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California and Nevada CU Financials Document 2007's Economic Downturn

RANCHO CUCAMONGA, Calif. -- The California and Nevada Credit Union Leagues' latest WestScan economic report, which compares year-end 2007 statistics to those of 2006, provides ample evidence of last year's economic downturn on credit union balance sheets.

By Heather Anderson | Updated on July 01, 2008

RANCHO CUCAMONGA, Calif. — The California and Nevada Credit Union Leagues’ latest WestScan economic report, which compares year-end 2007 statistics to those of 2006, provides ample evidence of last year’s economic downturn on credit union balance sheets.

In California, return on assets was cut in half, down from 0.79% in 2006 to 0.40% in 2007. The culprit was loan losses. Provisions increased drastically to $658.5 million, up from $454 million for year-end 2006. Additionally, delinquencies-to-total loans nearly doubled, and net charge offs were up roughly 50%, from 0.41% in 2006 to 0.58% for 2007. One silver lining in the profitability stats was that gross income-to-average assets actually increased slightly last year.

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