Nevada Credit Unions

Member engagement strengthened meaningfully in Q1 2026. Member growth accelerated to 2.14%, up 0.37 pp from 1.77% in Q4 2025 (QoQ) and up 0.61 pp from 1.53% in Q1 2025 (YoY). This trajectory stands in sharp contrast to the national average of -0.65%, placing Nevada CUs 2.79 pp above the industry. The consistent acceleration across both timeframes signals that Nevada institutions are capturing wallet share even as the broader industry experiences net membership contraction — a meaningful competitive differentiator heading into the second half of 2026.

Profitability improved on both timeframes. ROA increased to 1.10% in Q1 2026, up 0.17 pp from 0.93% in Q4 2025 (QoQ) and up 0.08 pp from 1.02% in Q1 2025 (YoY), positioning Nevada CUs 42 bps above the national 0.67%. NIM also increased to 3.38%, up 0.08 pp from 3.29% last quarter and up 0.15 pp from 3.23% a year ago — though it remains 32 bps below the national 3.70%. The ROA outperformance is notable, suggesting disciplined cost management is compensating for the below-national NIM.

Growth decelerated but remains robust. Asset growth slowed to 3.97% in Q1 2026 from 4.88% in Q4 2025 (QoQ) and from 8.30% in Q1 2025 (YoY), a deceleration of 4.33 pp year-over-year — though it still exceeds the national 2.64% by 1.34 pp. Loan growth also decelerated modestly to 6.44% from 6.68% in Q4 2025 (QoQ), a 0.24 pp pullback, and remains dramatically above the national benchmark of 0.31% by 6.13 pp. The deceleration in both metrics warrants monitoring, but the absolute levels reflect continued balance sheet expansion well ahead of peers.

The risk profile is broadly favorable with one area to watch. Delinquency decreased to 0.42% in Q1 2026 from 0.50% in Q4 2025 (QoQ), an improvement of 0.08 pp, and is essentially stable versus 0.38% in Q1 2025 (YoY, +0.03 pp) — sitting 36 bps below the national 0.78%. Net worth decreased slightly to 12.18% from 12.25% in Q4 2025 (QoQ, -0.07 pp), though it increased 0.31 pp from 11.88% in Q1 2025 (YoY). At 12.18%, net worth trails the national 13.61% by 1.43 pp, a gap that merits attention as loan growth continues to outpace the industry.

Portfolio composition shifted further toward real estate and auto in Q1 2026. First mortgage concentration increased to 28.53%, up 0.18 pp from 28.35% in Q4 2025 (QoQ) and up 1.02 pp from 27.51% in Q1 2025 (YoY), well above the national 22.15%. Indirect auto concentration rose to 23.40%, up 0.59 pp from 22.81% last quarter and up 0.10 pp year-over-year, versus a national average of just 7.73%. Share certificate concentration declined to 17.86%, down 0.39 pp from Q4 2025 and down 0.15 pp from Q1 2025, remaining below the national 19.80% — indicating members are favoring other deposit vehicles.