adminAccording to the NCUA, the National Credit Union Share Insurance Fund posted net income of $24.0 million in the third quarter of 2019, primarily due to strong investment income earnings.
The Share Insurance Fund’s net position was $16.7 billion at the end of the third quarter, and the equity ratio was 1.33 percent. The NCUA calculated the equity ratio on an insured share base of $1.2 trillion.
Third-quarter investment and other income was $80.1 million or a 1.4 percent decrease in income from $81.2 million during the second quarter of 2019. Operating expenses were $48.2 million. The provision for insurance losses increased by $7.9 million.
For the third quarter of 2019, the Chief Financial Officer reported:
- The number of CAMEL codes 4 and 5 credit unions decreased 2.0% from the second quarter of 2019 to 200 from 204. Assets for these credit unions increased 1.8% from the second quarter of 2019 to $11.2 billion from $11.0 billion.
- The number of CAMEL code 3 credit unions decreased 1.3% from the second quarter of 2019 to 861 from 872. Assets for these credit unions decreased 13.9% from the second quarter of 2019 to $43.4 billion from $50.4 billion.
Two federally insured credit unions failed through the third quarter of 2019, compared to six through the third quarter of 2018. Total year-to-date losses associated with failed credit unions is $40.3 million, compared to $752.5 million in the third quarter of 2018.
