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This page contains a single entry from the blog posted on July 28, 2009 9:11 AM. The previous post in this blog was Welcome to [Redacted]. The next post in this blog is Can't tell how buzzed you are?. Many more can be found on the main index page or by looking through the archives.

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Tuesday, July 28, 2009

OnPoint Credit Union has good second quarter

The second quarter report of locally owned OnPoint Community Credit Union shows a pretty good quarter for that institution, after several lackluster quarters in a row. Perhaps this is a sign that the local economy has stopped sliding so fast after a half-year of freefall. Here are the categories of OnPoint numbers that we've been following with our untrained eye over the past year or so. They all improved over the quarter, except for two: the amount of loans in bankruptcy and the ratio of delinquent loans to total loans. Particularly interesting is a huge jump in the book value of the institution's investments:

Item6/30/083/31/096/30/09Quarterly increase (decrease)12-month increase (decrease)
Total investments$298,019,625 $247,615,140$449,482,46081.52%50.82%
Federal agency securities$153,595,595$124,075,055$274,981,426121.63%79.03%
Total reportable delinquency - total delinquent loans$9,944,789$27,041,586$26,526,766(1.90%)166.74%
Total reportable delinquency - indirect lending$3,736,341$8,725,911$5,096,962(41.59%)36.42%
Total outstanding loan balances subject to bankruptcies$6,218,843$4,978,864$13,911,518179.41%123.70%
Ratio of delinquent loans to total loans (percent)0.451.221.23    
Ratio of total delinquent loans to net worth (percent)4.0911.5910.67   

Delinquent loans are those delinquent for two months or more.

Year-to-date net income through the quarter ended June 30 was $18,586,772, up 83.30% from the same quarter last year ($10,139,886). Deposits rose for the second consecutive quarter, from $2,321,865,874 to $2,411,602,745 -- a 3.86% increase. Deposits a year earlier were $2,278,482,461, and thus for the 12-month period, deposits were up 5.84%.

Comments (8)

Looks like they were "on point" this quarter.... what a ridiculous name.

Portland Teachers was not so great either I guess

How are the other local or semi local credit unions doing in comparison? Most notably, First Tech and Unitus.

Opening branches on Saturdays while not staffing them with tellers probably doesn't hurt either.

I attended the First Tech CU annual meeting a couple of months ago. They're doing very well. CEO Tom Sargent's only negative comment related to the huge increase in their deposit insurance premiums. He said bank problems may have caused big increases in First Tech's deposits.

The bad loan ratios are still up there though. At least they stayed constant, maybe they have recognized the majority of bad loans.

At 1st tech we have approx $14m in accts that are 60+ days behind.

I use to work for OnPoint as a Teller, they dont have tellers on Saturdays because the C.U is focusing on new memberships and loans.


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