Taxi medallion lenders LOMTO Federal Credit Union (Woodside, NY) and Progressive Credit Union (New York, NY) have filed their Q3 Call Reports.
LOMTO
According to LOMTO's financial performance report, the credit union reported a higher quarter over quarter net worth ratio and a quarterly decline in its delinquency rates. However, the drop in delinquencies was offset by an increase in troubled debt restructurings (TDRs).
LOMTO's net worth ratio increased by 11 basis points during the quarter to 16.84 percent.
Over the same time period, LOMTO reported a decline in its delinquency rate (loans 60 days or more past due) from 3.68 percent on June 30 to 1.53 percent as of September 30. In addition, early delinquencies (loans 30 to 59 days past due) dropped from $5.6 million to $5.3 million over the same time period.
TDRs increased during the quarter from $25 million to approximately $34.4 million. TDRS on September 30 are 14.04 percent of loans and 75.2 percent of net worth.
LOMTO FCU increased its provisions for loan losses during the quarter by almost $700 thousands to $2.8 million as of September 30. As a result, allowances for loan and lease losses rose from $6.56 million to $7.06 million.
As of September 30, the credit union's coverage ratio (allowances for loan and lease losses to delinquent loans) was almost 189 percent, up from 71.28 percent the previous quarter.
Progressive
During the quarter, Progressive built its net worth and coverage ratios, while keeping its delinquency rate largely unchanged.
Progressive Credit Union reported an increase in its net worth ratio during the quarter by 9 basis points to 41.03 percent as of the end of the 3rd quarter.
The delinquency rate on loans 60 days or more past due was almost flat during the quarter. The delinquency rate was 1.05 percent at the end of September compared to 1.04 percent for the previous quarter.
However early delinquencies jumped by almost 239 percent during the third quarter to slightly less than $13.5 million.
Net charge-offs were $3.1 million as of September 30, up from $1.2 million for the previous quarter.
TDRs increased from $18.8 million to $24.4 million during the quarter. This means TDRs on September 30 represented 3.99 percent of loans and 8.8 percent of net worth.
Provisions for loan losses increased by $3 million during the quarter to almost $7.3 million at the end of the third quarter. As a result, allowance from loan and lease losses rose by $1.14 million to $12.86 million.
Progressive's coverage ratio is 199.19 percent as of September 30, up from 179.53 percent the prior quarter.
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