By all accounts, credit unions have connected with the booming U.S. economy, and the industry's fourth-quarter 2014 financial performance clearly reflects it, according to Callahan & Associates' 4th Quarter Trendwatch webinar.
Rising wages, declining unemployment and a national GDP of 2.4% have created a consumer confidence level that, in turn, has driven credit union key performance ratios to near record levels, said Callahan EVP Jay Johnson, one of multiple presenters at the Thursday online event.
Thanks to strong asset quality, record capital and net income levels, and rapidly growing loan portfolios, credit unions are in an extremely good position to ride the wave as the overall economy continues to crest, said Johnson, who used the Washington consulting firm's Peer-to-Peer Analytics to chart the industry's growth trajectory.
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