CUs Had Mixed Financial Results in 2009
Assets, loan volume and net worth increased at credit unions last year, but there were significant problem areas such as a rise in the delinquent loan ratio and a decline in the loan to share ratio, according to data released today by the NCUA.
Assets increased 9.09% to $884.8 million, loans grew 1.1% to $572.4 billion, and there was a 1.9% increase in net worth.
The agency also reported that there was a 10.5% increase in shares to $752.7 billion and a 1.5% rise in membership to 89.9 million members.
Because of the bad economy, the ratio of delinquent loans rose to 1.82% from 1.37% in 2008. The loan-to-share ratio was 76.05%, compared with 83.1% in 2008.
"Credit union membership growth is impressive and encouraging. The 'flight to safety' that landed new deposits at credit unions during the economic downturn continues, as evidenced by credit union share growth in several categories," NCUA Chairman Debbie Matz said in a statement. "However, these positive developments are tempered by recognition of ongoing market stresses."