ALEXANDRIA, Va.–NCUA CFO Rendell Jones provided the NCUSIF Quarterly Report as of March 31. According to Jones:
- NCUSIF net income was $24 million on revenues of $57.3 million, which came primarily from investments. Operating expenses for the NCUSIF were $48 million, about 10% under the estimate.
- The provision for insurance loss decreased by $14.7 million.
- The Share Insurance Fund reserves stand at $152 million and reflect a $10.6 million reduction for expected losses.
- The NCUSIF equity ratio was 1.29%.
- Credit unions during Q1 were invoiced $279 million for capital adjustments, while the agency refunded $19 million to CUs that saw deposits decrease.
- Credit unions that are CAMEL Code 4 and 5 were down by net of two to 218 during Q1. Of those CUs, 93% have less than $100 million in shares, while 1% have more than $500 million in total shares.
- There were 1,212 CAMEL Code 3 CUs as of March 31, 90% of which have less than $100 million, while 1% above $500 million in shares.
- The percentage of total CUs that are 3, 4, and 5 all decreased slightly during Q1, in part due to liquidations (there were five CU failures during Q1).
“This is a far cry from the first report I received when I became chairman. In 2009, troubled credit unions were holding $52 billion in assets,” said NCUA Chairman Debbie Matz, who congratulated NCUA staff for assisting in turning around the numbers.