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State regulator California CU assets up 3 for 1Q
SACRAMENTO, Calif. (7/1/09)--Assets at California credit unions went up more than 3% in the first quarter of 2009, according to the California Department of Financial Institutions Quarterly Report. Credit union assets were at $76.1 billion--up 3.3% from the $73.6 billion reported as of March 31, 2008. Share drafts rose to $63.7 billion from $61.7 billion--a gain of 3.2%. Loans were down 1.4% from March 31, 2008, dropping to $51 billion from $51.7 billion. Members’ equity decreased 15.6%, falling to $6.4 billion from $7.6 billion. This in turn caused the capital-to-asset ratio to decrease to 8.47% from 10.36%. The allowance for loan losses was up 90.36%, rising to $1 billion from $537.9 million. The number of credit unions decreased to 185 from 196--a 5.6% drop. Net margin to average assets increased to 4.12% from 4.02%, while the provision for loan losses was up 71.2%, going to $385.5 million from $225.2 million. Net income went to a net loss of $553 million from a loss of $14.3 million. Delinquent loans were up 78.4%, rising to $946.9 million from $530.9 million.


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