The drop in non-fee operating income and lower mortgage originations brought down earnings for many credit unions in the first quarter, especially those with more than $1 billion in assets.
Overall, the first-quarter results were decent, but they marked the third quarter in a row of deterioration. Credit unions from coast to coast generated $4.6 billion in net income in the three months ending March 31, or an annualized 0.87% of average assets, down from 1.04% in 2021's first quarter and 0.91% in the fourth quarter.
Also, more credit unions reported net losses. In the first quarter, 1,131 of the nation's 5,007 credit unions had a loss, up from 1,044 in 2021's first quarter.
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