Oregon's 47 credit unions entered 2026-Q1 with a mixed but cautiously constructive profile. NIM expanded to 3.97% — up 7 bps from 2025-Q4 and 17 bps from 2025-Q1 — outpacing the national average by 27 bps. Loan growth accelerated to 2.32%, well above the national 0.31%. However, ROA slipped year-over-year from 0.80% to 0.70%, and delinquency rose 0.16 pp versus 2025-Q1 to 0.96%, sitting 18 bps above the national benchmark. Asset growth decelerated sharply on a YoY basis. The divergence between margin strength and credit quality pressure will define the strategic outlook heading into mid-2026.
✦ Q1 2026 · First Look
Oregon Credit Unions
OR Credit Unions
Oregon CUs Post NIM Surge and Loan Acceleration, But Delinquency Creep and Fading Growth Momentum Signal Caution
Key Insights
Year-over-Year Changes
Net Interest Margin (NIM) (Absolute)
▲
2025-Q1
→
2026-Q1
3.80% → 3.97%
(+0.17%)
Asset Growth (YoY) (Absolute)
▼
2025-Q1
→
2026-Q1
10.16% → 1.45%
(-8.71%)
Share Certificate Concentration (%) (Absolute)
▲
2025-Q1
→
2026-Q1
16.28% → 16.70%
(+0.42%)
First Mortgage Concentration (%) (Absolute)
▼
2025-Q1
→
2026-Q1
26.69% → 26.47%
(-0.21%)
Indirect Auto Concentration (%) (Absolute)
▼
2025-Q1
→
2026-Q1
14.08% → 13.73%
(-0.34%)
Quarter-over-Quarter Changes
Net Interest Margin (NIM) (Absolute)
▲
2025-Q4
→
2026-Q1
3.90% → 3.97%
(+0.07%)
Asset Growth (YoY) (Absolute)
▲
2025-Q4
→
2026-Q1
0.21% → 1.45%
(+1.23%)
Share Certificate Concentration (%) (Absolute)
▲
2025-Q4
→
2026-Q1
16.56% → 16.70%
(+0.13%)
First Mortgage Concentration (%) (Absolute)
—
2025-Q4
→
2026-Q1
26.51% → 26.47%
(-0.04%)
Indirect Auto Concentration (%) (Absolute)
—
2025-Q4
→
2026-Q1
13.69% → 13.73%
(+0.05%)
Key Metrics
Return on Assets
0.70%
▼ YoY3 basis points above national
Net Interest Margin
3.97%
▲ YoY27 basis points above national
Asset Growth
1.45%
▼ YoYMember Growth
0.38%
Delinquency Rate
0.96%
▲ YoYNet Worth Ratio
13.25%
AMR Growth
1.05%
Insufficient historical data for trend visualization
Deposit Growth
0.18%
Loan Growth
2.32%
— YoYMember Engagement
Member Growth (YoY %)
Member engagement for Oregon CUs showed a positive near-term inflection in 2026-Q1. Member growth accelerated to 0.38% from 0.13% in 2025-Q4 — a gain of 0.25 pp quarter-over-quarter — and stands 1.03 pp above the national average of -0.65%, where the broader industry is actually losing members. However, on a year-over-year basis, the picture is more sobering: growth decelerated sharply from 7.86% in 2025-Q1 to 0.38%, a decline of 7.47 pp, signaling that the post-pandemic membership surge has substantially unwound.
Profitability
Return on Assets (%)
Net Interest Margin (%)
Profitability for Oregon CUs presents a tale of two metrics in 2026-Q1. NIM increased to 3.97% from 3.90% in 2025-Q4 (+7 bps QoQ) and from 3.80% in 2025-Q1 (+0.17 pp YoY), holding 27 bps above the national average of 3.70% — a meaningful structural advantage. ROA, however, was stable quarter-over-quarter at 0.70% versus 0.74% in 2025-Q4 (-4 bps, within noise), but decreased notably from 0.80% in 2025-Q1, now only 3 bps above the national 0.67%. Margin gains are not yet fully translating into bottom-line improvement.
