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Financial Performance

Big Third Quarter Losses For CUs

TAMPA, Fla. – Credit unions across the country began reporting third quarter financials, showing increasing losses at many credit unions, especially in the hard-hit California, Nevada, Arizona and Florida markets.

Suncoast Schools FCU, the largest credit union in Florida, reported yesterday it moved another $23.6 million to its allowance for loan losses in the third quarter to cover poorly performing mortgage loans, creating a third quarter loss of $25.7 million, and a year-to-date loss of $51.9 million for the $6 billion credit union.

GTE FCU, also in Tampa, reported a $2.7 million third quarter loss yesterday, creating a $21.9 million loss for the first three quarters. And Jax FCU, in Jacksonville, reported $3.4 million in red ink for the quarter and a $5.5 million three-quarter loss.

In California, Kinecta FCU reported a $12.7 million third quarter loss and a $23.2 million three-quarter loss; North Island Financial CU had a $5.4 million loss for the quarter and a $17.7 million three-quarters loss; USE FCU in San Diego, reported a $258,000 loss for the quarter and a $675,000 loss for the first three quarters.

In Arizona, First FCU, in Chandler, reported a $1.3 million loss in the period, and a $5.4 million loss for the first three quarters. Deer Valley FCU in Phoenix, had a $1.2 million loss for the quarter and a $2.4 million three-quarter loss. TruWest FCU in Scottsdale, reported a $1.3 million loss for the third quarter.

In Nevada, Clearstar Financial FCU in Reno had a $3 million loss for the third quarter and a $4.6 million loss year-to-date; Community One Financial FCU in Las Vegas a $600,000 quarterly loss and $1.8 million year-to-date.

Elsewhere around the country: Credit Union of Texas reported a $400,000 loss for the quarter and a $2 million loss year-to-date; Sunmark FCU in Schenectady, N.Y., a $2 million third quarter loss and $8.2 million loss for the first three quarters; Alabama Central CU a $610,000 loss for the quarter and $1.3 million for the year; United San Antonio Community FCU a $300,000 loss for the quarter and $1.4 million loss year-to-date.

 

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