Washington Credit Unions

Member growth in 2026-Q1 held at -0.25%, essentially stable quarter-over-quarter from -0.22% in 2025-Q4 — a change of just 2 bps — signaling the contraction has plateaued rather than worsened. The more encouraging story is year-over-year: the rate accelerated by 0.52 pp from -0.76% in 2025-Q1, suggesting the membership decline is narrowing. Notably, WA credit unions sit 40 bps above the national benchmark of -0.65%, meaning the cohort is outperforming peers on member retention even as absolute membership still shrinks.

Profitability delivered a mixed quarter. ROA decreased 7 bps quarter-over-quarter to 0.56% in 2026-Q1 from 0.63% in 2025-Q4, consistent with typical seasonal Q1 softness, and sits 12 bps below the national benchmark of 0.67%. Year-over-year, however, ROA increased 5 bps from 0.51% in 2025-Q1, reflecting genuine underlying improvement. NIM was stable quarter-over-quarter at 3.74% — up just 1 bp from 3.73% in 2025-Q4 — but increased 12 bps year-over-year from 3.62%, and now edges 4 bps above the national 3.70%. Fee income per member decreased sharply, falling 13.08 pp quarter-over-quarter to 142.88%, though it remains 26.71 pp above the national benchmark of 116.17%.

Asset growth decelerated modestly quarter-over-quarter to 2.61% in 2026-Q1 from 2.96% in 2025-Q4, a decline of 0.35 pp, but the year-over-year picture is striking: growth accelerated 2.65 pp from -0.04% in 2025-Q1, representing a full recovery from contraction. At 2.61%, WA credit unions are nearly on pace with the national benchmark of 2.64%, just 3 bps behind. Loan growth decelerated quarter-over-quarter to 0.37% from 1.03% in 2025-Q4, a drop of 0.66 pp, yet still edges 6 bps above the national 0.31%, suggesting WA institutions are holding a slight lending advantage.

The risk profile warrants watchfulness. Delinquency was stable quarter-over-quarter, edging up just 1 bp from 0.85% in 2025-Q4 to 0.86% in 2026-Q1, but the year-over-year increase of 13 bps from 0.73% in 2025-Q1 reflects a meaningful deterioration trend. At 0.86%, WA credit unions are 8 bps above the national benchmark of 0.78%. Net worth, meanwhile, was stable quarter-over-quarter at 12.92% versus 12.94% in 2025-Q4, and increased 38 bps year-over-year from 12.54% in 2025-Q1 — a positive capital trajectory, though the ratio remains 70 bps below the national 13.61%.

WA credit unions' portfolio composition reflects deliberate positioning. First mortgage concentration increased 0.55 pp year-over-year to 24.20% in 2026-Q1 from 23.65% in 2025-Q1, sitting 2.05 pp above the national 22.15%, signaling continued emphasis on real estate lending. Indirect auto concentration decreased 1.78 pp year-over-year from 17.91% to 16.13%, a notable pullback — though at 16.13% the cohort still runs more than double the national benchmark of 7.73%. On the deposit side, share certificate concentration increased 0.52 pp year-over-year to 22.48% from 21.95%, and was virtually stable quarter-over-quarter, remaining 2.68 pp above the national 19.80%.