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How Are Other CUs with Exposure to Taxi Medallion Loans Performing? "Credit News 24"

My earlier posts have looked at the three large New York City taxi medallion lending credit unions. However, there are several other credit unions within the greater New York metropolitan region that have some exposure to taxi medallion loans -- Quorum Federal Credit Union (Purchase, NY), Bay Ridge Federal Credit Union (Brooklyn, NY), Aspire Federal Credit Union (Clark, NJ), and First Jersey Credit Union (Wayne, NJ).

Quorum Federal Credit Union
While Quorum did not originate taxi medallion loans, it purchased taxi medallion participation loans. According to its 2015 Annual Report, it had $76.3 million in taxi medallion loans. The credit union stated that it stopped its tax medallion participation purchase program in 2013.

Quorum Federal Credit Union reported a 2017 loss of $6.7 million, driven by an increase in loan loss provisions. Loan loss provisions rose from $7.9 million at the end of 2015 to $24.5 million at the end of 2017.

The credit union saw its net worth fall from $72.2 million to $65.5 million. The credit union had a net worth ratio of 7.25 percent at the end of 2017.

The credit union has almost $35 million in delinquent loans. Its delinquency rate was 4.67 percent on December 2017. Delinquent loans represent 53.43 percent of the credit union's net worth.

Early delinquencies (30 days to 59 days past due) were slightly less than $8.1 million.

Quorum FCU reported almost $30.8 million in Troubled Debt Restructured TDR) loans, of which $24.5 million were business loans. TDR loans as a percent of total loans and net worth were 4.10 percent and 46.97 percent, respectively.

The credit union reported allowance for loan and lease losses of $27.8 million. Its coverage ratio was 79.51 percent at the end of 2017.

Bay Ridge Federal Credit Union
Bay Ridge Federal Credit Union posted a profit for 2017 of $434,189. As a result, the credit union's net worth rose to almost $19 million as of December 2017.

Its net worth ratio at the end of 2017 was 9.47 percent.

Loans 60 days or more past due were $6.6 million -- up from $3.8 million at the end of the third quarter and $4 million at the end of 2015. Approximately, $4 million were member business loans (MBLs). The delinquency rate on December 31, 2017 was 3.74 percent. Delinquent loans to net worth was 34.81 percent.

In addition, early delinquencies were $5.2 million at year end.

Bay Ridge FCU stated as of the end of 2017 it had $23.1 million in TDR loans, of which $21.3 million were MBLs. TDRs were 13.05 percent of loans and 121.48 percent of net worth.

The credit union reported holding allowance for loan and lease losses of $3.8 million. Its coverage ratio was 57.17 percent.

Aspire Federal Credit Union
Aspire Federal Credit Union has a taxi medallion lending credit union service organization (CUSO).

The credit union reported a full-year loss of $1.6 million. As a result of the loss, the credit union's net worth fell from $19.1 million to $17.5 million during 2017. Its net worth ratio of 10.11 percent as of December 2017, down from 10.48 percent a year earlier; but up from the prior quarter.

The credit union reported almost $7.3 million in delinquent loans, of which $3.3 million were member business loans (MBLs). The delinquency rate was 5.18 percent on December 31, 2017. Delinquent loans comprised 41.37 percent of the credit union's net worth.

In addition, the credit union is reporting early delinquencies of $3.7 million at the end of 2017.

Outstanding TDR loans were $5.9 million, of which $3.6 million are business loans. TDR loans were 4.22 percent of all loans and 33.71 percent of net worth.

The credit union reported allowances for loan and lease losses of $4.3 million. Its coverage ratio was 59.45 percent.

First Jersey Credit Union
First Jersey Credit Union also has a taxi medallion lending CUSO.

The credit union reported a loss of almost $2.6 million for 2017, after posting a loss of slightly less than $2.7 million for 2015.

As a result, the credit union's net worth fell from $12.3 million on December 2015 to $9.7 million on December 2017. Over the year, the net worth ratio fell by 30 basis points to 8.24 percent.

At the end of 2017, almost $5.7 million loans were 60 days or more past due and its delinquency ratio was 7.82 percent. Delinquent MBLs were $3.2 million.

Early delinquent loans were $2.8 million.

Outstanding TDR loans were $4.5 million, of which almost $2.9 million were business loans. TDR loans were 6.24 percent of loans and 46.73 percent of net worth.








Title : How Are Other CUs with Exposure to Taxi Medallion Loans Performing? "Credit News 24"
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