Press
Altura Credit Union reports $2.95 million net income for third quarter
RIVERSIDE, CA (October 29, 2014) — Altura Credit Union today reported Net Income of $2.95 million on Total Assets of $719.86 million for the quarter ended Sept. 30, 2014. These totals compare favorably to last year’s $4.29 million Net Income on Total Assets of $689.4 million for the same period. This marks Altura’s 14th consecutive quarter of net gains.
Net income year-to-date is $9.83 million. Altura also reported a Net Worth Ratio of 12.35%, up from 11.68% for the same quarter last year, and an all-time high*.
“2014 is proving to be another excellent year for Altura as conditions continue to improve in the Inland Empire,” said Altura Credit Union President/CEO Mark Hawkins. “Our balance sheet is in excellent shape, return on assets is outstanding, loan delinquencies are at near-historic lows, and Member loan production continues to move higher as Members become more confident and more engaged. That is very positive news for the region and for Altura.”
Hawkins’ optimism is supported by an economic forecast released last week showing the Inland Empire is once again the fastest growing region in Southern California.** The 2014 Riverside/San Bernardino Economic Forecast Conference hosted by Los Angeles Beacon Economics and the UC Riverside School of Business Administration wasvery encouraging about the broad-based nature of the local recovery. The local unemployment rate of 8.2 percent still lags the national rate of 5.9 percent, but has recovered nicely from a peak rate of 15.4 percent in July 2010.
Additional financial milestones for the third quarter included:
- Total loan balances are up 8.33% versus last year
- Total loan balances for the third quarter reached $392.2 million, up from the second quarter’s total of $374.2 million
- Loan balances have risen for 7 consecutive months, the longest such streak since 2006
- Return on Average Assets for the first nine months of 2014 is 1.88%
- Return on Equity for the first nine months of 2014 is 13%
- Loan delinquencies are just over $2 million, which at their height reached almost $25 million
- Altura also reported the lowest level of loan delinquencies since 2005
“Our Members are feeling better about the local economy. They are more confident in their prospects and expect conditions to improve from here,” said Hawkins. “Households are growing once again, and retail activity, especially the purchase of automobiles, is excellent. All of that bodes well for our communities and for Altura over the next couple of years,” he added.
Hawkins indicated that loan production volume has been higher throughout 2014 and remains strong as the year begins to wind-down. “Automobile lending has been particularly strong over the past 12 months with total automobile loan balances up 38% over the same time last year,” he pointed out.
“Members are eagerly addressing their transportation needs, and have been especially pleased with Altura’s electronic signing options and mobile services,” Hawkins said. “The ‘high-touch’ service options available through our Auto Expert® auto locating and buying service are another popular feature with our Members, as well as Members of other credit unions being served by AutoExpert,” he added.
For more information about any of Altura’s products and services, visit www.alturacu.com, or stop by an Altura branch office. 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 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 83,000 Members and nearly $719 million in total assets. For more information on Altura, visit our website, www.alturacu.com, or call 1-888-883-7228.