WASHINGTON – While credit unions added less than a million members in the 12 months ending March 31, 2006, loan growth remained strong while savings showed a modest increase, according to a D.C.-based consulting firm.
All categories of lending are up some, which is a positive, Callahan & Associates Executive Vice President Jay Johnson commented. However, share growth, and certificates in particular, are becoming a larger part of credit unions' strategies as interest rates rise. "We do think there is some momentum, some movement on the balance sheet there," Johnson said.
Most categories of savings were up, but share certificates' gain of 22% over the first quarter was the leader by far, Callahan data for all credit unions across the country demonstrated. Share drafts, retirement accounts, and "other" savings showed growth while regular shares and money markets sunk slightly over the first quarter. Overall, savings was up 4.3% for an increase of $17.9 billion for the quarter, well above the $14.5 billion increase in the first quarter of 2005.
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