Samantha: Hello, this is Samantha Shares.
This episode covers N C U Aâs First Quarter 20 24 Credit Union System
Performance Data press release.
The following is an audio version of that advisory and the press release.
This podcast is educational and is not legal advice.
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And now the press release.
Credit Union Assets, Lending, Insured Shares, Delinquencies Grow
N.C.U.A.
Releases First Quarter 2024 Credit Union System Performance Data
June 5th 20 24,
According to the latest financial performance data released today by the
National Credit Union Administration, total assets in federally insured
credit unions rose by 96 billion dollars , or 4 point 4 percent, over
the year ending in the first quarter of 20 24 to 2 point 31 trillion dollars.
During the same period, total loans outstanding increased 71
billion dollars, or 4 point 6 percent, to 1.60 trillion dollars.
Insured shares and deposits rose 40 billion dollars, or 2 point 3
percent, to 1 point 77 trillion dollars, from one year earlier.
The delinquency rate at federally insured credit unions was 78 basis points in the
first quarter of 20 24, up 25 basis points compared with the first quarter of 2023.
The N.C.U.A.âs Quarterly Credit Union Data Summary provides an overview
of the financial performance of federally insured credit unions
based on information reported to the agency in the first quarter of 20 24.
As of March thirty first, 20 24, there were 4,572 federally insured credit
unions with 140 point 4 million members.
Beginning with the first quarter of 20 24 Call Report, federally insured
credit unions with more than 1 billion dollars in assets are required to
disclose, separately, income from overdraft and nonsufficient funds fees.
For first quarter 20 24, these large credit unions reported a total of nearly
916 million in overdraft and N S F fees.
For more information on credit unionsâ collection and reporting of overdraft
and N S F fees, see the Appendix.
Highlights from the N.C.U.A.âs quarterly data summary report
first quarter of 2024 include:
â¢ Net income for federally insured credit unions in the first quarter of 20 24
totaled 15 point 0 billion dollars at an annual rate, down 2 point 8
billion dollars, or 15 point 6 percent, from the first quarter of 20 23.
Interest income rose 21 point 4 billion dollars, or 24.0 percent, over the
year to 110 point 4 billion annualized.
Non-interest income rose 2 point 6 billion, or 10.6 percent, to 26 point 6
billion annualized, largely reflecting an increase in other non-interest income.
â¢ The credit union systemâs provision for loan and lease losses or credit loss
expense increased 4 billion dollars , or 45 point 8 percent, over the year to
12 point 7 billion dollars at an annual rate in the first quarter of 20 24.
â¢ Total loans outstanding increased 70 point 7 billion dollars , or
4 point 6 percent, over the year, to 1 point 6 trillion dollars
â¢ Total shares and deposits rose by 45 billion dollars, or 2 point 4 percent,
over the year to 1 point 93 trillion dollars in the first quarter of 20 24.
Regular shares declined by 68 billion dollars, or 10 point 6 percent,
to 574 point 4 billion dollars.
Other deposits increased by 124 point 8 billion dollars, or 14.6 percent,
to 978 point 7 billion dollars, led by share certificate accounts, which
grew 155 point 7 billion dollars, or 43 point 0 percent, over the
year to 517 point 8 billion dollars.
â¢ The credit union systemâs net worth increased by 13 point 3 billion
dollars, or 5 point 7 percent, over the year to 245 billion dollars.
The aggregate net worth ratio â net worth as a percentage of assets
â stood at 10 point 62 percent in the first quarter of 20 24, up from 10
point 48 percent one year earlier.
The N.C.U.A.
makes credit union system performance data available online in the credit
union analysis section of N.C.U.A.
gov.
The analysis section includes quarterly data summaries as well as detailed
financial information, a graphics package illustrating financial trends
in federally insured credit unions and a spreadsheet listing all federally
insured credit unions as of March 31, 20 24, including key metrics.
This concludes the press release
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This is Samantha Shares and we Thank you for listening.