The $2 billion Texans Credit Union said a $46 million loss last year was mostly tied to having to increase its commercial loan loss reserves.
The credit union ended 2008 with a "well-capitalized" net worth ratio of 7.9% in spite of a net loss from operations of $36 million combined with a one-time deposit insurance fund write-down and assessment totaling $10 million, said Mike Sauer, interim CEO and board member at Texans.
According to December 2008 NCUA call report data, the CU had nearly $358 million in member business loans and $216.7 million in construction and development loans. Delinquent loans totaled $68.5 million with chargeoffs at $15.4 million. The CU said it continues to originate business loans.
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