The last two years have been increasingly profitable for federally insured credit unions. Because credit unions were able to lower dividend rates at a faster pace than gross income declined, profitability accelerated. The following able and the graphic presentation attached to this report show regional comparisons of key ratios and trends. I have improved dramatically since the end of last year. Capital positions are stronger across all regions and delinquency is lower overall.
Operating expenses are stable, and profitability has increased.