Early credit union filings show growth in members and assets, but profits tell a mixed story.
A Tyfone analysis of newly released NCUA call reports finds that while some large institutions improved earnings in 2025, others saw profits decline.
Year-end call report data from the National Credit Union Administration is beginning to emerge, and an early review suggests a sector still expanding in size but grappling with uneven financial results.
According to a Tyfone analysis of newly released NCUA call reports, earnings performance among several of the nation’s largest credit unions was mixed in 2025, even as membership and asset growth largely continued. Results for industry heavyweights such as Navy Federal Credit Union, Pentagon Federal Credit Union and SchoolsFirst Federal Credit Union had not yet been disclosed as of Wednesday.
Among institutions that have reported, Boeing Employees Credit Union, known as BECU and based in Tukwila, Wash., posted lower earnings despite steady growth. The credit union ended 2025 with $29.36 billion in assets and 1.6 million members, modestly higher than a year earlier. Net income, however, fell to $173 million in 2025 from $207 million in 2024, the analysis showed.
At First Technology Federal Credit Union, the San Jose, Calif.-based institution that completed the largest credit union merger on record last year with Digital Federal Credit Union, earnings grew. First Tech reported $16.4 billion in assets and 709,000 members at year-end 2025, compared with $17.4 billion in assets and 696,000 members in 2024. Net income jumped from $28.8 million from $31.7 million.
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Other large credit unions reported weaker results. Mountain America Credit Union, headquartered in Sandy, Utah, recorded lower earnings in 2025, generating $187.9 million, down from $191.6 million a year earlier. The credit union also grew to $21.9 billion in assets and 1.4 million members, reflecting continued expansion in the Mountain West.
Lake Michigan Credit Union, based in Caledonia, Mich., saw earnings rise sharply, to $208.2 million in 2025 from $149.3 million in 2024, according to the Tyfone analysis. Assets climbed to nearly $16 billion, and membership increased to 523,500, underscoring strong balance-sheet growth.
Smaller institutions displayed similar contrasts. Georgia Heritage Federal Credit Union, in Savannah, Ga., reported lower earnings, with net income declining to $590,000 in 2025 from $685,000 in 2024, despite modest asset growth. First Pioneers Federal Credit Union, based in Lafayette, La., moved in the opposite direction, swinging from a loss of nearly $145,000 in 2024 to a profit of $163,000 in 2025, alongside incremental increases in assets and membership.
As additional call reports are released in the coming weeks, the Tyfone analysis suggests a clearer picture will emerge of how credit unions balanced growth, margins and operating costs during a challenging economic year — one in which scale alone did not guarantee stronger profits.
