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Louisiana CUs 3Q results strong
HARAHAN, La. (12/23/08)--Louisiana credit unions experienced a 1% increase in assets in the third quarter--to $7.21 billion from $7.14 in June, the Louisiana Credit Union League said. Louisiana credit unions’ asset growth ratio is 9.86%, down from 12.46% in June. Net worth is 13.23%, up from 13.16% in June and higher than the national ratio of 11.18%. The statistics indicate the state’s credit unions are in a better position to ride out the economy, the league said. The total number of Louisiana credit unions is 234, down from 237 last year. The number of credit union branches increased by 1.6% to 433 as of June. Membership increased 0.8% in September to 1,139,995 members. Year-to-date membership growth is 2.08%, compared with 1.53% nationally. Other state-level results:
* Credit union loan growth is 7.25%, up from 5.71% in June; * Total loans increased to $4.46 billion from $4.35 billion; * Real estate loans increased 3.1% from June; * Delinquent real estate loans increased 18.3% from June 2008; * Net charge-offs are up 16% compared with last year; and * Louisiana credit unions’ yield on loans is 7.28%, compared with 6.60% nationally.
“In light of the current economic conditions and the future uncertainty, credit unions are being advised just to stay the course,” the league said.
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