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Kansas CUs have strong 3Q delinquencies drop
TOPEKA, Kan. (12/8/11)--Kansas credit unions saw gains in loans and assets, as well as a decline in delinquencies, during third quarter, according to a report released by the Kansas Department of Credit Unions.

The department regulates 80 state-chartered credit unions. It reported that assets in Kansas credit unions for the quarter totaled $4.28 billion,  up 7.8% from third quarter 2010 (The Wichita Eagle Dec. 7).  Loans totaled $2.84 billion, an increase of 5.7% over the same period last year.

The delinquency ratios for credit unions dropped to 0.98% from 1.36%, which regulators said was a significant drop in a year's time.  Michael Baugh, KDCU financial examiner administrator, told the newspaper paper that anything below 1% would be significant.

Two factors contributed to the lower delinquency ratio, said Baugh and KDCU Administrator John Smith: a decrease in the total amount of delinquency to $27.8 million from $36.7 million, and the increase in loans, which dilutes the delinquency total. Baugh also noted credit unions have worked hard to collect on overdue loans.

The department also reported membership increased  3.7% to 573,026 members during the quarter.  To access the report, use the link.
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