Credit unions reported increased delinquencies and charge-offs and modest returns on average assets but also saw increases in assets and shares, according to data released today by the NCUA.
The agency reported that based on Call Report data from the 7,637 federally insured credit unions, credit union net worth stayed above 10% as of Sept. 30, and the percentage of delinquent loans rose to 1.68%, compared with 1.37% at the end of last year. Also, the ratio of net charge-offs to average loans was 1.17%, compared with 0.85% at the end of last year.
NCUA Chairman Debbie Matz said the difficult times for credit unions is further evidence of the need for her agency to strengthen its examination process.
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