Data through September 30, 2025 . All figures reflect the universe of 4,331 federally insured credit unions reporting for the quarter. Q3 income-based ratios are annualized (×4/3). Growth rates are quarter-over-quarter.
Q3 Annualization
Q3 income-based ratios (ROAA, NIM, NCO ratio) annualize the nine-month YTD figure by ×4/3. They are not directly comparable to a Q1 (×4) or full-year Q4 reading; the year-over-year change is the cleaner comparison.
Up 50 bps year-over-year and back above 10%; equity grew 9.0% on continued AFS recovery
Net worth ratio at 10.25%, back above the 10% line:The system net worth ratio rose 28 bps QoQ to 10.25% as of 9/30/2025, crossing back above 10% and sitting 50 bps above year-ago levels. Equity grew 9.0% year-over-year against 3.7% asset growth as the AFS securities markdown continued to unwind. The regulatory PCA net worth ratio, which strips out that AFS effect, was steadier at 11.34%, up 19 bps year-over-year. Capital ranges from 13.8% at the under-$100M cohort to 9.4% at the over-$10B cohort.
Up 4 bps QoQ and 4 bps YoY — one quarter from breaching 1%
Delinquency at 0.95%, one quarter from 1%:The 60+ day delinquency ratio reached 0.95% as of 9/30/2025, up 4 bps QoQ and 4 bps year-over-year — at this pace the system breaches the 1% mark next quarter. The over-$10B cohort is already well past it at 1.36%, the widest tier and 41 bps above the system. Annualized net charge-offs held at 0.76%, slightly below a year ago, so the gap between rising delinquency and steady charge-offs is widening — past-dues are aging into late buckets rather than resolving. The smallest cohorts continue to run the cleanest books, near 0.83–0.85%.
Delinquency Formula Change
Effective this cycle, the FPR delinquency ratio uses account `AAS0016` (total delinquent loans, revised definition) in place of the former `A661A`, broadening the delinquent population to include certain previously excluded restructured loans. The system-wide impact is roughly 2–3 bps; trend comparisons spanning the Q3 2025 transition should account for it.
Up 27 bps year-over-year; the seventh straight quarterly gain, but the increment is shrinking
Annualized NIM at 3.33%, ROAA at 0.80%:The nine-month net interest margin annualized to 3.33%, up 27 bps year-over-year — the seventh consecutive quarterly gain, but the smallest increment of the recovery, a signal the repricing tailwind is nearly spent. Annualized ROAA reached 0.80%, 11 bps above a year ago, on nine-month net income of $14.3 billion (up 21% YoY). The headline is solid, and the composition supports it: net interest income grew 12.8% year-over-year while provisioning rose just 5.4%, so the margin gain flowed through to earnings rather than being absorbed by credit costs. By cohort, the $500M–$1B tier earned the least at 0.68% and the over-$10B tier the most at 0.84%.
Steady; the $1B–$10B tier led at 1.8%, the under-$100M tier lagged at 0.5%
Loans grew 1.58% QoQ:System loans grew 1.58% quarter-over-quarter, a steady third-quarter pace just off Q2's 1.79%. The size gradient persists: the $1B–$10B cohort led at 1.8% while credit unions under $100M managed only 0.5%, the weakest tier again. On a year-over-year basis loans rose 4.4%, the strongest annual pace of the year so far. Loan growth modestly outran deposits, nudging the loans-to-assets ratio higher (see Liquidity).
Edged up 34 bps QoQ as 1.6% loan growth outpaced the 0.9% deposit gain
Deposits grew 0.9%; loans-to-assets edged to 71%:Shares and deposits grew 0.9% QoQ to $2.03 trillion — soft but better than Q2's near-flat reading — while loans grew 1.6%, lifting the loans-to-assets ratio 34 bps to 71.0%. Credit unions resumed paying down wholesale funding: borrowings fell 2.5% QoQ to $87.9 billion and remain 28% below year-ago levels. Investments rose 1.1%. The funding mix is workable but tightening: three of the last four quarters have seen loans outpace deposits.
Key CAMELS-aligned metrics by asset-size cohort for the quarter ending September 30, 2025. Q3 income-based ratios are annualized (×4/3). Growth rates are single-quarter (QoQ).
Standardized Data Table — CAMELS Metrics by Asset-Size Cohort, Q3 2025
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Standardized Data Table — CAMELS Metrics by Asset-Size Cohort, Q3 2025
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