MONTHLY CREDIT UNION ESTIMATES

January 2018

MONTHLY

CREDIT UNION E S T I M AT E S

Prepared March 2, 2018 by Credit Union National Association Economics and Statistics Department

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Monthly Credit Union Estimates

January 2018

Loans

Credit union loans outstanding grew 0.7% in January 2018, compared to a 1.0% increase for December 2017. Home equity loans led loan growth during the month, rising 1.6%, followed by other mortgage loans (1.5%), used auto loans (1.2%), new auto loans (1.0%), and adjustable-rate mortgages (0.4%). On the decline during the month were credit card loans (-0.7%) and fixed-rate first mortgages and unsecured personal loans, which both declined -0.1%.

Savings

Credit union savings balances declined -0.9% in January, compared to a 1.1% increase in December. Money market accounts led savings growth during the month, rising 0.6%, followed by one-year certificates (0.4%). On the decline during the month were share drafts (-5.3%), individual retirement accounts (-0.9%), and regular shares (-0.8%).

Asset quality

Credit unions' 60+ day delinquency remained at 0.8% during January.

Liquidity

The loan-to-savings ratio increased from 83.1% during December to 84.4% during January. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) decreased from 13.5% in December to 12.9% in January.

Memberships

Total credit union memberships grew 0.4% during January to 114.5 million.

Capital

The movement's overall capital-to-asset ratio remained at 10.7% in December.The total dollar amount of capital increased 0.1% to $150.3 billion.

Period

Jan '18 Jan '17 Jan '16 Jan '15 Jan '14

YTD Growth

Loans

0.7% 0.6% 0.4% 0.5% 0.4%

Savings

-0.8% -0.6% -0.3% 0.9% 1.1%

YTD Interest Rate Averages

Long-term

Short-term

Difference

10-yr. Treasury

Federal Funds Rate

(Long-Short)

2.58%

1.41%

1.17%

2.43%

0.65%

1.78%

2.09%

0.34%

1.75%

1.88%

0.11%

1.77%

2.86%

0.07%

2.79%

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Monthly Credit Union Estimates

January 2018

CHARTS

Distribution of Credit Union Savings. . . . . . . . . . . . . . . . 1 Distribution of Credit Union Loans . . . . . . . . . . . . . . . . . 1 Credit Union Liquidity Flows. . . . . . . . . . . . . . . . . . . . . . 2 Distribution of Surplus Funds . . . . . . . . . . . . . . . . . . . . . 2 Credit Union Capital Ratio and Delinquency . . . . . . . . . 2 Credit Union Auto Loan and Savings Rates. . . . . . . . . . . 3 Non-revolving Loan Market Shares. . . . . . . . . . . . . . . . . 3 Savings & Consumer Credit Markets. . . . . . . . . . . . . . . . 3

TABLES

National Credit Union Aggregates. . . . . . . . . . . . . . . . . 5 National Credit Union Ratios. . . . . . . . . . . . . . . . . . . . . . 6 National Credit Union Loan Data . . . . . . . . . . . . . . . . . . 7 National Credit Union Income and Expense Ratios . . . . 8 Credit Union & Household Savings Market Data . . . . . . 9 Credit Union & Consumer Credit Market Data. . . . . . . 10

The estimates in this report are based on information from a monthly sample of credit unions and are revised whenever more complete data are available. The estimates have been revised to reflect benchmark data as of September 2017. Look for the February 2018 edition of Monthly Credit Union Estimates during the last week of March.

? Copyright 2018 by Credit Union National Association Inc.All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the copyright owner.

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Monthly Credit Union Estimates

January 2018

Distribution of credit union savings

IRAs 6.6%

MMAs 22.4%

Reg/Other 37.9%

Certs 18.9%

Share Drafts 14.2%

IRAs 7.1%

MMAs 22.9%

Reg/Other 37.7%

Certs 18.4%

Share Drafts 13.8%

Jan '18 Savings = $1,175.7 Billion

Jan '17 Savings = $1,107.9 Billion

Distribution of credit union loans

Other Home Equity 6.4%

5.6% Sec Mort

3.0%

New Auto 13.8%

1st Mort Adj 11.1%

Used Auto 21.1%

Home Equity 5.6%

Sec Mort 3.2%

Other 6.1%

1st Mort Adj 12.0%

New Auto 13.4%

Used Auto 20.9%

1st Mort Fixed 29.0%

Unsec 10.0%

Jan '18 Loans = $992.6 Billion

(1) Some credit unions sweep share draft balances weekly to reduce reserve requirements. This causes a distortion (i.e. total share draft balances appear smaller than they otherwise would be) in months ending on Friday.

1st Mort Fixed 28.6%

Unsec 10.2%

Jan '17 Loans = $895.3 Billion

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Monthly Credit Union Estimates

January 2018

Maturity of surplus funds

Sept 2017 vs. Sept 2016 (All Credit Unions) (sum of cash plus investments)

>10 yrs 1.2%

>10 yrs 1.0%

Sept '17

3-10 yrs 26.7%

1-3 yrs 24.1%

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