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Tuesday, May 12, 2009

OnPoint first quarter nothing to write home about

The first quarter of 2009 showed a continued slide by Portland's economy, as reflected by our quarterly run-through of the regulatory financial report of locally owned OnPoint Community Credit Union. But perhaps the rate of decline has declined somewhat. Here are the categories of numbers that we've been following with our untrained eye over the past year or so:

Item3/31/0812/31/083/31/09Quarterly increase (decrease)12-month increase (decrease)
Total investments$266,999,202$199,685,297*$247,615,14024.00%(7.26%)
Federal agency securities$99,580,429$126,745,213$124,075,055(2.11%)24.60%
Total reportable delinquency - total delinquent loans$7,289,749$23,621,140$27,041,58614.48%270.95%
Total reportable delinquency - indirect lending$3,141,885$8,891,285$8,725,911(1.86%)177.73%
Total outstanding loan balances subject to bankruptcies$2,047,768$14,364,478$4,978,864(65.34%)143.14%
Ratio of delinquent loans to total loans (percent)0.341.051.22    
Ratio of total delinquent loans to net worth (percent)3.0510.27**11.59   

* - Revised from previously reported figure of $204,032,809. ** - Revised from previously reported figure of 9.25. Delinquent loans are those delinquent for two months or more.

Net income for the quarter ended March 31 was $3,388,178, down 43.65% from the same quarter last year ($6,012,897). On the brighter side, however, deposits rose for the first time in three quarters, from $2,191,035,640 to $2,321,865,874 -- a 5.97% increase. Deposits a year earlier were $2,303,473,491, and thus for the 12-month period deposits were up 0.80%.

Comments (2)

Kinda weird - Mar 08 and Mar 09 look OK, but Dec 09 looks like heck? Except for the delinq loans which are looking worse with each quarter.

If I read right, they have about $10 in loans for each $1 in net worth? Is that the capital reserve requirement?

The capital "requirement" is to have about 5% of assets in reserve. In this case they have about 9.5%. The regulators get nervous at 7% and get ugly at 6% and shut you down if you're below 5%.

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