CUs managing extra deposits appropriately

<p>WILIAMSBURG, Va. – The latest call report data reveals a continued increase in deposits for credit unions with more than $50 million in assets for the first quarter of 2002, NCUA Chairman Dennis Dollar told attendees at the CUNA CFO Council meeting in Williamsburg, Va. last week. More than 200 chief financial officers attended. According to the large credit unions’ call report data, shares jumped $20.3 billion or 5.63% in the first quarter of 2002. Loans increased $2.7 billion, or just 0.99% and total net worth for the credit unions in excess of $50 million in assets increased by $1.1 billion or 2.64% since December to a record $44.5 billion. However, the significant increase in deposits resulted in a lower average net worth ratio from 10.50% at year-end 2001 to 10.24% for the first quarter 2002. Assets increased $21.6 billion or 5.22% and the number of credit unions with more than $50 million in assets rose from 1,556 at year-end 2001 to 1,677 at the end of the first quarter this year.</p>