Nevada's eight credit unions delivered a strong 2026-Q2 on most fronts — ROA climbed to 1.15%, 26 bps above the national 0.89%, and member growth held positive for nine straight quarters at 1.56%, far outpacing the national -0.69%. Yet the quarter's defining story is a sharp delinquency surge to 0.99%, up 0.58 pp from 2026-Q1 and 0.54 pp from 2025-Q2, pushing the cohort 12 bps above the national benchmark. Loan growth decelerated sharply on both a QoQ and YoY basis, and indirect auto concentration continues rising. Whether improving margins can absorb mounting credit stress will define the second half of 2026.
NV Credit Unions Post Record Delinquency Spike Even as Profitability and Membership Outpace National Peers
Key Insights
Year-over-Year Changes
Loan Growth (YoY) (Absolute)
▼
2025-Q2
→
2026-Q2
6.18% → 2.31%
(-3.87%)
Indirect Auto Concentration (%) (Absolute)
▲
2025-Q2
→
2026-Q2
23.15% → 25.27%
(+2.12%)
Net Interest Margin (NIM) (Absolute)
▲
2025-Q2
→
2026-Q2
3.29% → 3.49%
(+0.20%)
Asset Growth (YoY) (Absolute)
▼
2025-Q2
→
2026-Q2
7.57% → 4.19%
(-3.37%)
Share Certificate Concentration (%) (Absolute)
▲
2025-Q2
→
2026-Q2
17.93% → 18.07%
(+0.14%)
Quarter-over-Quarter Changes
Loan Growth (YoY) (Absolute)
▼
2026-Q1
→
2026-Q2
6.44% → 2.31%
(-4.13%)
Indirect Auto Concentration (%) (Absolute)
▲
2026-Q1
→
2026-Q2
23.40% → 25.27%
(+1.87%)
Net Interest Margin (NIM) (Absolute)
▲
2026-Q1
→
2026-Q2
3.38% → 3.49%
(+0.12%)
Asset Growth (YoY) (Absolute)
▲
2026-Q1
→
2026-Q2
3.97% → 4.19%
(+0.22%)
Share Certificate Concentration (%) (Absolute)
▲
2026-Q1
→
2026-Q2
17.86% → 18.07%
(+0.21%)
Key Metrics
Return on Assets
1.15%
▲ YoY26 basis points above national
Net Interest Margin
3.49%
▲ YoY25 basis points below national
Asset Growth
4.19%
▼ YoYMember Growth
1.56%
Delinquency Rate
0.99%
▲ YoYNet Worth Ratio
12.45%
AMR Growth
2.31%
Deposit Growth
3.77%
Loan Growth
2.31%
▼ YoYMember Engagement
Member Growth (YoY %)
Member engagement remains a clear strength for Nevada credit unions. Member growth stood at 1.56% in 2026-Q2, extending a positive streak for nine consecutive quarters since 2024-Q2. On a QoQ basis, growth decelerated from 2.14% in 2026-Q1 (-0.59 pp), signaling some moderation in momentum. However, the YoY comparison tells a more encouraging story: growth accelerated from 0.93% in 2025-Q2 (+0.62 pp). The cohort sits 2.25 percentage points above the national benchmark of -0.69%, a meaningful structural advantage as industry-wide membership contracts.
Profitability
Return on Assets (%)
Net Interest Margin (%)
Profitability improved on both timeframes in 2026-Q2. ROA rose to 1.15% from 1.10% in 2026-Q1 (+0.05 pp QoQ) and from 1.02% in 2025-Q2 (+0.13 pp YoY), placing the cohort 26 basis points above the national 0.89%. Net interest margin also strengthened, increasing to 3.49% from 3.38% QoQ (+0.12 pp) and from 3.29% in 2025-Q2 (+0.20 pp YoY). NIM remains 25 bps below the national 3.74%, but the consistent upward trajectory suggests pricing power is gradually improving. The combination of rising NIM and expanding ROA signals a healthy earnings environment, though rising delinquency warrants close monitoring.
