Deposits up, earnings down: 8 takeaways from NCUA's Q1 state-level data
Fewer credit unions turned a profit during the first quarter than a year ago, according to new data from the National Credit Union Administration.
The agency on Thursday released its latest Quarterly Map Review. The report examines median data for the year ending in the first quarter compared with the same period for 2019.
The coronavirus began spreading widely in March, near the end of the first quarter. Measures meant to slow the pace of the outbreak, including closing nonessential businesses and issuing stay-at-home orders, have contributed to widespread economic fallout.
The data showed that across the board, the industry suffered in key areas, such as earnings and return on assets. In addition to that, credit unions in some states struggled while institutions in different geographic areas fared better.