Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
California regulator CUs 2Q net worth ratio increased
SACRAMENTO, Calif. (9/27/11)--Second quarter 2011 net income was up for California's state-chartered credit unions, reported the California Department of Financial Institutions in its summary statistics for the quarter. Net income for credit unions in the state rose 135.4%, while net worth increased 7.1%. Net income rose to $301.3 million from $128 million for the first half of 2010. Net worth rose to $7.1 billion on June 30 from $6.6 billion a year ago, bringing the net worth-to-asset ratio to 9.75% from last year's 9.09%. Assets for state-chartered credit unions in California remained steady at $72.4 billion, with shares at $62.1 billion, each down a fraction of a percent from a year ago. Loans dropped 7.8% --to $41.1 billion from $44.6 billion, said the regulator. Allowance for loan losses totaled $1.2 billion, down 11% from $1.4 billion last year. Delinquent loans were down 22.8% to $901.5 million from 2010's $1.2 billion. Delinquent loans as a percentage of total loans were 2.19%, compared with 2.62% for first half 2010. Other real estate owned rose $34.6 million or 30.7% to $147.3 million from last year. Net margin to average assets for second quarter was 4.22%, down from 4.41% the previous year, while provision for loan losses dropped 50% to $215 million from $429.8 million for the period. As of June 30, the number of state-chartered credit unions shrank to 159 from 167--a 4.8% decrease. State chartered banks dropped by 6.1% to 186 from a year ago.


RSS print
News Now LiveWire
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
1 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
2 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
5 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
5 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
5 hours ago