NCUA has released the first quarter data for 2022, and the Association has put together the usual analysis of the info, with a focus on Utah’s credit unions. Download the report here.

The first page of the report provides some interesting details about the credit unions in Utah. For example, while Utah has only 1.6% of the industry’s credit unions, it has:

• 2.56% of members
• 2.24% of assets
• 2.54% of loans

This shows that Utah’s credit unions punch above their weight when it comes to share of credit union market.

In addition, that first page shows:

• The average Utah credit union has 221% the national average of members.
• The average Utah credit union has 193% the national average of assets.

To put those figures in perspective:

• In terms of assets, Deseret First ($961 million), and Utah First ($719 million) are closest to the average of $827 million.
• In terms of members, Deseret First (72,933 members) and Wasatch Peaks (34,920 members) are closest to the average of 58,426.

Incidentally, to put the average figures in perspective, the median figures are quite different:

• Median asset size is $51,293,571. The two closest credit unions are Millard County ($58,709,614 in assets) and Nephi Western ($43,877,527).
• Median number of members is 3,773. The two closest credit unions are Freedom (3,986 members) and Firefighters (3,560 members).

The report includes 24 pages of analysis, which, when compared to credit unions in states adjacent to Utah and credit unions nationally, credit unions based in Utah:

• Have higher ROA
• Have higher net-interest margin
• Have higher loan-to-share ratios
• Make fewer mortgage and real estate loans
• Have fewer 1st mortgages on the books; correlated: Utah’s credit unions sell a larger percentage of mortgage loans.
• Make more commercial real estate loans
• Have a lower ratio of new autos to used autos on the books
• Have higher credit card penetration with larger unfunded commitments
• Have a smaller dollar relationship with members
• Have a higher penetration of share draft accounts

Download the full report here.