Credit unions have struggled to originate high quality loans they can keep on their balance sheet. In the first quarter of 2003, credit union outstanding loans grew only 0.57%. Often, credit unions were unable to originate the loans. In many other instances, credit unions were able to originate long-term first mortgage real estate loans, but then had to sell them of their books to meet ALM guidelines. In this environment, some credit unions have turned to participation lending as a way to grow their overall loan portfolio. Beginning in 2003, credit unions report participation lending information on the 5300 call report. This will help credit unions looking to buy into participation lending, as they will be able to research which credit unions have historically participated on the seller's side. The credit unions listed below are the top ten credit unions based on the sale of participation loans in the first three months of 2003. These credit unions vary greatly in size, but all have excellent asset quality. They maintain low delinquency rates, and their net charge off ratios are all below the industry average of 0.54%. Progressive and Novartis actually recovered more loans than they charged off in the first quarter, giving them a negative ratio.