economy chart showing growth Source: Shutterstock.

Credit union earnings fell to their lowest level in the first quarter since the start of the COVID-19 pandemic as loan originations continued to plummet, Callahan & Associates reported Wednesday.

During its quarterly Trendwatch webinar, the Washington, D.C. credit union company estimated credit union net income was an annualized 0.78% of average assets for the three months ending March 31 — the lowest ROA since 0.61% in the second quarter of 2020 when the economic impact of the pandemic was at its greatest.

Chart showing credit union earnings fell in the first quarter of 2023

Credit unions originated $135.7 billion in loans in the first quarter, down 30% from a year earlier and down 15% from the fourth quarter. It was the lowest level of originations since the $111.4 billion produced in the first quarter of 2019.

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Jim DuPlessis

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