Optimism in the C-suites at mid-sized banks and credit unions fell for 2019, according to a new report by Cornerstone Advisors.
Bank executives who are somewhat or very optimistic about the coming year dropped 16 percentage points to 52 percent in the latest survey.
Credit union executives who are somewhat or very optimistic about w2019 tumbled by nearly 30 percentage points to 48 percent.
The report found that slowing loan growth, higher funding costs and concerns of early credit softening were weighing on executive sentiment.
The report cited growing deposits was a top concern for credit union executives at 54 percent. The next two highest concerns identified by credit union executives were the interest rate environment at 37 percent and cybersecurity at 34 percent.
In addition, growing consumer deposits (64 percent) was identified as a top 2019 priority among credit unions, followed by expanding digital presence (49 percent), and growing consumer loans (40 percent).
Credit union executes stated that consumer mortgages, auto loans, and home equity loans/home equity lines of credit were the top loan priorities for 2019.
The top 2019 payment priorities for credit unions were credit cards (74 percent) and debit cards (71 percent).
Cornerstone Advisors surveyed 305 senior executives from community-based banks and credit unions.
Read the press release.
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