Chart showing credit union income was flat in the second quarter of 2022

Credit union earnings were flat in the second quarter despite record loan production and rising net interest margins, Callahan & Associates reported Wednesday.

During the Washington, D.C., credit union company’s quarterly Trendwatch webinar, it showed credit unions’ net income was an annualized 0.86% of their average assets in the second quarter, down from 1.16% a year earlier and 0.87% in the first quarter.

The decline from a year ago was related to low provisions for loan losses in early 2021 as credit unions reclaimed overly pessimistic provisions made in 2020 at the start of the COVID-19 pandemic. Results for the first and second quarters have also been lowered by heavy write-downs in investment assets to reflect market downturns.

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Jim DuPlessis

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