Question-and-Answer Session
Operator
(Operator instructions) Our first question comes from John Pancari of JP Morgan.
John Pancari – JP Morgan
Good morning.
Gerald Lipkin
Good morning.
John Pancari – JP Morgan
Can you just give us a little bit more detail on the delinquency trends and the loss trends in your indirect auto book, and just the trajectory of that book during the quarter?
Gerald Lipkin
I think they were pretty much consistent. There was not a big increase over the prior quarter. We’ve done some chartings on our delinquency trends over many years. And it would appear that from that that delinquencies tend to come in the first two years that a loan is on the books. After that time, they tend to trail off very, very quickly. We began cutting back severely on our consumer credit lending and tightened up on some of our already tight standards about a year and a half ago. So I think that we are reaching the end point of where the loan losses in that portfolio will be of the magnitude they are. And I would expect that we will – as the 2009 progresses, the continuing decrease in the levels of delinquencies and losses.
John Pancari – JP Morgan
Well, do you have the absolute amounts on the delinquency ratio for that book and the net charge off ratio? Because I know you indicated they remain well below peers, so do you have that number?
Gerald Lipkin
Yes. As of December 31st, the past due1.74% is probably about a third, a quarter, a tenth – that’s a total 30-day – that’s a total 30-day, 1.74% delinquent, not books.
John Pancari – JP Morgan
Okay.
Gerald Lipkin
And that’s starting at 30 days.
John Pancari – JP Morgan
Okay. And do you have the charge off ratio?
Gerald Lipkin
Just one second, we’ll pull it out. Why don’t we come back to that as soon as we – somebody can set it up. But obviously, the back said–
John Pancari – JP Morgan
Okay. Yes. Actually, just one other question on credit. Can you give us a little bit of color in terms of the credit trends you’re seeing in your New York CNI [ph] portfolio?
Alan Eskow
Not with so far. It’s been holding up. We haven’t seen any trends, anything beyond pretty much the norm, which is very small. We have not seen an increase in any of the New York loans.
- To read the full transcript on Seeking Alpha, click here »
