As the credit union industry evolves, staying informed about key trends and performance metrics is essential for ensuring long-term success and growth.
In 2024, there have been significant shifts in asset growth, lending, deposits, and net income.
Whether you're a credit union leader or part of a financial team, understanding these statistics can guide decision-making, help refine strategies, and identify emerging opportunities.
Below are 20 crucial stats that offer a snapshot of where the credit union industry stands today and where it's heading.
1. Federally insured credit unions saw a rise in total assets, reaching $2.31 trillion by the third quarter of 2024. This marks an $82 billion increase, or a 3.7% growth compared to the previous year.
2. By September 30, 2024, there were 4,499 federally insured credit unions.
3. In total, the United States is serving 142 million members.
The increase in assets highlights growing member trust, but industry consolidation puts pressure on smaller credit unions.
To compete, focus on enhancing digital services, building strategic partnerships, and delivering member-centric experiences.
4. For the year ending in the second quarter of 2024, the median asset growth was -0.2%, a decline compared to the 1% growth seen in the same period of 2023.
5. Membership also saw a decline of 0.3% at the median for the year ending in the second quarter of 2024, reversing the 0.2% increase from the previous year.
6. However, the average membership grew by 2.4% during the second quarter of 2024.
7. In the year ending in the third quarter of 2024, total loans outstanding grew by $41 billion, or 2.6%, reaching $1.63 trillion.
Declining median growth shows individual credit unions are facing retention challenges.
Prioritize member retention with data-driven strategies, personalized financial solutions, and competitive loan products to stay ahead.
8. In the third quarter of 2024, the average outstanding loan balance was $18,299, reflecting an increase of $471, or 2.6%, compared to the previous year.
9. The median growth rate for loans outstanding was 2.4% for the year ending in the second quarter of 2024, a decline from the 11% growth during the same period in 2023.
10. Insured shares and deposits grew by $40 billion, or 2.3%, reaching a total of $1.77 trillion for the year ending in the first quarter of 2024.
11. The median growth for shares and deposits was -1.2% for the year ending in the second quarter of 2024, an improvement from the -2.4% decrease recorded the previous year.
Growth in loans and deposits signals strong member trust, but slowing trends suggest shifting behaviors.
Focus on offering flexible loans, competitive deposit rates, and clear member communication to sustain momentum.
12. For the first three quarters of 2024, net income for federally insured credit unions amounted to $15.8 billion on an annualized basis, representing a decrease of $0.8 billion, or 4.7%, compared to the same period in 2023.
13. The median annualized return on average assets was 61 basis points during the first half of 2024, slightly lower than the 66 basis points recorded in the first half of 2023.
14. By the end of the second quarter of 2024, 84% of federally insured credit unions reported positive year-to-date net income, down from 87% in the same period of 2023.
Slight dips in income highlight the need to explore new revenue streams. Focus on operational efficiency and innovative, member-driven services to maintain profitability.
15. The net worth of the credit union system grew by $14 billion, or 5.8%, reaching $252.9 billion.
16. The aggregate net worth ratio rose to 10.94% in the third quarter of 2024, an increase from 10.72% the previous year.
17. The delinquency rate for federally insured credit unions was 91 basis points in the third quarter of 2024, a rise of 19 basis points compared to the same period in 2023.
Strong capital growth provides stability, but rising delinquency rates signal a need for sharper risk management and proactive member support strategies.
18. In the year leading up to the third quarter of 2024, insured shares and deposits saw an increase of $44 billion, or 2.6%, reaching a total of $1.76 trillion.
19. Other deposits grew by $98 billion, or 10.8%, to $1.01 trillion, with share certificate accounts driving this growth, which surged by $106.8 billion, or 24%, to $551 billion.
20. Interest income experienced a significant rise of $18.7 billion, or 19.6%, bringing the annualized total to $114 billion.
Rising deposits and interest income reflect member confidence and create opportunities for credit unions to reinvest in competitive savings products and services.
The trends highlighted in this post show that credit unions must stay ahead of shifting member needs, asset growth challenges, and evolving financial behaviors. Adapting quickly is key, and leveraging the right technology is crucial for staying competitive.
FLEX’s seamless integrations can help your credit union easily adapt, innovate, and better meet member expectations. Our solutions allow you to scale, improve efficiency, and offer personalized services without the hassle.
Download our Integrations eGuide to learn how FLEX can empower your credit union to thrive in this evolving landscape.