Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALEXANDRIA, Va.-According to preliminary Call Report data from NCUA, federally insured credit unions experienced more than 5% savings growth in just the first quarter of 2003. First mortgages grew 3.7%, or $104.4 billion, in the first three months of the year. Used car loans also increased 2.3% or nearly $74 billion in the first quarter, while unsecured loans maintained their downhill course, dropping 6.25% or more than $20 billion. New car loans from federally insured credit unions fell 1.74% for $59.4 billion. On the savings side of the ledger, share drafts and share savings exhibited the largest percentage of growth, 10.4% and 6.5% respectively. As a result, funds in cash and investments increased by double digits (13.53%). Investments in corporate credit unions expanded 22.62%, and investments in commercial banks, thrifts, and savings banks grew 5.3%. Even in these tough economic times of little lending and low interest rates, federally insured credit unions’ return on assets is at 1.04%. Other highlights of the Call Report findings show that: *Assets are up 5.09%, up from $557.1 to $585.4 billion; *Total loans increased 0.54%, up from $342.6 to $344.5 billion; *Savings jumped 5.39%, up from $484.2 to $510.3 billion; *Investments increased 6.83%, up from $140.2 to $149.8 billion; *Net worth increased 2.47%, up from $59.7 to $61.2 billion; and *Loan to share ratio declined from 70.8% to 67.5%. The 9,602 federally insured credit unions’ average equity ratio fell from its peak at 10.72% at year-end 2002 to 10.45% at the end of March. This is also down from 10.84% in December 2001. Delinquencies declined from 0.79% at year-end 2002 to 0.74% at the end of the first quarter 2003. However, chargeoffs increased slightly from 0.51% to 0.55% in the same time period. While the number of credit unions continues to shrink, namely due to mergers, credit union membership continued to grow 0.71% in the first three months of 2003. Members of federally insured credit unions increased from 80.9 million to 81.5 million in the first quarter. [email protected]

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.