"Reaching 100 million members is the turning point for the U.S. cooperative system," he added.

Callahan EVP and co-presenter Jay Johnson agreed, saying, "The health of the system jumps out at you when you see the big growth numbers."

Credit unions spiked impressive growth in all but one category, significantly strengthening the system, the presenters said. As of Sept. 30, system assets topped $1.12 trillion, a 5.1% increase over third quarter last year, while loans grew $705.2 billion, a whopping 10.3% increase for the same period, with auto loans driving growth at 17.4% growth, followed by a 16.5% growth in credit cards.

Shares grew to $953.7 billion, up 3.9%, and capital climbed to $128.2 billion, an 8.3% increase over the previous year. Only investments suffered, declining 4% to $369.9 billion since third quarter 2013.

The third-quarter figure of 100.2 million members marked a 3.1% increase over the period in the previous year. Those members held 54.1 million share draft accounts as of Sept. 30, which at 53.9% marked the highest penetration level in recent history, the presenters said.

Credit unions also posted market share growth in 19 states, including an 11.5% rise to an 18.2% market share in New Hampshire. Part of state penetration growth has do with an increased emphasis on building relationships with existing members, an effort that has led to a faster growth in the number of share draft accounts than in membership, Johnson noted.

Credit unions hold at least 20% of deposits in four states, including Vermont (20.7%), Washington (21.1%), New Mexico (21.4%) and Alaska, where they hold a whopping 40.3% of deposits.

"Public awareness of credit unions as an alternative or choice also has improved," Filson added. "It seems we're putting the 'credit' back in 'credit unions.'"

Read more: Loan growth …

Real estate loans – including first mortgages and other real estate loans – currently comprise 45.4% of credit unions' $705 billion loan portfolio, the presenters said. Auto loans follow closely at 31.8%, with growth in indirect loans almost triple that of direct loans. Other categories, including member business loans (6.4%), credit cards (6.3%) and a category marked "other loans" (10.1%), trailed behind.

Larger credit unions are growing loans faster, with institutions with more than $1 billion in assets at 10.7% exceeding the industry average of 10.3%, according to the webinar. However, smaller credit union peer groups are posting extraordinary growth rates. Some credit unions with $100 million to $250 million in assets saw loan growth rates as high as 97.6%, while some credit unions with assets less than $20 million saw loans grow by as much as 104.7%, according to Callahan data.

In terms of first mortgages, credit union market share has quadrupled since 2006. In fact, Callahan data showed that credit unions had captured 25% of mortgage originations in 20 metropolitan statistical areas across the U.S., from 25.36% of the market in Fairbanks, Alaska, to 36.06% of the market in Binghamton, N.Y.

Overall, total revenue is increasing for the fist time since 2008, showing a 2.6% growth in third quarter 2014, compared to a 1.3% decline for the same period in 2013. A $1.2 billion increase in net interest income to $27.9 billion more than offset a $200 million decline in non-interest income mostly due to lower fees, the presenters said.

When all is said and done, the return on assets generated an 8% capital growth for the third quarter, leading to a slight improvement in net worth and total capital ratios, according to Callahan data.

Changes in the credit union culture, including increased collaboration among institutions, have helped foster and support continued growth, Filson said. Other changes include an increased number of credit unions that swapped their federal charters for local ones in hopes of gaining greater control over their regulatory fates.

The changes from federal to state charters, double that of changes from state to federal charters over the past 4 years are due in part to what Filson – himself a former regulator – calls a "regulatory hangover" from the Great Recession years. He hoped that NCUA board member Mark McWatters, appointed only last month, will bring a fresh perspective to the agency.

"The new norm is almost universally positive," Filson said. "Credit unions are evolving into the environments they've invented, and hopefully that change will come to the regulatory environment in Washington D.C., too."

Scott Gilbert, vice president and portfolio manager for Goldman Sachs Asset Management, opened the webinar with a brief economic outlook. Callahan & Associates' Third Quarter Trendwatch webinar will be repeated Thursday, Nov. 13, at 11:30 a.m. EST.