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The National Credit Union Share Insurance Fund ended November at a level equal to 1.32 percent of insured shares and year-to-date net income of $375 million, NCUA Chief Financial Officer Mary Ann Woodson said in Thursday's open NCUA Board meeting.

That net income figure represents a dramatic turnaround from early projections, when the fund was expected to experience a net loss of $595.9 million through Nov. 30. The NCUSIF has also deducted $287 million, year to date, from its loss expense provision, leaving that reserve with a balance of $871.6 million. Of that, $86.3 million is allocated to specific cases.

Woodson, updating figures on problem-case credit unions, reported an increase of five in the number of CAMEL code 4 and 5 credit unions in November to a total of 399. These institutions held 3.58 percent of total insured shares, down from 3.89 percent as of Oct. 31.

Code 3 credit unions declined in number to 1,735, down 26 from October. The Code 3 institutions held 16.13 percent of total insured shares, up from 15.87 percent the month before.

Going forward, reports on NCUSIF results will be given during the NCUA Board's open meeting on a quarterly basis. Financial highlights will continue to be posted monthly on the agency's website.