Alaska's 9 credit unions entered 2026-Q1 with broad-based momentum: member growth accelerated to 1.84% QoQ from 0.67% in 2025-Q4, sitting 2.49 pp above the national average of -0.65%. ROA climbed to 0.77% — up from 0.62% last quarter and 0.69% a year ago — while NIM expanded to 4.25%, 55 bps above national. Asset growth decelerated to 3.37% QoQ but surged from -1.53% a year ago. The cautionary notes: delinquency has risen 9 bps year-over-year to 0.83%, and net worth at 11.69% remains 1.92 pp below the national 13.61%, limiting the margin for error as loan growth continues to outpace the industry.
✦ Q1 2026 · First Look
Alaska Credit Unions
AK Credit Unions
Alaska CUs Outpace National Growth on All Fronts, But Delinquency Creep and Capital Gap Demand Attention
Key Insights
Year-over-Year Changes
Member Growth (YoY) (Absolute)
▼
2025-Q1
→
2026-Q1
2.13% → 1.84%
(-0.29%)
First Mortgage Concentration (%) (Absolute)
▲
2025-Q1
→
2026-Q1
20.03% → 20.94%
(+0.91%)
Asset Growth (YoY) (Absolute)
▲
2025-Q1
→
2026-Q1
-1.53% → 3.37%
(+4.90%)
Share Certificate Concentration (%) (Absolute)
▲
2025-Q1
→
2026-Q1
21.26% → 22.82%
(+1.55%)
Indirect Auto Concentration (%) (Absolute)
▼
2025-Q1
→
2026-Q1
15.96% → 15.26%
(-0.70%)
Quarter-over-Quarter Changes
Member Growth (YoY) (Absolute)
▲
2025-Q4
→
2026-Q1
0.67% → 1.84%
(+1.17%)
First Mortgage Concentration (%) (Absolute)
▲
2025-Q4
→
2026-Q1
20.77% → 20.94%
(+0.16%)
Asset Growth (YoY) (Absolute)
▼
2025-Q4
→
2026-Q1
4.28% → 3.37%
(-0.91%)
Share Certificate Concentration (%) (Absolute)
▲
2025-Q4
→
2026-Q1
22.53% → 22.82%
(+0.28%)
Indirect Auto Concentration (%) (Absolute)
▼
2025-Q4
→
2026-Q1
15.80% → 15.26%
(-0.54%)
Key Metrics
Return on Assets
0.77%
▲ YoY10 basis points above national
Net Interest Margin
4.25%
▲ YoY55 basis points above national
Asset Growth
3.37%
▲ YoYMember Growth
1.84%
Delinquency Rate
0.83%
▲ YoYNet Worth Ratio
11.69%
AMR Growth
4.10%
Insufficient historical data for trend visualization
Deposit Growth
5.32%
Insufficient historical data for trend visualization
Loan Growth
2.90%
— YoYMember Engagement
Member Growth (YoY %)
Member engagement strengthened markedly in 2026-Q1. Member growth accelerated to 1.84% from 0.67% in 2025-Q4 — a gain of 1.17 pp quarter-over-quarter — signaling a notable pickup in new membership activity heading into the year. On a year-over-year basis, however, growth decelerated slightly from 2.13% in 2025-Q1 to 1.84%, a decline of 0.29 pp, suggesting the pace set a year ago has moderated. Even so, Alaska CUs stand 2.49 pp above the national member growth rate of -0.65%, a meaningful competitive advantage in a contracting national membership environment.
Profitability
Return on Assets (%)
Net Interest Margin (%)
Profitability improved on both timeframes in 2026-Q1. ROA increased to 0.77% from 0.62% in 2025-Q4, a gain of 0.15 pp quarter-over-quarter, and rose 0.08 pp from 0.69% in 2025-Q1 year-over-year — now 10 bps above the national benchmark of 0.67%. NIM also expanded, increasing 0.06 pp QoQ to 4.25% from 4.18% in 2025-Q4, and rising 0.21 pp from 4.03% in 2025-Q1. At 55 bps above the national NIM of 3.70%, Alaska CUs demonstrate a durable spread advantage, likely reflecting the region's distinct lending mix and deposit cost dynamics.
Growth
Asset Growth (YoY %)
Member Growth (YoY %)
Asset growth decelerated to 3.37% in 2026-Q1 from 4.28% in 2025-Q4, a slowdown of 0.91 pp quarter-over-quarter. Yet the year-over-year picture is dramatically stronger: asset growth accelerated by 4.90 pp from -1.53% in 2025-Q1, now running 73 bps above the national rate of 2.64%. Loan growth similarly decelerated modestly to 2.90% from 3.17% in 2025-Q4, a decline of 0.27 pp QoQ, though it remains 2.59 pp above the national loan growth rate of 0.31%. Year-over-year loan growth comparisons are unavailable, limiting full trend assessment on that metric.
Risk & Credit Quality
Delinquency Rate (%)
Net Worth Ratio (%)
The risk profile of Alaska CUs is mixed in 2026-Q1. Delinquency was essentially stable QoQ, edging down 0.04 pp from 0.88% in 2025-Q4 to 0.83% — a directionally positive but modest move. However, on a year-over-year basis, delinquency increased 0.09 pp from 0.74% in 2025-Q1, now 5 bps above the national benchmark of 0.78%. Net worth improved on both timeframes, rising 0.10 pp QoQ from 11.59% and 0.19 pp YoY from 11.51%, yet at 11.69% it remains 1.92 pp below the national average of 13.61%, leaving Alaska CUs with less capital cushion relative to peers.
Portfolio Mix
First Mortgage (%)
Indirect Auto (%)
Share Certificates (%)
Alaska CUs' portfolio composition shifted modestly in 2026-Q1. First mortgage concentration increased 0.16 pp QoQ to 20.94% from 20.77% in 2025-Q4, and rose 0.91 pp year-over-year from 20.03% in 2025-Q1, still trailing the national average of 22.15%. Indirect auto concentration decreased 0.54 pp QoQ to 15.26% from 15.80% and fell 0.70 pp YoY from 15.96% — yet remains nearly double the national rate of 7.73%, a defining feature of this cohort's loan book. Share certificate concentration increased 0.28 pp QoQ to 22.82% and rose 1.55 pp YoY from 21.26%, now 3.02 pp above the national certificate rate of 19.80%.
Strategic Implications
- • The 1.92 pp net worth gap below the national 13.61% benchmark constrains balance sheet flexibility; Alaska CUs should prioritize retained earnings discipline as loan growth continues to outpace the national rate by 2.59 pp.
- • Indirect auto concentration at 15.26% — nearly double the national 7.73% — amplifies credit risk exposure as delinquency trends upward 9 bps year-over-year; portfolio diversification toward first mortgages warrants active consideration.
- • Member growth running 2.49 pp above a contracting national average signals strong community relevance; deepening product penetration among new members could convert acquisition momentum into durable revenue.
- • Rising certificate concentration, up 1.55 pp year-over-year to 22.82%, suggests members are locking in rates, which may compress NIM flexibility if funding costs reprice upward before loan yields adjust.
- • With asset growth rebounding 4.90 pp year-over-year from contraction to 3.37%, Alaska CUs should assess whether operational capacity and risk infrastructure are scaling commensurately to sustain quality growth.
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Notable Patterns
How This Cohort Compares to National
Indirect Auto Pct is 7.5pp above national
Certificate Pct is 3.0pp above national
Loan Growth (annual) is 2.6pp above national
Member Growth (annual) is 2.5pp above national
Net Worth Ratio is 1.9pp below national