Q4 2025
The Ledger — Q4 2025
Fed Funds: 3.64% · 10Y: 4.18% · 2Y: 3.47%
Data through December 31, 2025. All figures reflect the universe of 4,287 federally insured credit unions reporting for the quarter. Q4 income-based ratios reflect full-year figures and are not annualized. Growth rates are quarter-over-quarter.
Q4 Income Ratios
Q4 income-based ratios (ROAA, NIM, NCO ratio) reflect full-year figures and are not annualized. All other quarters use annualized rates (Q1 ×4, Q2 ×2, Q3 ×4/3). A quarter-over-quarter comparison of income ratios between Q3 (annualized) and Q4 (full-year) is therefore not like-for-like.
Scope and limitations of this report are at its foot.
System at a Glance
Total Assets
$2,433.0B
Total Loans
$1,721.1B
Total Shares & Deposits
$2,067.5B
Net Income (Full Year)
$18.7B
Net Worth Ratio
10.36%
ROAA
0.77%
Delinquency Ratio (60+)
1.03%
NCO Ratio
0.77%
Capital Adequacy
10.36%
336 basis points above the 7.00% well-capitalized threshold; highest reading in the dataset
System net worth ratio at 10.36%: The system-wide net worth ratio rose 11 bps quarter-over-quarter to 10.36% as of December 31, 2025, the highest reading in the 12-quarter dataset and the fourth consecutive quarterly increase. Full-year net income totaled $18.9 billion. Credit unions under $100M carry the highest ratio, 13.9%, while the over-$10B cohort is at 9.5%, a spread of about 440 basis points.
2Q23–4Q25
Source: NCUA Call Report, Q4 2025 · release v2026.2.27 · QuarterCall
2Q23–4Q25
Source: NCUA Call Report, Q4 2025 · release v2026.2.27 · QuarterCall
See also: System Signals — Q4 2025, Signal 3: Earnings Held Up, and the Credit Bill Has Not Come Due
Asset Quality
1.02%
Above 1.00% for the first time in the dataset; the over-$10B cohort at 1.49%
System delinquency at 1.02%: The 60+ day delinquency ratio rose to 1.02% as of December 31, 2025, up 8 bps from Q3's 0.94%, and is above 1.00% for the first time in the 12-quarter dataset. The over-$10B cohort carries a 1.49% delinquency ratio, 46 bps above the system average. Full-year net charge-offs were 77 bps, essentially unchanged from 2024's 79 bps. Year over year, Q4 2025's 1.02% compares with 0.97% in Q4 2024 and 0.83% in Q4 2023.
2Q23–4Q25
Source: NCUA Call Report, Q4 2025 · release v2026.2.27 · QuarterCall
2Q23–4Q25
Source: NCUA Call Report, Q4 2025 · release v2026.2.27 · QuarterCall
See also: System Signals — Q4 2025, Signal 1: The 1% Threshold Has Been Crossed
Earnings
3.34%
Highest in the dataset; eighth consecutive quarterly increase
Full-year NIM at 3.34%, ROAA at 78 bps: Full-year NIM was 3.34%, up 1 bps from Q3's 3.33% and the eighth consecutive quarterly increase since the 2.97% trough in Q4 2023. Full-year ROAA was 78 bps, down 2 bps from Q3's annualized 80 bps. Full-year net income of $18.9 billion is 30% above 2024's $14.5 billion. The $500M–$1B tier posted the lowest ROAA, 70 bps, and the over-$10B cohort the highest, 81 bps.
2Q23–4Q25
Source: NCUA Call Report, Q4 2025 · release v2026.2.27 · QuarterCall
2Q23–4Q25
Source: NCUA Call Report, Q4 2025 · release v2026.2.27 · QuarterCall
See also: System Signals — Q4 2025, Signal 2: NIM Expansion Has Stalled
Loan Growth & Composition
1.97%
The second-highest quarter-over-quarter growth rate in the dataset
Loans grew 1.97% quarter-over-quarter: System loans grew 1.97% quarter-over-quarter in Q4 2025, the second-highest rate in the dataset. The $1B–$10B cohort led at 2.66%. Credit unions under $100M contracted 0.33%, extending six consecutive quarters of negative loan growth at the smallest tier. The loans-to-assets ratio fell to 70.69% from 70.97% as share growth of 2.64% outpaced loan growth for the first time since Q1 2025.
