TOPEKA, Kan. (12/8/11)--Kansas credit unions saw gains in loans and assets, as well as a decline in delinquencies, during third quarter, according to a report released by the Kansas Department of Credit Unions.
The department regulates 80 state-chartered credit unions. It reported that assets in Kansas credit unions for the quarter totaled $4.28 billion, up 7.8% from third quarter 2010 (The Wichita Eagle Dec. 7). Loans totaled $2.84 billion, an increase of 5.7% over the same period last year.
The delinquency ratios for credit unions dropped to 0.98% from 1.36%, which regulators said was a significant drop in a year's time. Michael Baugh, KDCU financial examiner administrator, told the newspaper paper that anything below 1% would be significant.
Two factors contributed to the lower delinquency ratio, said Baugh and KDCU Administrator John Smith: a decrease in the total amount of delinquency to $27.8 million from $36.7 million, and the increase in loans, which dilutes the delinquency total. Baugh also noted credit unions have worked hard to collect on overdue loans.
The department also reported membership increased 3.7% to 573,026 members during the quarter. To access the report, use the link.