As the seasons shift toward the heat of summer, credit unions are ready to propel the economy into a bright future. FirstLook data reveals a movement that is growing, ready to lend, and focused on asset quality.
The 7,283 FirstLook credit unions represent $942.1 billion in assets, up from the $892.08 billion reported by FirstLook credit unions in March 2010.
Credit unions continue to grow assorted loans and inject money into the economy. Credit card loans for FirstLook credit unions increased 2.88% year-over-year ($33.62 billion to $34.59 billion); real estate loans increased 1.09% to $310.86 billion. And loan volume, though growing slowly, is still inching forward. Beyond mere volume, other positive trends exist in the lending and earnings worlds. Among the more promising developments, origination volume is encouraging and ROA is increasing, too.
Along with steady loan growth, asset quality is strengthening. Delinquency for FirstLook credit unions is down 11 basis points year-over-year (1.74% to 1.63%). Asset quality is in line with the overall economy: solid if unspectacular and slowly improving.
Credit unions opened 2011 in a position of quiet strength. Join Callahan & Associates in early June for our 1Q11 Trendwatch call to hear the full analysis of the data.