Total Loan Balances Grow by 13.14% year over year
RIVERSIDE, CA (January 30, 2015) -- Altura Credit Union, based in Riverside, Calif., today reported net income of $11.61 million on assets of $757.3 million as of Dec. 31, 2014. This compares to net income of $11.18 million on assets of $678.88 million for the year ended Dec. 31, 2013.
This marks Altura’s fourth consecutive year of solid financial performance following the economic downturn that began in 2008. In fact, Altura has now reported 15 consecutive quarters of positive net income. Altura also reported a Net Worth Ratio of 11.96%, compared to 11.63% reported one year ago.
“We enjoyed another excellent year in 2014,” said Mark Hawkins, Altura Credit Union’s CEO. “What has been most encouraging is the ongoing increase in Member lending activity. Clearly, our Members are feeling much more confident in the economy than they have over the pastseveral years. We are thrilled to see these continued improvements in Member confidence; improvements that are evident in our daily interactions with Members and in our posted financial results,” he added.
“Robust Member confidence is most apparent in automobile lending, especially the financing of new car purchases. In just the past 12 months, new vehicle loan balances increased 83.2%,” Hawkins pointed out. “Over the same time period, used car loan balances are also higher by 24%. Altura’s total loan balances rose by 13.14% last year, the highest year-over-year increase since 2008,” he added.
In addition, Hawkins said, “Because of our solid production, loan balances have grown for each of the past 11 months. This is our longest streak of positive loan production since 2006.
“We are delighted with this positive trend and expect it to continue in 2015. It is quite a turnaround from the negative results that hounded the region during the Recession,” Hawkins added. “In addition,” he continued, “overall credit quality has steadily improved while loan delinquencies and loan losses hover at levels not seen since before the crisis.”
Additional milestones for the year–ended Dec. 31, 2014 include:
- Assets are up 11.5%.
- Net Worth is up 16% year over year.
- Loan delinquencies total just $2.020 million. (This compares very favorably to delinquency totals of $25 Million at the height of the recession.)
- Membership at Altura remains steady at 82,460 Members
“I know it’s early in 2015, but the trends in January are already markedly higher than last year’s. This is an extremely positive sign for all of us in the Inland Empire and a welcome change from the recent past,” Hawkins added.
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 Credit Union is very proud of its 58 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 nearly 83,000 Members and more than $757 million intotal assets. For more information on Altura, visit our website, www.alturacu.com, or call 1-888-883-7228.