Stop Honking: Cook Bankers’ Christmas Goose
Third-quarter figures for federally insured credit unions last week were welcome news and the result of a lot of hard work by credit union professionals around the country. Certainly not a gift, though we all appreciate those (iPad2, please), but something to savor because you’ve earned it.
Credit unions can certainly ring out the jingle bells over their third-quarter figures. Loans grew 1.6%, six straight quarters of loan growth. Despite still historically high share growth, the loan-to-share ratio nationally increased throughout the year to 68.4%, roughly a percentage point below last year’s close but not the meteoric 7, 4 and 3 percentage point plummets, respectively in 2009, 2010 and 2011.