Credit union loans outstanding increased by 1.0% in February 2022, compared to an increase of 0.7% in January 2022 and a decrease of 0.2% in February 2021, according to the latest monthly estimates from credit unions of credit from CUNA. Unsecured personal loans led loan growth during the month, rising 4.6%, followed by fixed rate mortgages (1.3%), home equity loans (1.2%) , used auto loans (1.0%), other mortgages (0.9%), new auto loans (0.8%) and other loans (0.6%).
Adjustable rate mortgages (-0.7%) and credit card loans (-0.1%) declined during the month.
Credit union savings balances increased 1.6% in February, compared to a -0.1% decline in January and a 1.6% increase in February 2021. Equity drafts increased led the growth in savings during the month, up 3.3%, followed by common stocks (2.0%). money market accounts (1.4%) and individual retirement accounts (0.2%).
Down, one-year certificates (-0.9%).
Credit unions’ over 60 day delinquencies remained at 0.5% in February.
The loan-to-savings ratio fell to 71.0% in February from 71.3% in January. The liquidity ratio (ratio of excess funds maturing within one year to borrowings plus other liabilities) fell from 18.4% in January to 18.6% in February.
The total number of credit union memberships rose 0.2% in February to 132.3 million.
The movement’s overall capital-to-asset ratio fell from 9.9% in January to 9.6% in February. Total dollar capital was down -1.0% to $204.7 billion.