Navy Federal Credit Union (5536), a $194.2B credit union headquartered in Vienna, VA, led by CEO Kuhlmann, reported $140.2B in outstanding loans at the end of 2025 Q3, an increase of $8.3B (+6.3%) compared to the same quarter last year.
The credit union's 85.7% loan-to-share ratio indicates aggressive lending relative to deposit base, which may require liquidity management attention. With 8,800,920 loans outstanding to 14,998,804 members, the average loan balance stands at $16K.
Net effect: elevated loan-to-share ratio limits incremental lending capacity.
Portfolio Composition
Navy Federal Credit Union's loan portfolio is dominated by Credit Cards, comprising 23.1% of total loans. This diversified approach balances risk across multiple loan categories.
Loan Portfolio Breakdown
| Loan Type | Balance | % of Portfolio |
|---|---|---|
| Credit Cards | $32.4B | 23.1% |
| Used Vehicles | $17.9B | 12.8% |
| New Vehicles | $15.1B | 10.8% |
| Other Unsecured | $7.5B | 5.4% |
| Business Loans | $259.1M | 0.2% |
Source: NCUA 5300 Call Reports (2025_Q3)
Quarterly Loan Trends
Sustained loan growth of this magnitude typically reflects competitive pricing, expanded indirect lending channels, or successful member acquisition campaigns.
Quarterly Trend
| Period | Total Loans | QoQ Change | Loan/Share |
|---|---|---|---|
| 2024 Q2 | $128.8B | 86.6% | |
| 2024 Q3 | $131.9B | +2.4% | 87.9% |
| 2024 Q4 | $134.8B | +2.2% | 88.8% |
| 2025 Q1 | $135.3B | +0.3% | 84.5% |
| 2025 Q2 | $137.8B | +1.9% | 85.4% |
| 2025 Q3 | $140.2B | +1.7% | 85.7% |
Source: NCUA 5300 Call Reports
Credit Quality & Risk
Navy Federal Credit Union reports $2.3B in loans delinquent 60+ days, representing a 1.62% delinquency rate. This elevated delinquency warrants close monitoring of underwriting standards and collection practices.
Year-to-date net charge-offs of $2.4B represent a 1.71% annualized loss rate. Charge-off trends should be monitored as economic conditions evolve.
Historical Context: Since the 2008 Crisis
Navy Federal Credit Union's loan portfolio has grown 367% since Q3 2008, when the financial crisis was at its peak. At that time, the credit union held $30.0B in loans with a 0.92% delinquency rate.
Today's delinquency rate of 1.62% exceeds crisis-era levels, signaling potential stress in the current lending environment.
Outlook
With strong loan growth momentum, Navy Federal Credit Union appears well-positioned for continued portfolio expansion. Key factors to monitor include deposit growth to fund lending, credit quality trends, and competitive dynamics in the VA market.
Navy Federal Credit Union's Q4 2025 results, expected in early 2026, will provide further insight into whether this growth trajectory can be sustained.
Track This Credit Union
Monitor Navy Federal Credit Union's quarterly loan performance, credit quality metrics, and portfolio composition with Finleet Terminal.
Data Sources: NCUA 5300 Call Reports (2025_Q3), NCUA Historical Data (2007-present), Finleet Proprietary Analysis
Methodology: Year-over-year growth calculated comparing 2025_Q3 to same quarter prior year. Peer groups defined as credit unions within 50% asset range. Delinquency rate calculated as loans 60+ days past due divided by total loans. Crisis comparison uses Q3 2008 as baseline.