Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
New Jersey CUs' 1Q Reflects Surge in Savings
HIGHTSTOWN, N.J. (7/16/13)--Savings balances surged in the first quarter for New Jersey credit unions with normal, strong seasonal growth combining with large period-end payday inflows, the New Jersey Credit Union League reported.
 
As a result, both the state aggregate loan-to-savings and capital ratio declined marginally in the quarter (The Daily Exchange July 10). Loan delinquencies fell in the quarter and bottom-line earnings increased, compared with full-year 2012 results.
 
Savings balances rose 4.6%--an 18.4% annualized rate--propelled by increases in share-draft account automatic payday deposits. While loan activity was relatively slow (increasing 0.1% in the quarter), New Jersey credit unions granted a total of $570 million in loans in the first quarter. That is a 10% increase over first-quarter 2012 results and the largest first-quarter volume since 2008.
 
Earnings increased at an annualized rate of 0.48% in the first quarter--a significant jump over the 0.33% full-year 2012 result.
 
Fast asset growth due to big deposit inflows overwhelmed healthier earnings to produce a marginal decline in the New Jersey credit union aggregate capital ratio--though the March 2013 aggregate is nearly 3.5 percentage points above the 6% regulatory minimum credit unions need to be considered adequately capitalized under prompt corrective action (PCA) net worth standards, noted the league.
 
In all, 92% of the state's credit unions now are well-capitalized with PCA net worth exceeding 7% of assets, said the league.
RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
39 minutes ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
19 hours ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
20 hours ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
21 hours ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
21 hours ago