Altura Credit Union Reports $4.97 Million Net Income For First Quarter
Eighth Consecutive Quarter of Net Gains
RIVERSIDE, CA (April 26, 2013) – Altura Credit Union today reported net income of $4.97 million on total assets of $718.14 million for the quarter ended March 30, 2013. It is Altura’s eighth consecutive quarter of net gains.
Altura also reported a Net Worth Ratio of 10.13%, up significantly from the same period last year when Altura reported a Net Worth Ratio of 8.10%.
Altura’s first quarter financial results for 2013 are down somewhat from the same period last year when Altura reported net income of $7.03 million on assets of $708.2 million for the quarter ended March 30, 2012.
“Our current levels of financial strength are the highest we have experienced in our nearly 57 years of operation,” said Mark Hawkins, Altura CEO. “However, although we are clearly seeing economic improvements nationally and regionally, our immediate marketplace continues to face challenges. Unemployment still hovers at 10%, which is hampering the area’s full recovery. Fortunately, the housing market is showing substantial improvement with fewer foreclosures, strongersales and rising prices,” he added.
Altura’s numbers for the quarter reflect the improvements seen throughout the Inland Empire. Delinquent loans declined to 1.23% compared to 2.04% for the first quarter of 2012. Net charge offs declined to just 0.81%, “the lowest we’ve seen since the ‘Great Recession’ began,” Hawkins said, and substantially below 2012’s rate of 2.26%.
“At Altura, we have plenty of money to lend, andimportantly, loan rates remain at historic lows, offering great opportunities for buyers looking to purchase a home or a new car,” Hawkins continued.
“Today, however,” he emphasized, “the major hurdle our Members face is one of confidence. They continue to be troubled by fears about job security. If we can fix that, conditions should improve much more quickly.”
Hawkins added, “Now fully recovered from the economic challenges of the Great Recession, we’re ready for more outreach to assist Altura’s nearly 100,000 Members throughout the region. We want to share our expertise and offer tools people can use in their everyday lives to help them achieve their dreams,” he said.
To that end, Altura recently launched a monthly series of free breakfast workshops on a variety of topics, such as building a better budget, understanding credit and resume writing tips. These are open to both Members and the public. More information is available on Altura’s website, www.alturacu.com.
In addition, late last year, Altura rolled out a checking account specifically designed to help Members rebuild their financial health. Reliance Checking gives individuals with a negative credit history a chance to reestablish a relationship with a financial institution and better manage their finances.
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. Today Altura is open to anyone who lives, works, attends school or worships in Riverside and San Diego counties, as well as selected cities in Orange and San Bernardino counties. Altura Credit Union, www.alturacu.com, has been recognized with the California Award for Performance Excellence (CAPE), the state’s equivalent of the Malcolm Baldrige National Quality Award. Today, Altura Credit Union 86,500 members and has $718.14 million in total assets. For more information on Altura, visit our website, www.alturacu.com, or call 1-888-883-7228.