SACRAMENTO, Calif. (12/22/11)--California's credit unions made gains in assets and shares while loans were down during third quarter, according to statistics from the state's Department of Financial Institutions (DFI).
Assets rose 1.2% to $72.7 billion from $71.8 billion one year ago, said DFI's Quarterly Report. Shares, which were at $62.6 billion as of Sept. 30, rose 1.3% from $61.8 billion in third quarter 2010.
Loans dropped 7.1% for the period to $40.6 billion from $43.7 billion. Net worth was $7.1 billion, up 6.9% from $6.7 billion a year ago. As a result, California his caused the net worth to asset ratio to increase to 9.82% from 9.30% one year ago.
Allowance for loan losses totaled $1.2 billion, down 12.1% from $1.4 billion for third quarter 2010. Delinquent loans dropped 20.1% to $919.5 million, down from last year's $1.2 billion. Delinquent loans as a percentage of total loans were 2.26% as of Sept. 30, compared with 2.63% one year ago. Other real estate owned was $147.1 million--an increase of roughly $16.7 million, or 12.8%, from last year's $130.4 million.
Other key statistics:
- Net margin to average assets was 4.20%, down from 4.38% one year ago;
- Provision for loan losses was down 46.8% to $315.3 million from $593.1 million;
- Net income as of Sept. 30 was up 70.4% from $223.9 million for the first nine months of 2010 to $381.6 million for the same period in 2011.
- The number of credit unions decreased 4.2%--to 158 from 165.