Data through December 31, 2025 . All figures reflect the universe of 4,287 federally insured credit unions reporting for the quarter. Q4 income-based ratios reflect full-year figures and are not annualized. Growth rates are quarter-over-quarter.
Q4 Income Ratios
Q4 income-based ratios (ROAA, NIM, NCO ratio) reflect full-year figures and are not annualized. All other quarters use annualized rates (Q1 ×4, Q2 ×2, Q3 ×4/3). Direct QoQ comparison of income ratios between Q3 (annualized) and Q4 (full-year) should account for this methodological difference.
336 basis points above the 7.00% well-capitalized threshold; highest reading in the dataset
System net worth ratio at 10.36%:The system-wide net worth ratio rose 11 bps QoQ to 10.36% as of 12/31/2025, the highest reading in the 12-quarter dataset and the fourth consecutive quarterly increase. Full-year net income totaled $18.9 billion. Credit unions under $100M carry the thickest buffers at 13.9%, while the over-$10B cohort sits at 9.5%. The spread between top and bottom tiers is approximately 440 basis points.
Crossed the 1.00% mark for the first time in the dataset; over-$10B cohort at 1.49%
System delinquency at 1.02%:The 60+ day delinquency ratio reached 1.02% as of 12/31/2025, up 8 bps from Q3's 0.94%. This is the first time the ratio has crossed 1.00% in the 12-quarter dataset. The over-$10B cohort is carrying a 1.49% delinquency ratio, 46 bps above the system average. Full-year net charge-offs came in at 77 bps, essentially unchanged from 2024's 79 bps. Year-over-year: 4Q25's 1.02% compares to 0.97% in 4Q24 and 0.83% in 4Q23.
Delinquency Formula
Starting with the Q3 2025 cycle, the FPR delinquency ratio uses account `AAS0016` (total delinquent loans, revised definition) in place of `A661A`. The revised formula broadens the delinquent loan population to include certain restructured loans that were previously excluded. The impact on the system-wide ratio is approximately 2–3 bps. Trend comparisons across the transition should account for this shift.
Highest in the dataset; eighth consecutive quarterly increase
Full-year NIM at 3.34%, ROAA at 78 bps:Full-year NIM reached 3.34%, up 1 bps from Q3's 3.33% reading and the eighth consecutive quarterly increase since the 2.97% trough in Q4 2023. Full-year ROAA came in at 78 bps, down 2 bps from Q3's annualized 80 bps. Full-year net income of $18.9 billion represents a 30% increase over 2024's $14.5 billion. The $500M–$1B tier posted the lowest ROAA at 70 bps; the over-$10B cohort posted the highest at 81 bps.
Loans grew 1.97% QoQ:System loans grew 1.97% quarter-over-quarter in Q4 2025, the second strongest reading in the dataset. The $1B–$10B cohort led at 2.66% QoQ. Credit unions under $100M contracted 0.33%, extending six consecutive quarters of negative loan growth at the smallest tier. The loans-to-assets ratio dipped to 70.69% from 70.97% as share growth of 2.64% outpaced loan growth for the first time since Q1 2025.
Down 28 bps QoQ as deposit growth outpaced lending
Deposits grew 2.64% QoQ; borrowings declined:Shares and deposits grew 2.64% QoQ to $2.09 trillion, outpacing loan growth and pulling the loans-to-assets ratio down 28 bps to 70.69%. Borrowings declined to $83.3 billion from $88.3 billion. The largest credit unions run the tightest liquidity at 73.3% loans-to-assets, while institutions under $100M sit at 52.3%.
Key CAMELS-aligned metrics by asset-size cohort for the quarter ending December 31, 2025. Q4 income-based ratios reflect full-year figures (not annualized). Growth rates are single-quarter (QoQ).
Standardized Data Table — CAMELS Metrics by Asset-Size Cohort, Q4 2025
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Standardized Data Table — CAMELS Metrics by Asset-Size Cohort, Q4 2025
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FINASENSE is not affiliated with the National Credit Union Administration (NCUA). Financial data is sourced from NCUA 5300 Call Report filings as submitted by individual credit unions and is not guaranteed as to accuracy or completeness. Ratio definitions and account classifications reference the NCUA Financial Performance Report (FPR) Chart of Accounts. All aggregation, analysis, and derived metrics are independently computed by FINASENSE and may differ from NCUA-published figures. Interpretations reflect the views of FINASENSE and not those of the NCUA.
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