CU Stats Are a Ray Of Sunshine
As we move into 2011, I would like your readers to know there are good news stories to tell about credit unions-stories that aren't always getting the notice they deserve. As Credit Union Times reported in its Dec. 8 issue ("Data: CUs' Heavy Challenges"), NCUA's data shows that credit unions' net income and net worth increased during the third quarter. But in fact, the news is even better. The $3 billion increase in net income reported actually represents a nearly 80% year-over-year increase. And we need to remember that capital levels remain strong and are rising-with the net interest margin, operating expense ratio, and loan loss provision all improving in 2010.
There's also a brighter story about credit union lending, which wasn't told in the Dec. 8 article. Here are some key points Callahan & Associates brought up in our third-quarter "Trend Watch" that I believe everyone in the credit union community will find encouraging.