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NCUSIF Sees $21.8M Net Loss in 2Q of 2016
Monday, July 25, 2016 6:35 AM

The National Credit Union Share Insurance Fund saw a net loss of $21.8 million in the second quarter of 2016, but a net income of $2.2 million for the first half of the year. NCUA Chief Financial Officer Rendell Jones presented the update at Thursday’s NCUA board meeting.

Per Jones, as of June 30, 2016, the calculated equity ratio, based on estimated insured shares of $993.5 billion, dropped to 1.24 percent. When the next 1 percent deposit capital adjustment is collected in October for all federally insured credit unions with assets of $50 million or greater, the equity ratio is estimated to be 1.27 percent, consistent with the agency’s expectations, but the ratio may differ if loss patterns change.

NCUA will invoice for the adjustment in September. Other highlights include:

  • Second-quarter investment and other income was $56.9 million;
  • Operating expenses were $52.8 million;
  • The number of CAMEL code 4 and 5 credit unions declined 16.7 percent from the second quarter of 2015 from 251 to 209. More than half were credit unions with assets of $10 million or less;
  • Assets of CAMEL code 4 and 5 credit unions were $9.5 billion, a 16.7 percent decline from the second quarter of 2015;
  • The number of CAMEL code 3 credit unions declined 10.1 percent from the second quarter of 2015 from 1,336 to 1,201; and
  • Assets of CAMEL code 3 credit unions were $85.2 billion, a 9.5 percent decline from the second quarter of 2015.