Altura Credit Union reports 2013 financial results
RIVERSIDE, CA (January 29, 2014) – Riverside-based Altura Credit Union today reported another solid year of financial performance with net income of $11.18 million on assets of $678.88 million as of Dec. 31, 2013. This compares to net income of $17.49 million on assets of $655.3 million for the year ended Dec. 31, 2012. 2013 marks Altura’s third consecutive year of strong net income performance, and the second highest total in its history.
Altura also reported a Net Worth Ratio* of 11.63%, itshighest in 56 years of operation, and up from 10.36% at year-end 2012. The end of 2013 also marks the best three-year period (2011-2013) in the credit union’s history, during which time Altura added $37 million in net income and saw its Net Worth Ratio increasefrom 5.81% in 2010 to today’s 11.63%.
Altura President/CEO Mark Hawkins said the credit union made key investments in technology, facilities, employee compensation and benefits, and in products and advertising in 2013. Hawkins reported that, “with the improving economy, it was time to address these issues, to ensure we could best meet the needs of our Membersgoing forward.
“This region, our Members and the credit union were really challenged over the past six years,” Hawkins said “It has taken a lot of planning and, in some cases, sacrifice to maintain our staffing and our systems, while continuing to serve our Members’ needs. Now that we’ve done the heavy lifting and the recovery is taking hold, we’re ready to tighten our focus even more on supporting our Members and helping them achieve their financial goals,” he added.
“As we all know, the Inland Empire was among the hardest hit regions in the country,” Hawkins pointed out. “Altura’s management and leadership made the tough strategic decisions during the crisis that have now paid off in Altura’s strong position. It wasn’t always easy and the pain was very real, but today Altura is in great shape. Our systems have been tested, tightened and, in some cases, redeployed,” he added.
“With the improvement in the local economy, and after all of the hard work, we are beginning to see our strategic efforts to boost consumer lending activities paying off,” Hawkins pointed out.
“As 2014 is getting underway, Altura has the money to lend, rates remain incredible, and approvals are strong,” Hawkins said. “Bottom line is this, more Members are requesting credit and more Members are getting it. We’re very excited about what we’re seeing. Consumer loan production was a particularly bright spot for Altura last year, and we expect that to continue” he said. “We’re seeing robust activity in automobile lending, with a substantial boost in new consumer loan activity as well, particularly during the second half of 2013.”
To further assist people in the Inland Empire working to restore their credit and enable them to borrow again, in 2013 Altura introduced its “Credit Builder Loan” to assist those who need to rebuild their credit score. This is the latest offering in Altura’s line of credit recovery products, which also includes the Reliance and Renew checking accounts.
“A low credit score makes it harder and more expensive for people to borrow money,” Hawkins pointed out. “Low credit scores also can make it more difficult to rent a new place or get a job.”
With Credit Builder, an individual, even those with low credit scores, can borrow up to $3,000 at a competitive rate. The borrowed funds are placed into a CD, called a Share Certificate at Altura. This loan contributes to a higher loan score in several ways, including an on-time payment history. Once the loan is paid off, the borrower has access to the cash. “We created this loan as a lifeline for people working to rebuild their score and move forward. Instead of seeking a poor risk, we look at a low credit score and see an opportunity to help,” Hawkins said.
Altura also reported improving trends in 2013 in revenue growth, largely the result of continued strength in its overall asset quality and increasing volumes. Hawkins added. “As these trends continue, and we believe they will, everyone should be very pleased with the New Year.”
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 56 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 has nearly $700 million in total assets. For more information on Altura, visit our website, www.alturacu.com, or call 1-888-883-7228.