Altura Credit Union reports $2.1 million net income for second quarter 2015
RIVERSIDE, CA (July 29, 2015) — Altura Credit Union today reported net income of $2.1 Million on Total Assets of $804.3 Million for the quarter ending June 30, 2015. These results mark the credit union’s 17th consecutive quarter of positive net income and provide further evidence of the region’s ongoing economic recovery.
Altura also reported a Net Worth Ratio of 11.81%, which is up over the second quarter of 2014 (11.76%), as well as the first quarter of 2015 (11.62%).
“The credit union is having an excellent year,” said Altura President/CEO Mark Hawkins. “Altura is very well capitalized. Total assets are growing once again and loan demand is robust as Member confidence continues to gain strength.”
The credit union reported loan balances are higher by 19.7% for the year ended June 30, 2015, compared to one year ago. In addition, loan balances are up 5.4% in the second quarter alone. “These are very positive signs and they highlight the region’s recovery,” Hawkins added.
“The recent recession really took its toll on the Inland Empire,” Hawkins pointed out. “At Altura, we endured 61 consecutive months of declining loan balances before the pain stopped. Now, the evidence is clear that Member households are recovering and confidence is being restored. As a result, we are in the midst of 16 consecutive months of rising loan balances. It’s been quite a turnaround,” he added.
Altura’s loan balances totaled nearly $800 million before dropping steadily during the “Great Recession.” Recent trending has seen those same balances grow to $448 million at June 30, 2015. “Consumer lending has remained strong since early 2014, particularly in new and used automobiles. Plus, we’re also seeing improved performance in real estate lending and Member business lending, too,” Hawkins said.
According to Hawkins, all of this translates into more Members for the credit union and higher levels of Member activity. As a result of improved production, revenues are growing again.
“Just like in the broader economy, revenues have been challenged in recent years,” Hawkins said. “Clearly that is changing. Second quarter revenues are up 6% compared to the first quarter. These are our best results in years, and that’s encouraging.”
Looking ahead, Altura’s previously announced merger with Visterra Credit Union has been moving along well, and is expected to close on Aug. 1, 2015. The merger will create the largest credit union in the Inland Empire, with total assets of approximately $1.15 Billion. It will serve the financial needs of 120,000 Members. The conversion of the credit union’s core operating systems won’t be complete until March 1, 2016. In the meantime, Hawkins reported, “integration efforts will continue as we focus on boosting efficiencies and increasing value for our Members. We’re excited about the future.”
For more information, visit Altura’s website, www.alturacu.com. 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.
About Altura Credit Union
Based in the Inland Empire for 60 years, Altura Credit Union serves more than 127,000 Members, has $1.352 billion in total assets and operates 13 branch offices in Riverside County. Membership is open to anyone who lives, works, worships or attends school in Riverside and San Diego counties; selected cities in San Bernardino and Orange counties; as well as U.S. Military, U.S. Government and Civilian employees working at March Air Reserve Base in Riverside County; and retirees of the United States Armed Forces. For more information on Altura, visit www.alturacu.com, or call 1-888-883-7228.