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Credit Union news

Customer Base Growing at Credit Unions

Credit union earnings jump

Dec. 1, 2010

By staff

When compared to the prior quarter and last year, credit unions have boosted their base of customers. Earnings also improved from the previous periods. But the foreclosure growth rate rose at its most brisk pace during 2010.

Real estate loans outstanding at federally credit unions ended the third quarter at $221.5 billion, higher than $219.9 billion at the close of the second quarter, the National Credit Union Administration reported. On Sept. 30, 2009, first mortgage holdings were $216.6 billion.

Reported results were based on call reports submitted by 7,402 federally insured credit unions. Three months earlier, 7,445 credit unions submitted call reports, while there were 7,637 institutions reporting a year prior.

Other real estate holdings declined to $88.8 billion from the second quarter's $90.1 billion and $93.2 billion a year prior.

"The delinquency ratio -- while high -- appears to have stabilized, standing at 1.74 percent after reaching 1.76 percent in the first quarter and 1.73 percent in the second quarter," the report said. "The net chargeoff ratio continued to inch lower in the third quarter, falling to 1.13 percent from 1.16 percent."

At $1.8 billion, foreclosed and repossessed assets increased 8.3 percent, "the highest growth rate of the year."

Credit union membership climbed to 90.8 million from the second quarter's 90.5 million and the third-quarter 2009's 90.1 million.

Net income at credit unions increased to $3.0 billion from $1.8 billion in both the second quarter and the third quarter of last year.

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