Q3 2025
The Ledger — Q3 2025
Fed Funds: 4.09% · 10Y: 4.16% · 2Y: 3.60%
Data through September 30, 2025. All figures reflect the universe of 4,331 federally insured credit unions reporting for the quarter. Q3 income-based ratios are annualized (×4/3). Growth rates are quarter-over-quarter.
Q3 Annualization
Q3 income-based ratios (ROAA, NIM, NCO ratio) annualize the nine-month YTD figure by ×4/3. They are not directly comparable to a Q1 (×4) or full-year Q4 reading; the year-over-year change is the cleaner comparison.
Scope and limitations of this report are at its foot.
System at a Glance
Total Assets
$2,397.8B
Total Loans
$1,702.7B
Total Shares & Deposits
$2,033.7B
Net Income (YTD 9-mo)
$14.3B
Net Worth Ratio
10.25%
ROAA (annualized)
0.80%
Delinquency Ratio (60+)
0.95%
NCO Ratio (annualized)
0.76%
Capital Adequacy
10.25%
Up 50 bps year-over-year; equity grew 9.0%
Net worth ratio at 10.25%, higher on the quarter and the year: The system net worth ratio rose 28 bps quarter-over-quarter to 10.25% as of September 30, 2025, and is 50 bps above its level a year ago. Equity grew 9.0% year-over-year against asset growth of 3.7%; the ratio includes unrealized losses on AFS securities. The regulatory PCA net worth ratio, which excludes them, was 11.34%, up 19 bps year-over-year. Capital ranges from 13.8% at the under-$100M cohort to 9.4% at the over-$10B cohort.
4Q23–3Q25
Source: NCUA Call Report, Q3 2025 · release v2026.2.27 · QuarterCall
4Q23–3Q25
Source: NCUA Call Report, Q3 2025 · release v2026.2.27 · QuarterCall
See also: System Signals — Q3 2025, Signal 3: Earnings Improve as the Margin Outruns Provisioning
Asset Quality
0.95%
Up 4 bps quarter-over-quarter and 4 bps year-over-year
Delinquency at 0.95%, higher on the quarter and the year: The 60+ day delinquency ratio rose to 0.95% as of September 30, 2025, up 4 bps quarter-over-quarter and 4 bps year-over-year. The over-$10B cohort is at 1.36%, the highest of any tier and 41 bps above the system. Annualized net charge-offs held at 0.76%, slightly below a year ago, so the gap between the delinquency ratio and the charge-off rate widened. The smallest cohorts continue to carry the lowest rates, near 0.83–0.85%.
4Q23–3Q25
Source: NCUA Call Report, Q3 2025 · release v2026.2.27 · QuarterCall
4Q23–3Q25
Source: NCUA Call Report, Q3 2025 · release v2026.2.27 · QuarterCall
See also: System Signals — Q3 2025, Signal 1: At Its Current Pace, Delinquency Would Cross 1% Next Quarter
Earnings
3.33%
Up 27 bps year-over-year; the seventh straight quarterly gain
Annualized NIM at 3.33%, ROAA at 0.80%: The nine-month net interest margin annualized to 3.33%, up 27 bps year-over-year and the seventh consecutive quarterly gain. Annualized ROAA was 0.80%, 11 bps above a year ago, on nine-month net income of $14.3 billion, up 21% year-over-year. Net interest income grew 12.8% year-over-year and provision expense 5.4%. By cohort, the $500M–$1B tier earned the least at 0.68% and the over-$10B tier the most at 0.84%.
4Q23–3Q25
Source: NCUA Call Report, Q3 2025 · release v2026.2.27 · QuarterCall
4Q23–3Q25
Source: NCUA Call Report, Q3 2025 · release v2026.2.27 · QuarterCall
See also: System Signals — Q3 2025, Signal 2: NIM Expansion Is Effectively Over
Loan Growth & Composition
1.58%
The $1B–$10B tier led at 1.8%; the under-$100M tier grew 0.5%
Loans grew 1.58% quarter-over-quarter: System loans grew 1.58% quarter-over-quarter, against Q2's 1.79%. By tier, the $1B–$10B cohort led at 1.8% and credit unions under $100M grew 0.5%, the lowest of any tier again. On a year-over-year basis loans rose 4.4%, the highest annual rate of the year so far. Loans grew faster than deposits, and the loans-to-assets ratio rose (see Liquidity).
