Q1 2026
The Ledger — Q1 2026
Fed Funds: 3.64% · 10Y: 4.30% · 2Y: 3.79%
Data through March 31, 2026. All figures reflect the universe of 4,250 federally insured credit unions reporting for the quarter. Q1 income-based ratios are annualized (×4). Growth rates are quarter-over-quarter.
Q1 Annualization
Q1 income-based ratios (ROAA, NIM, NCO ratio) are annualized at 4× a single quarter, which amplifies one quarter of noise. A large Q1 move is better compared with the year-over-year change, which the annualization factor does not distort. Quarter-over-quarter comparison of an annualized Q1 ratio against an annualized Q3 ratio (×4/3) or a full-year Q4 ratio is not like-for-like.
Scope and limitations of this report are at its foot.
System at a Glance
Total Assets
$2,484.0B
Total Loans
$1,729.5B
Total Shares & Deposits
$2,122.8B
Net Income (YTD Q1)
$5.1B
Equity Ratio (GAAP)
10.32%
ROAA (annualized)
0.83%
Delinquency Ratio (60+)
0.85%
NCO Ratio (annualized)
0.81%
Capital Adequacy
10.32%
The regulatory net worth ratio is 11.24%, 424 bps above the 7.00% well-capitalized threshold; equity up 11% year-over-year
Equity ratio at 10.32%; regulatory net worth ratio 11.24%: The system equity-to-assets ratio fell 4 bps quarter-over-quarter to 10.32% as of March 31, 2026, and is 57 bps above its level a year ago. This GAAP measure runs below the regulatory net worth ratio because it includes accumulated other comprehensive income. The regulatory ratio, the figure NCUA reports and the one measured against the 7.00% PCA floor, is 11.24%. Total equity rose 11.1% year-over-year against asset growth of 4.9%. On the GAAP basis, credit unions under $100M carry the highest ratio, 13.8%, and the over-$10B cohort the lowest, 9.9%.
2Q24–1Q26
Source: NCUA Call Report, Q1 2026 · release v2026.2.27 · QuarterCall
2Q24–1Q26
Source: NCUA Call Report, Q1 2026 · release v2026.2.27 · QuarterCall
See also: System Signals — Q1 2026, Signal 3: Record Margins, and a Cohort Earning Nothing
Asset Quality
0.85%
Down 18 bps quarter-over-quarter in the seasonal first-quarter decline, and up 5 bps from a year ago
Delinquency at 0.85%, lower on the quarter and higher on the year: The 60+ day delinquency ratio fell to 0.85% as of March 31, 2026, down 18 bps from year-end in the seasonal first-quarter decline. Against the same quarter of earlier years it is 5 bps above Q1 2025's 0.80% and above Q1 2024's 0.78%. The over-$10B cohort carries a 1.12% rate, the highest of any tier; the mid-tiers sit near 0.72%. Annualized net charge-offs were 0.81%, up 4 bps quarter-over-quarter.
2Q24–1Q26
Source: NCUA Call Report, Q1 2026 · release v2026.2.27 · QuarterCall
2Q24–1Q26
Source: NCUA Call Report, Q1 2026 · release v2026.2.27 · QuarterCall
See also: System Signals — Q1 2026, Signal 1: The Seasonal Delinquency Low Came In Higher Again
Earnings
3.44%
Highest single-quarter run-rate in the dataset; up 20 bps year-over-year
Annualized NIM at 3.44%, ROAA at 0.83%: The single-quarter net interest margin annualized to 3.44%, the highest quarterly run-rate in the dataset and 20 bps above Q1 2025's 3.24%. Annualized ROAA was 0.83%, up 16 bps year-over-year, and Q1 net income of $5.1 billion was 30% above the same quarter last year. By tier, the over-$10B tier earned an annualized 1.04% ROAA and credit unions under $100M earned 0.13%. The annualized Q1 figures compare with the year-over-year change, not with Q4's full-year numbers.
