Credit unions showed improvements in several key indicators of their health during the first quarter of the year, the NCUA reported Tuesday.
The agency said assets, shares, net income and net worth all rose during the first three months of 2011 while loans, delinquencies, charge offs and bankruptcy filings declined.
Credit unions had assets of $939 billion at the end of March, up from $914.5 billion at the end of December. There were 90.8 million members of federally insured credit unions, compared with 90.5 million at the end of last year.
The data are based on Call Reports filed by the 7,292 federally insured credit unions.
Return on average assets was 74 basis points, compared with 51 basis points in the last quarter of 2010. Shares rose to $811.7 billion from $786.4 billion at the end of December. Net income rose 10.55%.
The value of investments was $253.8 billion, up from $238.9 million at the end of December.
Net worth increased to $93.6 billion from $92 billion.
Federally insured credit unions had $560 billion in outstanding loans during the quarter, a decline from $564.8 billion during the previous three months.
Those credit unions reported that 1.62% of their loans were delinquent, compared with 1.74% at the end of 2010. The ratio of net charge offs to average loans was 1%, compared with 1.1% at the end of last year.
During the first three months of the year, 88,585 credit union members filed for bankruptcy, compared with 99,076 during the same period last year.
“The solid financial start to 2011 shows the resilience of the industry, and credit unions as a group continue to make solid progress during the economic recovery,” NCUA Chairman Debbie Matz said in a statement. “As we map the road ahead, NCUA will continue its efforts to keep credit unions well positioned to serve American consumers.”