Growth
Asset Growth (YoY %)
Member Growth (YoY %)
Asset growth accelerated modestly to 4.19% in 2026-Q2 from 3.97% in 2026-Q1 (+0.22 pp QoQ), marking nine consecutive quarters of positive expansion since 2024-Q2 and sitting 1.56 pp above the national 2.63%. On a YoY basis, however, asset growth decelerated sharply from 7.57% in 2025-Q2 (-3.37 pp), reflecting a normalization from elevated prior-year levels. Loan growth told a similar story: it decelerated to 2.31% from 6.44% in 2026-Q1 (-4.13 pp QoQ) and from 6.18% in 2025-Q2 (-3.87 pp YoY), though it remains positive for five consecutive quarters and still leads the national 0.22%.
Risk & Credit Quality
Delinquency Rate (%)
Net Worth Ratio (%)
The risk profile deteriorated materially in 2026-Q2. Delinquency surged to 0.99% from 0.42% in 2026-Q1 (+0.58 pp QoQ) and from 0.45% in 2025-Q2 (+0.54 pp YoY), pushing the cohort 12 bps above the national benchmark of 0.88%. This is the most significant single-quarter delinquency jump in the data window and demands attention given the cohort's elevated indirect auto concentration. Partially offsetting this, net worth strengthened to 12.45% from 12.18% in 2026-Q1 (+0.27 pp QoQ) and from 12.01% in 2025-Q2 (+0.45 pp YoY), though the cohort remains 1.36 pp below the national 13.81%, leaving limited cushion if credit losses accelerate.
Portfolio Mix
First Mortgage (%)
Indirect Auto (%)
Share Certificates (%)
Portfolio composition shifted notably in 2026-Q2. Indirect auto concentration rose to 25.27%, up 1.87 pp from 23.40% in 2026-Q1 and up 2.12 pp from 23.15% in 2025-Q2 — more than three times the national 7.71%, a concentration that amplifies credit risk given rising delinquency. First mortgage share contracted to 21.23%, down 6.30 pp YoY and now slightly below the national 22.22%, reflecting a deliberate or market-driven shift away from long-duration assets. Share certificate concentration edged up to 18.07% from 17.86% in 2026-Q1 (+0.21 pp QoQ) and from 17.93% in 2025-Q2 (+0.14 pp YoY), trailing the national 20.02%, suggesting members are not yet aggressively locking into term deposits.
Strategic Implications
- • The delinquency spike to 0.99% — up 0.58 pp in a single quarter — demands immediate review of indirect auto underwriting standards, given that segment's 25.27% portfolio concentration is more than triple the national average.
- • With loan growth decelerating sharply to 2.31% from 6.44% last quarter, NV credit unions should evaluate whether tighter credit conditions or demand softness is driving the pullback, and recalibrate origination targets accordingly.
- • ROA of 1.15% and NIM expanding to 3.49% provide a profitability buffer, but the 1.36 pp gap below the national net worth ratio of 13.81% limits the cohort's capacity to absorb credit losses without capital pressure.
- • Nine consecutive quarters of positive member growth — at 2.25 pp above a contracting national benchmark — represents a durable competitive moat that should be leveraged to deepen product penetration and reduce reliance on indirect auto channels.
- • Rising certificate balances (+0.21 pp QoQ) alongside decelerating loan growth could compress future NIM if deposit costs rise faster than asset yields; locking in funding costs now while margins expand may reduce rate sensitivity risk.
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Notable Patterns
How This Cohort Compares to National
Indirect Auto Pct is 17.6pp above national
Member Growth (annual) is 2.2pp above national
Loan Growth (annual) is 2.1pp above national
Certificate Pct is 1.9pp below national
Asset Growth (annual) is 1.6pp above national