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The lasting effects of the COVID-19 pandemic — and the national economic response to it — linger on credit union financial statements.
Credit union earnings rebounded toward the end of the year as industry players find a way to adapt their business models to a changing economic landscape.
Concerned with cooperative values and not stock prices, credit unions have sacrificed short-term earnings to bolster reserves and give members a break on fees.
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Due to economic lockdowns and government relief efforts, in the second quarter financial institutions had to develop creative strategies to generate revenue.
With second quarter data now available, COVID-19’s impact on industrywide metrics is more apparent. Discover how credit union balance sheets are shifting and other key insights from Callahan’s quarterly webinar.
A locked-down economy combined with volatile changes in monetary policy put lenders in a difficult position in the first quarter of 2020, as total revenue growth slowed as sources of income shifted away from interest-driven streams.
This Fourth of July, Callahan & Associates is celebrating patriotically named credit unions with a look at how they return value to their member-owners.
General uncertainty regarding the interest rate environment made it difficult for institutions to accurately price deposit and loan products, which is reflected in year-end income statements.
Credit unions report improved earnings following 2018 rate cuts. However, increased expenses put downward pressure on margins.
Earnings growth extended into the second quarter as cooperatives reported higher net interest income than operating expenses for the second consecutive period.