Credit union membership rose to a record 93.1 million in the second quarter even as the total number of credit unions dipped below 7,000.
In its quarterly report on industry activity, the National Credit Union Administration also said Friday that total loans in the quarter that ended June 30 climbed 1.7% from the prior quarter, to $581.7 billion, the highest level since the third quarter of 2008. The loan growth was driven primarily by demand for first mortgages and automobile loans, though member business loans also increased during the quarter by 1.2%, to $40.2 billion.
Overall, credit unions' net income climbed 2.9% from the prior quarter, to $2.14 billion, and their total net worth rose 2.1%, to $102.4 billion.
Membership is also on the rise. The industry added more than 643,000 members during the quarter even as it continued to consolidate. Fifty-nine credit unions vanished during the quarter, mostly through mergers, leaving a total of 6,960.
The NCUA also said that the number of credit union members who filed for bankruptcy during the quarter fell by 17%, though the percentage of loans charged off as a result of bankruptcy inched up slightly.
