The loss caused the credit union's net worth to fall from almost $195 million at the end of 2016 to $169.4 million as of March 31, 2017. As a result, the credit union's net worth ratio fell from 32.96 percent to 31.10 percent over the same time period.
The credit union reported a decline in delinquent loans during the first quarter of 2017. Loans 60 days or more past due fell from slightly less than $66.5 million at the end of 2016 to $46.1 million at the end of the first quarter of 2017. Its delinquency rate fell from 11.45 percent to 9.16 percent.
Net charge-offs were $34.8 million during the first quarter of 2017. The net charge-off rate was 25.71 percent. At the end of 2016, the net charge-off rate was 6.32 percent.
Progressive reported a decline in outstanding troubled debt restructured (TDR) loans during the first quarter -- falling from $124.3 million as of December 2016 to slightly less than $117 million as of March 2017. TDR loans were 23.23 percent of total loans and 69.05 percent of net worth.
Foreclosed and repossessed other assets were $29.9 million as of March 31, 2017 -- up from $7.1 million at the end of 2016 and $1.2 million from a year ago.
Given that net charge-offs exceeded provisions for loan and lease losses, Progressive Credit Union's allowance for loan and lease losses fell by $8.4 million during the quarter to $62.7 million on March 31, 2017. The TDR portion of allowance for loan and lease losses was approximately $24.6 million at the end of the first quarter.
the credit union's coverage ratio rose during the first quarter to 135.88 percent.
Dqs improved!?
ReplyDeleteBull.