Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
California CUs 3Q Assets shares up but loans down
SACRAMENTO, Calif. (12/22/09)--Assets and shares at California credit unions were up in the third quarter, according to the California Department of Financial Institutions’ Quarterly Report. The report commented on California’s state-chartered credit unions. Assets were up 1.8% at $74 billion, while shares increased 2.5% to $62.1 billion compared with September 2008. Loans decreased 7.2% from September 30 one year ago to $48.5 billion, the report said. “In a state which has been hit with a real estate crisis, high unemployment and a large fiscal deficit, members have turned to bolstering their savings and tightening their belts when it comes to expenses,” said Daniel Penrod, California and Nevada Credit Union League senior industry analyst. “This has led to a significant increase in assets, particularly savings, and a decrease in the demand for loans. Despite California credit unions’ ability and--unlike other financial institutions in the state--willingness to lend, members are hesitant to borrow,” he added. Other statistics the report noted:
* Net worth decreased 13.3% to $6.6 billion from $7.6 billion, causing the net worth to asset ratio to decrease to 8.90% from 10.45% one year ago; * The loan loss allowance was up 108.5%, to $1.3 billion from $602.8 million; * Net margin to average assets increased to 4.35% from 4.20% one year ago; * Provision for loan losses was up 75.9% to $1.1 billion; * Net income moved to a net loss of $365.4 million from revenues of $32.7 million during third quarter 2008; * Delinquent loans increased 68.3% to $1.1 billion; and * The number of credit unions decreased 7.4% to 175.
California has 476 credit unions.


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
5 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
5 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
8 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
9 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
10 hours ago