Press
Altura Credit Union reports $2.34 million net income for first quarter
Assets Reach $799.1 Million
RIVERSIDE, CA (May 1, 2015) — Altura Credit Union today reported net income of $2.34 million on total assets of $799.31 million for the quartered ended March 30, 2015. This compares to net income of $3.04 million on total assets of $730.94 million for the same quarter in 2014.
Altura also reported a Net Worth Ratio of 11.62%, up from 11.22% for the same period last year.
“We are really pleased with our first quarter financial results,” said Altura President/CEO Mark Hawkins. “Revenue was up by 4%, loan production has remained strong, the local jobs market continues to stabilize, and home valuations appear to be solid. Members are feeling better about the economy and their growing confidence is good for business. But Inland Empire residents are still quite cautious,” he added.
Lending in the first quarter was strong. “The credit quality of borrowers is excellent, and consumer loan funding is up by more than 70% versus the same quarter last year,” Hawkins said. “We funded about $44 million in loans in Q1. This is not only a big increase over last year,it’s also the highest loan volume we’ve seen for the first quarter since 2008. About 85% of this loan volume is for automobile purchases. In addition, loan delinquency continues to fall, and at 0.34%, is our lowest in years,” he pointed out.
In the first quarter, Altura reopened its University Avenue Branch in Riverside. It had been operating as an ATM-only location since in 2011, due to cost-saving measures introduced during the recession. “Returning the University Branch to full operations was important for our Members and for us,” said Hawkins. “It is a positive sign about the growing strength of our local economy, our Members and Altura.”
Also during the first quarter, Altura launched a website makeover. The website’s open design makes it easier for Members to find the information and services they are seeking.
Altura also enhanced its WealthBuilder checking account in recent months. The redesigned product gives Members the option to merge their Certificates, Savings and Investments into a liquid checking account with a higher yield. With a minimum of 10 monthly debit transactions, the interest rate climbs to 0.93%.
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.
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 84,000 Members and more than $799 million intotal assets. For more information on Altura, visit our website, www.alturacu.com, or call 1-888-883-7228.