Mid-year data reveals several interesting trends in credit union performance. Although loan demand continued to slow, key loan products such as credit cards and member business loans were growth areas in June. In addition to success on the balance sheet, credit unions maintained a close watch on their expense levels. Net income increased from 2009 mid-year reports.
Other Highlights for the end of June
• Assets increased 3.8% over the past twelve months to $916.1B
• Credit union loan originations totaled $112.1B in the first half of 2010, down from last year’s record pace.
• Credit unions are selling nearly half of their first mortgage originations to the secondary market. Secondary market sales through the second quarter totaled $15.1B
• Delinquency has declined over the past two quarters to 1.74%. As delinquency falls, the coverage ratio (Allowance for Loan Losses/Delinquent Loans) has increased to 93.2%
• Share balances increased 5.7% over the past 12 months, led by money market deposits
• More than 200,000 members have joined a credit union since June 2009, bringing total membership to 91.7M.
• Net income is up 66.3% annually through the second quarter
• The net worth to assets ratio stands at 9.9% as of June
To read about these key statistics and more, download a copy of Callahan’s Quarterly Report: 2Q 2010.