ALEXANDRIA, Va. -
NCUA said federally insured credit unions reported strong asset and share growth through Sept. 30, according to third-quarter 2007 Call Report data.
"The loan-to-share ratio increased to 82.66% signifying credit unions diligently fulfill their mission of being a major lending source for their members," NCUA Chairman JoAnn Johnson said. "A significant portion of loan growth can be attributed to real estate lending during the first nine months of 2007. Looking at annualized figures, first mortgage real estate loans increased 12.49% and other types of real estate loans increased 8%."
CU first mortgage fixed, hybrid, and balloon delinquency increased from 0.28% to 0.44%, and first mortgage adjustable delinquency increased from 0.33% to 0.46%. Net charge-offs for first mortgage real estate was an annualized 0.02 percent, the same rate as 2006.
Other data includes: assets increased 6.5%, loans increased 6.7%, investments increased 5.5%, shares increased 6%, net worth increased 6.1% and membership increased 1.9% to 86.97 million members. The shift in the share structure continues, as well, NCUA said, noting share certificates grew an annualized 14.4% to $209.3 billion while money market shares grew 10.5%, and IRA/KEOGH accounts grew 10.3%. Regular shares declined an annualized 3.1% to $176.9 billion and share drafts declined 2.5% to $69.0 billion.
For info: www.ncua.gov/data/FOIA/foia.html. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com
