Credit unions improved their earnings from the second quarter with a major boost in net interest, despite lower loan volume and higher operating expenses.
First mortgage originations took the biggest dive, but growth in non-real estate loans, which includes cars, showed slower growth.
Credit union consultant Mike Higgins Jr. said he was encouraged by continuingly high operating earnings, strong loan balance growth and the widening of interest margins. However, he was concerned by a drop in savings, heavier losses from the declining values of assets available for sale and whether fixed-rate loans were being priced high enough to cover rising interest expenses.
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