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News Now

CU System
California DFI State CU assets up 1.7
SACRAMENTO, Calif. (4/11/12)--California state-chartered credit unions assets went up 1.7% to $73.1 billion in the fourth quarter 2011 from $71.9 billion a year earlier, according to the California Department of Financial Institutions (DFI).

Shares at $62.9 billion rose 2.5% from $61.4 billion during the same period. Loans declined 4.8%, going to $40.5 billion from $42.5 billion.

State-chartered credit unions net worth was up 7.3%, hitting $7.3 billion from $6.8 billion a year earlier. That caused the net worth to asset ratio to increase to 9.95% from 9.43% a year ago, said DFI.

The fourth-quarter loan loss allowance totaled $1.1 billion, a 13.5% decline from $1.3 billion one year prior, while delinquent loans at $920.7 million dropped 15.3% from $1.1 billion at year-end 2010. Delinquent loans as a percentage of total loans were 2.27%, down from 2.55% a year earlier. Other real estate owned increased 14.7% to $152.3 million from $132.8 million the previous year.

Net margin to average assets was at 4.18% down from 4.38%, while the provision for loan losses decreased 45.2% to $419.6 million from $765 million.

Fourth-quarter net income rose 52.2% to $510.6 million from $335.4 million at year-end 2010.

The number of credit unions declined 2.5% to 158 from 162.


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