The year-end Call Report figures show that Utah credit unions continue to perform well as their balance sheets and income statements inch toward pre-pandemic norms. Utahns continue to value services offered by their credit unions, as demonstrated by the continued growth in average member relationship, and increased penetration levels in all of the following:

• Credit card accounts
• Real estate loans
• Auto loans
• Share drafts

In addition, the report shows the following:

• Utah ended the year with 59 credit unions, one less than at the start of the year. Meadow Gold Employees Credit Union merged with Hercules Credit Union in the last quarter.
• ROA remains unusually healthy for Utah’s credit union industry.
• Loan-to-share ratios are inching upward.
• Mortgage originations remain strong.
• Delinquencies crept toward the pre-pandemic rate, but remain unusually low.
• Charge-offs remain low, contributing to the strong ROA.
• Operating expenses have stayed low, but so has income growth.
• Shares grew more slowly than during the pandemic height, but still much faster than pre-pandemic levels.
• Net worth ratios continue a slow climb out of their pandemic lows.

Download the full report here.