The nation’s largest credit unions nearly tripled their earnings margin in the first quarter as loan loss provisions fell back to pre-pandemic levels and cuts in overhead made up for lower income.
A CU Times analysis of NCUA Call Reports filed last week showed the 10 largest credit unions earned $1.2 billion, up from $367.6 million in 2020’s first quarter. Their annualized return on average assets was 1.48%, up from 0.51% a year earlier.
The increase came despite a surge in savings, which contributed to a 12.4% rise in average assets. Loan growth was tepid, with balances rising 4.5% to $201.8 billion.
Originations of all types of loans grew 13.8% to $38.5 billion in the first quarter.
First mortgages remained the engine of loan growth. The Top 10 generated $13.9 billion in first mortgages in the three months ending March 31, up 33% from 2020’s first quarter.
The production was better than the fourth quarter, when first-mortgage originations rose 11% to $12.2 billion, but worse than 2020’s third quarter, when originations rose 42% to $14.6 billion.
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The nation’s largest credit unions nearly tripled their earnings!
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