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Credit unions post net 3Q loss, but climate slowly improving -

Loan delinquencies and writeoffs continued to batter the balance sheets of Inland-based credit unions in the third quarter, with the three largest of the member-owned cooperatives reporting net financial losses for the fourth consecutive period.

A climate of high unemployment and loan foreclosures took the biggest toll on San Bernardino-based Arrowhead Credit Union, which posted a $46.3 million loss in the latest period, ending Sept. 30.

That was worse than its $28.8 million loss at the end of the prior period, and was due primarily to additions to its pre-emptive loan-loss reserves. Those regulator-mandated reserves protect institutions against future losses but count against current net income.

Filings with the National Credit Union Administration showed Visterra Credit Union, based in Moreno Valley, posting a third-quarter loss of $7.3 million. The loss was $1.8 million for Riverside-headquartered Altura Credit Union   Read Full Article...