Report: Pa. credit unions post solid Q1 numbers
Pennsylvania's 520 credit unions collectively had strong results for the first three months of 2012, according to the quarterly Pennsylvania Credit Union Profile, which was released this week.
Net membership grew by 0.8 percent to 3.7 million, loan balances increased by 0.2 percent and earnings were 0.84 percent of assets, according to the profile, a publication of the Pennsylvania Credit Union Association. Member business loans grew 3.2 percent, it said.
Loan balances and membership grew at the fastest pace in years, thanks in part to Pennsylvania’s better-than-average recovery from the recession, the report said. However, recent weak jobs reports and concerns over the European debt crisis and U.S. fiscal cliff all suggest growth will be weak for the rest of the year, it said.
“With this backdrop, credit union performance should generally reflect modest improvement,” it said.