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An uptick in lending may have credit unions thinking they can stop scavenging for more of the noninterest income that has helped so many of them survive a low interest rate environment. But a closer look at the data shows that noninterest income, which rose from 1.22% to 1.27% of average assets as of Q1 2015 versus Q1 2014, according to Callahan & Associates, is still critical for credit union survival.

During the first quarter of 2015, loan balances popped up 10.6% year over year to $731.2 billion, according to Callahan & Associates, and total income posted the highest growth (6.6%) of the last seven years. But loan growth is outpacing the growth in share balances, which rose 4.4% year over year, Callahan & Associates found, and because credit unions need shares to make loans, there’s a growing need to attract deposits.

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Tina Orem

 

Credit Union Times

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