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Louisiana CUs review shows growth across the board
HARAHAN, La. (9/25/09)--Louisiana credit unions experienced across-the-board growth in assets, loans and membership in the quarter ending June 30, according to data submitted to the National Credit Union Administration (NCUA) in the Second Quarter 2009 Call Report, said the Louisiana Credit Union League. Total assets of Louisiana's credit unions increased 1.9% during the second quarter to $7.9 billion from $7.7 billion. The increase is slightly higher than the national increase of 1.5% (eNews Sept. 23). Membership growth in the state during the second quarter continued on a slow but steady pace, reaching 1,163,755 members as of June 30. That is a 1.1% increase over the first quarter, the league said. The number of potential members rose 5.9% from 9.9 million to 10.5 million. Louisiana’s credit unions reported a higher net worth ratio, lower cost of funds, and higher return on average assets as compared to national averages. The statistics are:
* Net Worth Ratio: Louisiana--12.27; National--10.04; * Cost of Funds (annualized): Louisiana--1.91; National--2.22; * Return on Average Assets (annualized): Louisiana--0.53; National--0.26.
Despite the weak national housing market, Louisiana's credit unions continue to see a steady increase in real estate lending, the league said. Louisiana’s credit unions reported $1.4 billion in total real estate loans outstanding for the second quarter, which is a 3.8% increase over the first quarter and an 11.5% more than the same period last year. Total loans rose 3.1% for the quarter and 9.2% from this time last year. Yield on loans (annualized) was higher than the national average, 7.05%, compared with 6.30% nationally. Delinquent loans to total loans was below the national average, at 1.22% for Louisiana compared with 1.59% nationally. The state’s economy has remained healthy despite the national recession, and Louisiana's credit unions are no exception, the league said.


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