The Temporary Corporate Credit Union Stabilization Fund, meanwhile, had had $5.1 billion in outstanding borrowings with the U.S. Treasury on March 31, a net deficit of $3.5 billion which the NCUA said was a slight improvement from year-end based on net income of $14.4 million in the first quarter.

The agency said four federally insured credit unions failed in the first quarter of 2013, with associated losses totaling $75,000, and that the reserve balance for the insurance fund was reduced from $412.5 million to $330.4 million during the first quarter.

“The Share Insurance Fund and the Stabilization Fund reflect an improving economy, a resilient credit union industry, continued prudent financial management, and common-sense regulation,” NCUA Board Chairman Debbie Matz said in a statement.

“Assets at risk in credit unions with CAMEL codes 3, 4 and 5 have dropped for 10 straight quarters and with that, so has our level of exposure to potential losses. While we cannot predict the future with certainty, the growing strength of credit unions as a whole is a very positive sign,” Matz said.

NAFCU President/CEO Fred Becker said in a statement after the NCUA announcement that the trade group was pleased the agency did not assess a share insurance premium in 2012 and hopes that none will be needed this year.

“In terms of the TCCUSF, we continue to strongly urge NCUA to carefully review its loss projections, and lower reserve projections accordingly,” Becker added, “to decrease this year's corporate stabilization premium assessments lower than the agency's previous estimates as its established criteria would indicate.”