18 Years Old
When Chris Leggett became CEO of LGE Community Credit Union in 2009, he already had an intricate knowledge of the industry and an appreciation for its philosophy. Leggett has dedicated nearly three decades of his career to financial cooperatives, starting when he was 18 years old when a friend's father helped him get his first part-time job at a credit union. That's where it all started.
Read: Chris Leggett On Leadership
The net interest margin, which measures the difference between interest income earned and member dividends paid as a percentage of average assets, is helpful in determining how well a credit union is managing its business in a changing rate environment. Analysts from Callahan & Associates project the net interest margin at U.S. credit unions reached 3.13% in the fourth quarter of 2018, a 13 basis point increase from last year end.
Read: Performance Pop Quiz: What Happened To The Net Interest Margin?
Back in 2012, Callahan partner Alix Patterson wrote about the power of the annual report. These comprehensive communications detailing a company's activities throughout the preceding year present an opportunity to go beyond dry tables and grip-and-grin photos to actually telling the story of a credit union’s impact on its members and their community. They still do that. But, today’s visual presentation tools make it possible to turn a static document people rarely read into something much more. In 2019 credit unions have the opportunity to turn their annual report into a living report.
Read: Turn That Annual Report Into A Living Report
At year-end 2018, more members (117.8 million) are choosing credit unions than ever before. A full decade after the Great Recession, credit unions are still finding ways to engage members, build relationships, and compete in the financial services industry. At fourth quarter, credit unions are reporting annual improvements across the board, including increases in penetration rates, market share, and yields, and a decrease in delinquency. In Callahan recapped the industry’s performance trends over the past three months, highlighted credit union success stories, and identified areas of opportunity during its quarterly Trendwatch.
Read: 3 Takeaways From Trendwatch 4Q 2018
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