RIVERSIDE, CA (July 31, 2014) -- Altura Credit Union today reported net income of $3.82 million on total assets of $730.4 million for the quarter ended June 30, 2014. These results compare favorably to net income of $3.47 million on total assets of $704.6 million for the same period lastyear. Net income for the first half of 2014 was $6.87 million, compared to $8.45 million reported for the first half of 2013.
Altura also reported a Net Worth Ratio of 11.76% which is up from 10.82% reported for the same period in 2013.*
“We are clearly seeing slow and steady economic recovery in the Inland Empire, which is reflected in Altura’s solid second quarter performance,” said Altura Credit Union President/CEO Mark Hawkins. “People have gotten their financial houses in order, paid down their debt and now are feeling better about their jobs and household income. This is translating into a boost in loan applications for us, which is a key source of our income. Our Members’ credit quality is excellent, and we are funding a higher percentage of loans than we have seen in years,” he added.
“In 2014, Altura can report the longest period of month-to-month loan growth since the start of the economic downturn in late2007,” Hawkins pointed out. “And we anticipate that July will mark our fifth consecutive month of growth.” For the quarter ended June 30, 2014, Altura reported $374.2 million in outstanding loan balances, up from $364.3 million for the same period last year.
“Typically, we experienced a surge in lending during the summer months, a trend we have not seen since the summer of 2007, until now,” Hawkins said. “This as a very positive indicator that Member behavior is returning to what used to be ‘normal’.”
Also reflecting the local improvement, delinquent loans declined to 0.75% for the period ended June 30, 2014, compared to 1.39% for the same period in 2013. At the same time, loan losses declined to just 0.55% versus a rate of 1.14% last year.
“This market continues to heal. The signs are positive and the improvement we’re seeing is sustainable,” Hawkins added.
During the second quarter, Altura also rolled out its new and upgraded Mobile App. The new App has added mobile check deposit and new loan functionality to submit applications, receive loan approvals and confirm funding; all from a mobile device.
Altura also introduced a new product, Nexus Checking. “Nexus Checking is based upon the idea that a checking account should be an ally,” explained Jennifer Binkley, Altura chief operating officer. “A key feature of the new account is no monthly fee if the Member has any type of loan with Altura, or just makes five debit transactions monthly.” Nexus is a customizable account that also includes free online banking and mobile banking.
Altura Credit Union is a not-for-profit financial institution owned by its Members. Membership is open to anyone who lives, works, worships or attends school in Riverside and San Diego counties and select cities in San Bernardino and Orange counties. For more information, visit Altura’s website, www.alturacu.com.
Altura is very proud of its 57 years of service to Members in the Inland Empire. Altura is a past-recipient of the California Award for Performance Excellence (CAPE), the state’s equivalent of the Malcolm Baldrige National Quality Award. Today, Altura Credit Union has 85,500 Members and nearly $731 million in total assets. For more information on Altura, visit our website, www.alturacu.com, or call 1-888-883-7228.