Total Assets Hit $569B At Year-End
Year-end data for the nation's 9,895 credit unions shows share growth reaching double-digits
Shares grew 11.8% in 2002, down from 2001's surging 14.7% growth. That growth drove total assets at year-end to
Callahan's said the low rate environment of 2002 helped drive performance.
"Although interest rates stayed consistently low throughout the year, total income dropped only 1%, partially due to
Total expenses rose 10.5%, as credit unions continued to spend more on employee compensation and loan servicing.
The increase in net income pushed the industry's return on average assets to 1.07% from 0.95% in 2001.
"In 2002, credit unions really demonstrated that they can thrive in a low-interest rate environment," Johnson added.
Loan growth reached 7.1% in 2002, up slightly from the 6.7% growth experienced in 2001.
Loan growth slowed considerably during the fourth quarter.
The loan-to-share ratio declined to 70.7% from 73.8% at year-end 2001. Asset quality remained excellent as the