X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALEXANDRIA, Va. – U.S. federally insured credit unions continued to demonstrate strong asset and savings growth throughout the first three quarters of 2002, while loan and income growth remain steady. The end of September was the first quarter that all federally insured credit unions filed quarterly call reports in light of the expanded examination cycle. Only credit unions with assets over $50 million had to file quarterly before. The new 5300 short form was also introduced for credit unions with less than $10 million in assets. Of the 9,751 credit unions that submitted call reports in September, 4,240 completed the short form, NCUA said. Mortgages showed the largest increase, according to NCUA data, with first mortgages growing 9.93% and other real estate loans growing 10.35%, but nearly all loan types showed increases during the third quarter. In the first three quarters of 2002, total assets grew 9.33%, from $501.5 billion to $548.3 billion, and savings jumped 9.18% from $437.1 billion to $477.3 billion. At the same time loans increased 5.59%, from $322.4 billion to $340.5 billion. The loan delinquency ratio also dropped from 0.82% to 0.78%, as delinquent loans fell 0.15% from $2.646 billion to $2.642 billion. Other data included: *Loan to share ratio declined from 73.77 to 71.34%; *Net worth increased 7.76%, up from $54.4 billion to $58.6 billion; *Net worth to total assets ratio declined from 10.84 to 10.68%; and *Membership grew 1.97%, up from 79.4 million to 80.9 million members. Additionally, approximately 1.6 million new people joined credit unions in 2002 through the end of September, bringing the total federally insured credit union membership to 80.9 million.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.