Credit unions have experienced several consecutive quarters of loan growth and delinquency declines, while collective membership has increased by more than 2 million this year. But the sector continued to contract as fewer financial institutions are around to service more loans and members.
As of Sept. 30, membership at federally insured credit unions was a revised 93.9 million people. The total reflected an increase of 742,847 members from June 30.
Since the beginning of the year, credit union membership has increased by nearly 2.1 million customers.
The numbers were reported by the National Credit Union Administration based on call report data submitted from federally insured credit unions.
The growth in membership came despite a decline in the number of credit unions, which fell to 6,888 as of the end of the third quarter from 6,961 at the end of the second quarter — when the count was also down.
First mortgages owned by U.S. credit unions grew 1.3 percent between June 30 and Sept. 30.
Overall outstanding loans grew by $9.4 billion during the third quarter to finish the period at $591.1 billion. The total has risen each of the past six quarters.
Delinquency on the portfolio was down 3 basis points from the prior period to 1.17 percent. The rate of late payments has improved for three consecutive quarters.
Net income was $2.1 billion during the three months ended Sept. 30, bringing year-to-date earnings to $6.4 billion.
“Third-quarter statistics show the credit union industry continues to recover from the economic downturn,” NCUA Board Chairman Debbie Matz said.
