Source: Callahan & Associates
A third round of stimulus payments combined with the seasonal spike in share inflows translated to annual deposit growth of 22.7%. From year-end 2020, share balances rose 6.4%, compared to 4.3% quarterly growth a year ago. Given the scale and atypical growth drivers that transformed credit union balance sheets over the last 12 months, it is important to contextualize this growth and recognize how different segments of the balance sheet are changing in relation to one another given the base effect and the impact of COVID-19 a year ago.
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