4Q23–3Q25
Source: NCUA Call Report, Q3 2025 · release v2026.2.27 · QuarterCall
4Q23–3Q25
Source: NCUA Call Report, Q3 2025 · release v2026.2.27 · QuarterCall
Liquidity
71.01%
Up 34 bps quarter-over-quarter as 1.6% loan growth outpaced 0.9% deposit growth
Deposits grew 0.9%; loans-to-assets rose to 71%: Shares and deposits grew 0.9% quarter-over-quarter to $2.03 trillion, above Q2's near-flat rate, while loans grew 1.6%, and the loans-to-assets ratio rose 34 bps to 71.0%. Borrowings fell 2.5% quarter-over-quarter to $87.9 billion and remain 28% below their year-ago level. Investments rose 1.1%. Loans have grown faster than deposits in three of the last four quarters.
4Q23–3Q25
Source: NCUA Call Report, Q3 2025 · release v2026.2.27 · QuarterCall
Standardized Data Table — Q3 2025
Key CAMELS-aligned metrics by asset-size cohort for the quarter ending September 30, 2025. Q3 income-based ratios are annualized (×4/3). Growth rates are single-quarter (QoQ).
Standardized Data Table — CAMELS Metrics by Asset-Size Cohort, Q3 2025
| Cohort | CUs | Total Assets | Net Worth | ROAA | NIM | Delinq. (60+) | NCO Ratio | Loans/Assets | Loan Gr. (QoQ) | Asset Gr. (QoQ) |
|---|---|---|---|---|---|---|---|---|---|---|
| Under $100M | 2,553 | $76.1B | 13.81% | 0.84% | 3.77% | 1.03% | 0.46% | 52.83% | 0.44% | -0.06% |
| $100M–$500M | 1,042 | $240.2B | 11.13% | 0.77% | 3.54% | 0.85% | 0.48% | 63.93% | 1.27% | 0.39% |
| $500M–$1B | 277 | $198.4B | 10.09% | 0.68% | 3.40% | 0.83% | 0.56% | 70.14% | 1.15% | 0.51% |
| $1B–$10B | 438 | $1,280.0B | 10.31% | 0.81% | 3.13% | 0.78% | 0.60% | 72.41% | 1.76% | 1.42% |
| Over $10B | 21 | $603.0B | 9.37% | 0.84% | 3.60% | 1.36% | 1.28% | 73.45% | 1.57% | 0.99% |
Scope and limitations
- Q3 income ratios annualize the nine-month figure and are not directly comparable to a Q1 or a full-year Q4 reading.
- The net worth ratio shown is equity over assets, which moves with unrealized securities losses; it is not the regulatory net worth ratio.
- The figures are aggregates for the system and for each asset tier; a single credit union's position cannot be read from them.
Data: Q3 2025 · Period 4Q23–3Q25 · release v2026.2.27 · How the figures are produced
Revisions
. Refrozen to release v2026.2.27; no printed figure changed. Edited for style. The margin's third-quarter gain was called the smallest of the recovery and the increment said to be shrinking; the third quarter added more than the second, and both statements were removed with the reading built on them. A forecast that delinquency would pass a round-number mark the next quarter, round-number milestones for the net worth ratio, explanations the report does not measure and readings of the trend were also removed, since The Ledger records figures without a reading.
. The Delinquency Formula note was removed. It said the delinquency ratio changed accounts with the Q3 2025 cycle; 60+ day delinquency is computed from one Call Report account in every cycle, so no comparison in the report crosses a change of definition. No figure changed.
Cite as: QuarterCall Research, “The Ledger — Q3 2025”, December 15, 2025, release v2026.2.27. https://quartercall.com/research/pulse/2025-q3/
This report is provided for informational and educational purposes only and does not constitute investment, legal, regulatory, or examination advice, nor should it be relied upon as the basis for any decision.
QuarterCall Research is not affiliated with the National Credit Union Administration (NCUA), and its interpretations are not those of the NCUA. Figures are independently computed from NCUA 5300 Call Report filings as submitted by individual credit unions; they are not guaranteed as to accuracy or completeness and may differ from NCUA-published figures.
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