ALEXANDRIA, Va. - While sinking mortgage numbers were the most glaring in the data released by NCUA for federally insured credit unions during the first quarter of the year (see related story, page 12), the data also shows:
* During the first quarter of 2008, shares increased 5.6% for an annualized rate of 22.4% among federally insured CUs, and now total $667.7 billion.
* Loan growth was 1.1%, or an annualized 4.5%, during the first quarter, and now total $532.8 billion. Rapid share growth caused the loan-to-share ratio to dip below 80% to 79.8%, slightly higher than the March 2007 loan-to-share ratio of 79.1%.
* Real estate delinquency increased to 0.70% from 0.67%. NCUA noted that while delinquent first-mortgage fixed-rate loans declined 0.7%, delinquent first-mortgage ARMs increased to 0.87% from 0.69%. The delinquency for other real estate adjustable rate loans increased from to 0.96% from 0.81%.
* Net charge-offs increased to 0.67% from 0.50%, with the loan delinquency ratio declining from 0.93% to 0.91%. The combined delinquency and net charge-offs ratio increased to 1.58% from 1.44%.
* Assets increased 5.1% to $792.2 billion; Investments increased 8.5% to $ 154.6 billion; Net worth increased 1.8% to $87.7 billion from $86.2 billion, and membership increased 0.8% to 87.5 million members.
* Total real estate loans increased 3.1% to $279.6 billion, used auto loans increased 0.7% to $89.7 billion, new auto loans declined 3.2% to $84.1 billion, and unsecured credit card loans declined 1.2% to $29.7 billion.
* Available-for-sale securities increased 16.9% to $67.9 billion, and deposits in commercial banks, S&Ls and savings banks grew 27.7% to $21.0 billion.
ROA declined to 0.60% from 0.64% at year-end 2007 due to an increase in the provision for loan and lease losses expense to 0.55%.
