ALEXANDRIA, Va. — Net income for the NCUSIF came in $7.9 million over projections due to less than anticipated operating expenses and insurance losses.
The fund's gross income was $77.9 million, under the $78.2 million budgeted. However, operating expenses were $2.5 million under budget while insurance losses totaled only $300,000, below the $6 million budgeted.
Currently, the NCUSIF has more than $3 million in short-term investments (less than one year), which they plan to distribute more evenly among longer-term investments as they mature.
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Problem credit unions fell a net of 10 credit unions and 65% of the 236 CAMEL 4/5 credit unions are under $10 million in assets. Of the 35 credit unions that came out of the troubled category, 18 improved their CAMEL ratio while 17 were merged or liquidated. As of March 31, troubled credit unions represented just 0.97% of insured shares.
Finally, the NCUSIF equity ratio is anticipated to settle at 1.31% by year-end, presenting the possibility of another dividend for federally insured credit unions. –[email protected]
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