Loans outstanding to credit unions increased by 2.4% in June, according to the latest report from CUNA Credit Union Monthly Estimatesagainst a 2.3% increase in May 2022 and a 1% increase in June 2021. Loan growth in the first six months of 2022 would be the fastest since 1984, says CUNA’s chief economist, Mike Schenk.
Home equity loans led loan growth during the month, up 5%, followed by adjustable rate mortgages (5%), other loans (4.3%), unsecured personal loans ( 4.1%), other mortgages (3.8%), new loans (2.7%), used car loans (2.5%), credit card loans (1.1%), loans fixed rate mortgages (0.6%).
Credit union savings balances increased 0.1% in June, compared to a -0.7% increase in May 2022 and a 1% increase in June 2021. Individual retirement accounts led savings growth during the month, increasing by 0.5%, followed by equity drafts (0.5%), common stocks (0.2%) and money market accounts (0.1 %).
Down, one-year certificates (-0.2%).
Over 60 day delinquencies from credit unions remained at 0.4% in June.
The loan-to-savings ratio increased to 75.3% in June from 73.6% in May. The liquidity ratio (the ratio of excess funds maturing in less than a year to borrowings plus other liabilities) declined from 15.3% in May to 13.3% in June.
The total number of credit union memberships rose 0.2% in June to 134.4 million. Capital* The movement’s overall capital-asset ratio fell to 9.0% in June from 9.1% in May. Total dollar capital was down -0.8% to $193.5 billion.