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Some Good News for CUs as Q1 Earnings Set Record Despite Slow Loan Growth

Callahan finds ROA was boosted by low provisions, mortgage sales and expenses lagging asset growth.

Chart showing the first quarter of 2021 ROAs are the highest for credit unions since 2008

Credit unions in the first quarter reaped their largest returns on assets in more than 18 years, Callahan & Associates said Wednesday.

Net income for the three months ending March 31 was an annualized 1.03% of average assets — the highest since 2002’s fourth quarter and the first time it has risen above 1% since 2003, according to the quarterly Trendwatch report from the credit union company based in Washington, D.C.

ROA fell to a low of 0.53% in 2020’s second quarter as COVID-19 was declared a pandemic March 11. It rose steadily to reach 0.83% in the fourth quarter.

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Jim DuPlessis

Jim DuPlessis

A journalist for decades.

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