According to second quarter data from Callahan & Associates' First Look program, total assets increased at an annualized rate of 10.5% through June 30. Shares are driving the trend, up 10.3% over last year, thanks to a higher personal savings rate.

However, seasonal liquidity trends affected second quarter deposit numbers, as holiday bonuses and income tax returns flowed out of member accounts as anticipated. Quarterly share growth slowed to 1.4%, down from 6.5% in the first quarter. Seasonality caused all deposit classes to report slower quarterly growth; however, 2009′s second quarter deposit growth outpaced 2008′s corresponding figures in every category except money market accounts.

The First Look program allows credit unions to submit their quarterly call report data in advance of the official NCUA release. It currently represents credit unions with $231.0 billion in assets, or approximately 27% of the industry.