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Thrift Industry Posts First Yearly Profit Since 2006
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Thrift Industry Posts First Yearly Profit Since 2006
The Easy Way to Shop For a Mortgage Loan
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Thrift Industry Posts First Yearly Profit Since 2006
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March 2, 2011 (Jeff Alan)
mortgage-profits-ahead-image
The Office of Thrift Supervision (OTS) reports that the nation’s thrift industry posted its first profitable year since the beginning of the financial crisis in 2006. The industry showed profits in all four quarters of 2010 totaling $6.6 billion including a $1.75 profit in the fourth quarter which is 0.76 percent of average assets.

In 2009, the industry posted a loss of $34 million for the year and a profit of $442 million in the fourth quarter.

Overall the industry has had six consecutive quarters of profits.

“Although the thrift industry continues to face some headwinds, the first yearly profit since the onset of the financial crisis represents a welcome signal of how far we have come,” said OTS Acting Director John E. Bowman.

The report states that many challenges remain for the thrift industry because of the housing market downturn and high unemployment. Troubled assets and provisions for loan losses remain elevated and the number of problem thrifts has increased but captial remained solid in the fourth quarter of 2010.

The industry added $2.27 billion (0.98 percent of average assets) to loan loss provisions in the fourth quarter. Provisions measured 0.95 percent of average assets in the prior quarter and 1.70 percent in the fourth quarter one year earlier. The substantial additions to loan loss reserves have bolstered the industry’s reserve levels to at, or near, record levels.

Highlights of the report include:

  • At the end of the fourth quarter, 92.1 percent of the industry reported capital exceeding “well-capitalized” regulatory standards.  Only eight thrifts were less than adequately capitalized.
  • Profitability, as measured by return on average assets, was 0.71 percent in 2010, an improvement from breaking even in 2009.  In the fourth quarter of 2010, profitability was 0.76 percent, up from 0.72 percent in the previous quarter and 0.19 percent in the fourth quarter a year earlier. 
  • Troubled assets (noncurrent loans and repossessed assets) were 3.3 percent of assets at the end of the fourth quarter, down from 3.36 percent at the end of the previous quarter, but essentially unchanged from 3.29 percent one year earlier.
  • The number of problem thrifts – with composite examination ratings of 4 or 5 – rose to 58 at the end of the fourth quarter, from 53 at the end of the previous quarter and 43 at the end of 2009.
  • At the end of the fourth quarter, the OTS supervised 731 thrift institutions with assets of $931.7 billion, as well as 437 holding company enterprises with approximately $4.2 trillion in U.S. domiciled consolidated assets.

Tags: OTS, thrifts, housing downturn, unemployment, capital, loan loss, non-current loans, repossessed assets, thrift institutions

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March 2, 2011 (Jeff Alan)
mortgage-profits-ahead-image
The Office of Thrift Supervision (OTS) reports that the nation’s thrift industry posted its first profitable year since the beginning of the financial crisis in 2006. The industry showed profits in all four quarters of 2010 totaling $6.6 billion including a $1.75 profit in the fourth quarter which is 0.76 percent of average assets.

In 2009, the industry posted a loss of $34 million for the year and a profit of $442 million in the fourth quarter.

Overall the industry has had six consecutive quarters of profits.

“Although the thrift industry continues to face some headwinds, the first yearly profit since the onset of the financial crisis represents a welcome signal of how far we have come,” said OTS Acting Director John E. Bowman.

The report states that many challenges remain for the thrift industry because of the housing market downturn and high unemployment. Troubled assets and provisions for loan losses remain elevated and the number of problem thrifts has increased but captial remained solid in the fourth quarter of 2010.

The industry added $2.27 billion (0.98 percent of average assets) to loan loss provisions in the fourth quarter. Provisions measured 0.95 percent of average assets in the prior quarter and 1.70 percent in the fourth quarter one year earlier. The substantial additions to loan loss reserves have bolstered the industry’s reserve levels to at, or near, record levels.

Highlights of the report include:

  • At the end of the fourth quarter, 92.1 percent of the industry reported capital exceeding “well-capitalized” regulatory standards.  Only eight thrifts were less than adequately capitalized.
  • Profitability, as measured by return on average assets, was 0.71 percent in 2010, an improvement from breaking even in 2009.  In the fourth quarter of 2010, profitability was 0.76 percent, up from 0.72 percent in the previous quarter and 0.19 percent in the fourth quarter a year earlier. 
  • Troubled assets (noncurrent loans and repossessed assets) were 3.3 percent of assets at the end of the fourth quarter, down from 3.36 percent at the end of the previous quarter, but essentially unchanged from 3.29 percent one year earlier.
  • The number of problem thrifts – with composite examination ratings of 4 or 5 – rose to 58 at the end of the fourth quarter, from 53 at the end of the previous quarter and 43 at the end of 2009.
  • At the end of the fourth quarter, the OTS supervised 731 thrift institutions with assets of $931.7 billion, as well as 437 holding company enterprises with approximately $4.2 trillion in U.S. domiciled consolidated assets.

Tags: OTS, thrifts, housing downturn, unemployment, capital, loan loss, non-current loans, repossessed assets, thrift institutions

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

March 2, 2011 (Jeff Alan)
mortgage-profits-ahead-image
The Office of Thrift Supervision (OTS) reports that the nation’s thrift industry posted its first profitable year since the beginning of the financial crisis in 2006. The industry showed profits in all four quarters of 2010 totaling $6.6 billion including a $1.75 profit in the fourth quarter which is 0.76 percent of average assets.

In 2009, the industry posted a loss of $34 million for the year and a profit of $442 million in the fourth quarter.

Overall the industry has had six consecutive quarters of profits.

“Although the thrift industry continues to face some headwinds, the first yearly profit since the onset of the financial crisis represents a welcome signal of how far we have come,” said OTS Acting Director John E. Bowman.

The report states that many challenges remain for the thrift industry because of the housing market downturn and high unemployment. Troubled assets and provisions for loan losses remain elevated and the number of problem thrifts has increased but captial remained solid in the fourth quarter of 2010.

The industry added $2.27 billion (0.98 percent of average assets) to loan loss provisions in the fourth quarter. Provisions measured 0.95 percent of average assets in the prior quarter and 1.70 percent in the fourth quarter one year earlier. The substantial additions to loan loss reserves have bolstered the industry’s reserve levels to at, or near, record levels.

Highlights of the report include:

  • At the end of the fourth quarter, 92.1 percent of the industry reported capital exceeding “well-capitalized” regulatory standards.  Only eight thrifts were less than adequately capitalized.
  • Profitability, as measured by return on average assets, was 0.71 percent in 2010, an improvement from breaking even in 2009.  In the fourth quarter of 2010, profitability was 0.76 percent, up from 0.72 percent in the previous quarter and 0.19 percent in the fourth quarter a year earlier. 
  • Troubled assets (noncurrent loans and repossessed assets) were 3.3 percent of assets at the end of the fourth quarter, down from 3.36 percent at the end of the previous quarter, but essentially unchanged from 3.29 percent one year earlier.
  • The number of problem thrifts – with composite examination ratings of 4 or 5 – rose to 58 at the end of the fourth quarter, from 53 at the end of the previous quarter and 43 at the end of 2009.
  • At the end of the fourth quarter, the OTS supervised 731 thrift institutions with assets of $931.7 billion, as well as 437 holding company enterprises with approximately $4.2 trillion in U.S. domiciled consolidated assets.

Tags: OTS, thrifts, housing downturn, unemployment, capital, loan loss, non-current loans, repossessed assets, thrift institutions

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.