00:01:49.426
first quarter of 20 24, up 25 basis points
compared with the first quarter of 2023.

00:01:50.203 --> 00:01:54.473
The N.C.U.A.’s Quarterly Credit Union
Data Summary provides an overview

00:01:54.473 --> 00:01:57.723
of the financial performance of
federally insured credit unions

00:01:57.723 --> 00:02:02.223
based on information reported to the
agency in the first quarter of 20 24.

00:02:02.783 --> 00:02:08.323
As of March thirty first, 20 24, there
were 4,572 federally insured credit

00:02:08.323 --> 00:02:11.433
unions with 140 point 4 million members.

00:02:12.135 --> 00:02:16.265
Beginning with the first quarter of
20 24 Call Report, federally insured

00:02:16.265 --> 00:02:20.155
credit unions with more than 1 billion
dollars in assets are required to

00:02:20.155 --> 00:02:24.635
disclose, separately, income from
overdraft and nonsufficient funds fees.

00:02:25.105 --> 00:02:29.735
For first quarter 20 24, these large
credit unions reported a total of nearly

00:02:29.735 --> 00:02:33.105
916 million in overdraft and N S F fees.

00:02:33.884 --> 00:02:38.014
For more information on credit unions’
collection and reporting of overdraft

00:02:38.014 --> 00:02:40.364
and N S F fees, see the Appendix.

00:02:41.092 --> 00:02:44.662
Highlights from the N.C.U.A.’s
quarterly data summary report

00:02:44.662 --> 00:02:46.642
first quarter of 2024 include:

00:02:47.374 --> 00:02:51.664
•	Net income for federally insured credit
unions in the first quarter of 20 24

00:02:51.664 --> 00:02:56.394
totaled 15 point 0 billion dollars
at an annual rate, down 2 point 8

00:02:56.394 --> 00:03:01.384
billion dollars, or 15 point 6 percent,
from the first quarter of 20 23.

00:03:01.944 --> 00:03:07.134
Interest income rose 21 point 4 billion
dollars, or 24.0 percent, over the

00:03:07.134 --> 00:03:09.984
year to 110 point 4 billion annualized.

00:03:10.534 --> 00:03:16.254
Non-interest income rose 2 point 6
billion, or 10.6 percent, to 26 point 6

00:03:16.284 --> 00:03:21.064
billion annualized, largely reflecting
an increase in other non-interest income.

00:03:21.828 --> 00:03:26.018
•	The credit union system’s provision for
loan and lease losses or credit loss

00:03:26.018 --> 00:03:31.088
expense increased 4  billion dollars , or
45 point 8 percent, over the year to

00:03:31.088 --> 00:03:35.958
12 point 7 billion dollars at an annual
rate in the first quarter of 20 24.

00:03:36.757 --> 00:03:40.797
•	Total loans outstanding increased
70 point 7 billion dollars , or

00:03:40.797 --> 00:03:45.207
4 point 6 percent, over the year,
to 1 point 6 trillion dollars

00:03:45.917 --> 00:03:51.027
•	Total shares and deposits rose by 45
billion dollars, or 2 point 4 percent,

00:03:51.277 --> 00:03:55.877
over the year to 1 point 93 trillion
dollars in the first quarter of 20 24.

00:03:56.307 --> 00:04:01.077
Regular shares declined by 68 billion
dollars, or 10 point 6 percent,

00:04:01.267 --> 00:04:04.037
to 574 point 4 billion dollars.

00:04:04.407 --> 00:04:09.837
Other deposits increased by 124 point
8 billion dollars, or 14.6 percent,

00:04:10.077 --> 00:04:15.317
to 978 point 7 billion dollars, led
by share certificate accounts, which

00:04:15.317 --> 00:04:21.017
grew 155 point 7 billion dollars,
or 43 point 0 percent, over the

00:04:21.017 --> 00:04:23.967
year to 517 point 8 billion dollars.

00:04:24.696 --> 00:04:28.856
•	The credit union system’s net worth
increased by 13 point 3 billion

00:04:28.856 --> 00:04:34.016
dollars, or 5 point 7 percent, over
the year to 245 billion dollars.

00:04:34.476 --> 00:04:38.066
The aggregate net worth ratio — net
worth as a percentage of assets

00:04:38.206 --> 00:04:43.186
— stood at 10 point 62 percent in the
first quarter of 20 24, up from 10

00:04:43.186 --> 00:04:45.366
point 48 percent one year earlier.

00:04:46.073 --> 00:04:47.083
The N.C.U.A.

00:04:47.553 --> 00:04:51.443
makes credit union system performance
data available online in the credit

00:04:51.443 --> 00:04:53.803
union analysis section of  N.C.U.A.

00:04:54.323 --> 00:04:54.623
gov.

00:04:55.323 --> 00:04:59.383
The analysis section includes quarterly
data summaries as well as detailed

00:04:59.383 --> 00:05:03.703
financial information, a graphics
package illustrating financial trends

00:05:03.703 --> 00:05:07.743
in federally insured credit unions and
a spreadsheet listing all federally

00:05:07.743 --> 00:05:12.873
insured credit unions as of March
31, 20 24, including key metrics.

00:05:13.524 --> 00:05:15.204
This concludes the press release

00:05:15.877 --> 00:05:20.037
If your Credit union could use assistance
with your exam, reach out to Mark Treichel

00:05:20.037 --> 00:05:22.807
on LinkedIn, or at mark Treichel dot com.

00:05:23.357 --> 00:05:25.997
This is Samantha Shares and
we Thank you for listening.