WASHINGTON– The average member relationship at U.S. credit unions hit $23,388 in the second quarter of 2022, the highest balance on record, according to an analysis by Callahan & Associates.
Callahan’s says it defines the average member relationship as the average loan balance plus the average share balance held by credit union members. The company reported the average member relationship increased by 6.4 percentage points from one year ago.
In addition, Callahan & Associates said its analysis found:
- Average loan balances grew 10.8% year-over-year, the biggest percentage change on record and the only time that figure has grown at a double-digit pace. Consumer demand for used auto loans and HELOCs primarily fueled the year’s lending gains.
- After two years of record activity, deposit growth slowed; still, average share balances were up by 3.6% annually as of June 30. “Core accounts remained popular, but low dividend rates failed to encourage stronger deposit activity,” Callahan’s said. “Inflation, too, reared its head as higher costs of living dampened savings rates.”
- Overall, loan demand was the driver behind the average member relationship reaching a record high this quarter. Share balances still comprise 59.4% of total relationship balances, but this is the lowest allocation since Sept. 30, 2020.
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