2Q24–1Q26
Source: NCUA Call Report, Q1 2026 · release v2026.2.27 · QuarterCall
2Q24–1Q26
Source: NCUA Call Report, Q1 2026 · release v2026.2.27 · QuarterCall
See also: Under the Surface — The Cohort Earnings Divergence
Loan Growth & Composition
0.49%
The under-$100M tier contracted again, while the over-$10B tier grew 4.5%
Loans grew 0.49% quarter-over-quarter: System loans grew 0.49% quarter-over-quarter in Q1 2026, down from Q4's 1.08%. By tier, the over-$10B cohort expanded loans 4.5% while credit unions under $100M contracted 1.1%, extending a multi-quarter run of negative loan growth at the smallest tier. On a year-over-year basis loans rose 4.6%. With deposits growing faster than loans (see Liquidity), the loans-to-assets ratio fell to 69.6% from 70.7%.
2Q24–1Q26
Source: NCUA Call Report, Q1 2026 · release v2026.2.27 · QuarterCall
2Q24–1Q26
Source: NCUA Call Report, Q1 2026 · release v2026.2.27 · QuarterCall
Liquidity
69.63%
Down 111 bps quarter-over-quarter as 2.7% deposit growth outpaced 0.5% loan growth
Deposits grew 2.7% quarter-over-quarter; borrowings fell 9%: Shares and deposits grew 2.7% quarter-over-quarter to $2.12 trillion, a seasonal first-quarter inflow roughly in line with the prior two first quarters. Loans grew 0.5%, and the gap pulled the loans-to-assets ratio down 111 bps to 69.6%. Investments rose 3.6% to $383 billion, and borrowings fell to $75.2 billion from $83.0 billion, down 14% year-over-year. The largest credit unions have the highest loans-to-assets ratio and institutions under $100M the lowest.
2Q24–1Q26
Source: NCUA Call Report, Q1 2026 · release v2026.2.27 · QuarterCall
Standardized Data Table — Q1 2026
Key CAMELS-aligned metrics by asset-size cohort for the quarter ending March 31, 2026. Q1 income-based ratios are annualized (×4). Growth rates are single-quarter (QoQ).
Standardized Data Table — CAMELS Metrics by Asset-Size Cohort, Q1 2026
| Cohort | CUs | Total Assets | Net Worth | ROAA | NIM | Delinq. (60+) | NCO Ratio | Loans/Assets | Loan Gr. (QoQ) | Asset Gr. (QoQ) |
|---|---|---|---|---|---|---|---|---|---|---|
| Under $100M | 2,466 | $74.3B | 13.75% | 0.13% | 3.73% | 0.93% | 0.44% | 50.61% | -1.10% | 1.74% |
| $100M–$500M | 1,036 | $239.1B | 11.21% | 0.74% | 3.64% | 0.76% | 0.49% | 62.27% | 0.36% | 2.34% |
| $500M–$1B | 282 | $203.3B | 10.06% | 0.73% | 3.50% | 0.71% | 0.57% | 68.30% | 0.95% | 2.46% |
| $1B–$10B | 442 | $1,291.6B | 10.23% | 0.81% | 3.25% | 0.73% | 0.64% | 71.26% | 1.50% | 2.97% |
| Over $10B | 24 | $675.7B | 9.86% | 1.04% | 3.79% | 1.12% | 1.37% | 71.58% | 4.48% | 6.34% |
Scope and limitations
- Q1 income ratios are annualized from a single quarter, which amplifies one quarter's noise; set against Q3's annualized or Q4's full-year ratios they are not like-for-like.
- The capital ratio charted is GAAP equity over assets, which includes accumulated other comprehensive income; it is not the regulatory net worth ratio, the one measured against the well-capitalized threshold.
- The figures are aggregates for the system and for each asset tier; a single credit union's position cannot be read from them.
Data: Q1 2026 · Period 2Q24–1Q26 · release v2026.2.27 · How the figures are produced
Revisions
. Refrozen to release v2026.2.27; no printed figure changed. Edited for style. Explanations the report does not measure (tax refunds curing delinquency, the recovery of securities losses, the Fed's easing of funding costs) and readings of the trend (a ratcheting delinquency floor, balances aging into late buckets) were 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 — Q1 2026”, June 27, 2026, release v2026.2.27. https://quartercall.com/research/pulse/2026-q1/
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.
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