2Q23–4Q25
Source: NCUA Call Report, Q4 2025 · release v2026.2.27 · QuarterCall
2Q23–4Q25
Source: NCUA Call Report, Q4 2025 · release v2026.2.27 · QuarterCall
Liquidity
70.69%
Down 28 bps quarter-over-quarter as deposit growth outpaced loan growth
Deposits grew 2.64% quarter-over-quarter; borrowings fell: Shares and deposits grew 2.64% quarter-over-quarter to $2.09 trillion, faster than loans, and the loans-to-assets ratio fell 28 bps to 70.69%. Borrowings fell to $83.3 billion from $88.3 billion. The largest credit unions have the highest loans-to-assets ratio, 73.3%, while institutions under $100M are at 52.3%.
2Q23–4Q25
Source: NCUA Call Report, Q4 2025 · release v2026.2.27 · QuarterCall
Standardized Data Table — Q4 2025
Key CAMELS-aligned metrics by asset-size cohort for the quarter ending December 31, 2025. Q4 income-based ratios reflect full-year figures (not annualized). Growth rates are single-quarter (QoQ).
Standardized Data Table — CAMELS Metrics by Asset-Size Cohort, Q4 2025
| Cohort | CUs | Total Assets | Net Worth | ROAA | NIM | Delinq. (60+) | NCO Ratio | Loans/Assets | Loan Gr. (QoQ) | Asset Gr. (QoQ) |
|---|---|---|---|---|---|---|---|---|---|---|
| Under $100M | 2,514 | $75.6B | 13.88% | 0.77% | 3.77% | 1.09% | 0.47% | 52.30% | -0.34% | 0.72% |
| $100M–$500M | 1,034 | $238.8B | 11.27% | 0.75% | 3.56% | 0.89% | 0.50% | 63.60% | 0.81% | 1.26% |
| $500M–$1B | 279 | $201.5B | 10.21% | 0.70% | 3.42% | 0.88% | 0.57% | 69.69% | 1.50% | 2.26% |
| $1B–$10B | 439 | $1,305.0B | 10.40% | 0.78% | 3.14% | 0.85% | 0.60% | 72.07% | 2.63% | 3.18% |
| Over $10B | 21 | $612.1B | 9.53% | 0.81% | 3.61% | 1.49% | 1.31% | 73.31% | 1.30% | 1.50% |
Scope and limitations
- Q4 income ratios are full-year figures, not annualized; set against Q3's annualized ratios they are not like-for-like.
- The highs and firsts the report calls are measured over the quarters in its dataset, not over a longer history.
- The figures are aggregates for the system and for each asset tier; a single credit union's position cannot be read from them.
Data: Q4 2025 · Period 2Q23–4Q25 · release v2026.2.27 · How the figures are produced
Revisions
. Refrozen to release v2026.2.27; in the cohort table the $100M–$500M cohort's loans-to-assets ratio is 63.60% (was 63.59%). Edited for style.
. 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 — Q4 2025”, March 15, 2026, release v2026.2.27. https://quartercall.com/research/pulse/2025-q4/
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.
This report does not consider the specific circumstances of any individual credit union and is not tailored advice. QuarterCall Research has no financial relationship with, and receives no compensation from, any institution referenced.
All information is provided "as is," without warranty of any kind, and QuarterCall Research disclaims liability for any decisions made in reliance on this report. Historical metrics are not indicative of future financial condition. This report is proprietary to QuarterCall Research, a publication of IP Foundries, LLC (Arizona), and may not be reproduced, distributed, or reused without prior written consent.