NCUA said today that credit union earnings, shares, assets, and investments grew despite slowing loan demand and the continuing economic challenges, according to fourth quarter Call Reports. Exhibiting solid earnings, credit unions’ 2010 return on average assets grew to 0.51 percent, up from 0.45 percent in the third quarter and 0.18 percent at year-end 2009. Operating expenses -- including stabilization expenses, cost of funds, and provision for loan loss expenses -- declined.
Total credit union membership grew 0.68 percent to 90.5 million members over the entire year. Shares and deposits expanded in each quarter of 2010, whereas loans contracted 0.4 percent in the fourth quarter and 1.34 percent for the year. However, used automobile, credit card, and first mortgage loans remain popular.
Used vehicle loans expanded 3.43 percent during the year, and 0.2 percent during the fourth quarter. First mortgage real estate loans grew 2.69 percent during the year and 0.7 percent in the fourth quarter. Meanwhile, new vehicle loans declined 16.4 percent for the year and 4.1 percent in the fourth quarter. Unsecured credit card lending increased 3.1 percent for the year after declining 2.9 percent in the first quarter of 2010.
With rounding, key balance sheet and income statement data from federally insured credit unions representing January through December 2010 activity:
- Assets increased 3.4 percent to $914.5 billion from $884.6 billion;
- Loans declined 1.3 percent to $564.8 billion from $572.5 billion;
- Shares increased 4.5 percent to $786.5 billion from $752.7 billion;
- Investments increased 13.4 percent to $238.9 billion from $210.7 billion;
- Net income increased 208.3 percent to $4.6 billion from $1.5 billion; and
- Net worth increased 5.2 percent to $92.1 billion from $87.6 billion.
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