Growth
Asset Growth (YoY %)
Member Growth (YoY %)
Growth dynamics for Oregon CUs accelerated on a quarterly basis but decelerated dramatically year-over-year. Asset growth accelerated to 1.45% in 2026-Q1 from 0.21% in 2025-Q4 (+1.23 pp QoQ), though it remains 1.19 pp below the national benchmark of 2.64% and has decelerated sharply from 10.16% in 2025-Q1 (-8.71 pp YoY). Loan growth also accelerated modestly to 2.32% from 2.22% in 2025-Q4 (+0.10 pp), outpacing the national 0.31% by a substantial 2.01 pp — a clear competitive strength in the current environment.
Risk & Credit Quality
Delinquency Rate (%)
Net Worth Ratio (%)
Oregon CUs' risk profile showed a split signal in 2026-Q1. Delinquency decreased quarter-over-quarter to 0.96% from 1.12% in 2025-Q4 (-0.16 pp), a welcome improvement. But year-over-year, delinquency increased 0.16 pp from 0.80% in 2025-Q1, and currently sits 18 bps above the national benchmark of 0.78% — a trend that warrants monitoring. Net worth was stable QoQ at 13.25% versus 13.22% in 2025-Q4 (+2 bps), and increased a healthy 0.84 pp from 12.41% in 2025-Q1 YoY, though it remains 37 bps below the national average of 13.61%.
Portfolio Mix
First Mortgage (%)
Indirect Auto (%)
Share Certificates (%)
Oregon CUs' portfolio composition remained largely stable in 2026-Q1 with modest directional shifts. First mortgage concentration edged down to 26.47% from 26.51% in 2025-Q4 (-4 bps QoQ) and from 26.69% in 2025-Q1 (-0.21 pp YoY), yet still runs 4.32 pp above the national average of 22.15%. Indirect auto held steady at 13.73% versus 13.69% in 2025-Q4 (+5 bps), but decreased 0.34 pp from 14.08% in 2025-Q1 — still nearly double the national 7.73%. Certificate concentration ticked up to 16.70% from 16.56% in 2025-Q4 (+0.13 pp) and from 16.28% in 2025-Q1 (+0.42 pp YoY), though it trails the national 19.80%.
Strategic Implications
- • Oregon CUs' NIM advantage of 27 bps above the national average is a durable edge, but converting margin gains into ROA recovery requires disciplined operating expense management as the YoY ROA decline to 0.70% signals cost pressure.
- • Delinquency rising 0.16 pp year-over-year to 0.96% — 18 bps above national — in a high indirect-auto-concentration portfolio (13.73%, nearly double the national 7.73%) creates concentrated credit risk that demands enhanced underwriting and early-intervention servicing protocols.
- • Loan growth outpacing the national benchmark by 2.01 pp (2.32% vs. 0.31%) is a competitive strength, but accelerating volume into a deteriorating delinquency environment could amplify credit losses if economic conditions soften in mid-2026.
- • Net worth at 13.25% — 37 bps below the national average despite a strong 0.84 pp YoY gain — limits capital deployment flexibility; Oregon CUs should prioritize retained earnings to close this gap before pursuing aggressive balance sheet expansion.
- • Member growth decelerating from 7.86% to 0.38% YoY, even while outperforming a negative national average, signals that organic membership acquisition strategies must evolve beyond pandemic-era tailwinds to sustain long-term engagement and deposit funding.
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Notable Patterns
How This Cohort Compares to National
Indirect Auto Pct is 6.0pp above national
First Mortgage Share is 4.3pp above national
Certificate Pct is 3.1pp below national
Loan Growth (annual) is 2.0pp above national
Asset Growth (annual) is 1.2pp below national
Data Quality Notes
1 metric(s) had extreme values filtered using MAD-based, z-score > 5.0.
Total Delinquency Rate (60+ days) (Absolute)
2 CU(s) excluded
Raw average: 1.13% →
Cleaned average: 0.96%
View excluded credit unions
- VALLEY (64169) - 4.42%
- MACHINISTS - BOILERMAKERS (14708) - 5.34%