Latest Utah CU Trends Display Unique Characteristics in 4Q 2024

The 4Q 2024 Credit Union Performance Summary spotlights the most recent strides made by Utah credit unions. This comprehensive overview highlights important industry trends and compares our state to the national credit union landscape as 2024 concluded.

The performance summary provides understanding on the current state of the industry and highlights achievements and advancements as credit unions continue exhibiting operating performance ratios and peer-to-peer financial metrics that your leadership teams can strategically use in 2025.

Industry Highlights/Trends: 

• National Leadership: Utah credit unions outperformed their national peers in several critical areas, including ROA and growth in loans, shares, and members. This points to the state industry’s commitment to delivering superior member value.
• Loan Growth: has carried on its slow decline to low levels not seen in the last 5 years—but is nevertheless higher in Utah than outside of Utah. The average balances of auto loans and credit cards, in particular, have decreased.
• Asset Quality: continues to soften across the country and in Utah. While charge off have generally stabilized since the end of 2023, delinquencies continue to increase. Credit cards lead the way, but all loan types have seen an increase in delinquency.
• Loan mix: Utah credit unions remain more diverse in their loan portfolio than other credit unions, with fewer loans in mortgages and more in member business lending.
• Net interest margin: continues widen even as cost of funds rise.  

These and other summaries are available in the report. Download it here!