Altura Credit Union Reports Third Quarter Net Income of $2.089 Million

Net Worth Ratio Hits 9.42%, Significantly Above

NCUA’s Well Capitalized Level of 7%

(Riverside, Calif.) Oct. 24, 2012 – Altura Credit Union today reported net income of $2.089 million on total assets of $674.5 million for the quarter ended Sept. 30, 2012.  This is down somewhat from the $3.37 million Altura reported last year at this time, on total assets of $679.4.  It is Altura’s sixth consecutive quarter of net gains.

The reduction in net income for the third quarter of 2012 is due primarily to two significant charges:

  • The NCUA’s Corporate Stabilization Fund Assessment of $589,000, and
  • An impairment charge of $1.8 million related to Altura’s investment in a Business Lending CUSO (Business Partners, LLC) founded by Telesis Community Credit Union.  Telesis was conserved by the NCUA in March 2012 and was subsequently acquired by Premier America Credit Union, located in Chatsworth, CA.

“This has been a solid year of net income growth for us, and we are very pleased with our third quarter results despite the charges we took in September,” said Mark Hawkins, CEO, Altura Credit Union, which is located in the Inland Empire, a region about 60 miles east of Los Angeles.

Year to Date Net Income Tops $13 Million & Net Worth Ratio Hits 9.42%

Year to date, Altura is sharply ahead of the same period last year, reporting net income of $13.172 million for 2012 compared to $4.9 million for 2011. In addition, for the quarter ended Sept. 30, 2012, Alturareported an increase in its Net Worth Ratio to 9.42%, the highest in its history.  This is significantly above the 6.89% reported for the third quarter in 2011, and above the 8.69% reported in the second quarter of 2012.

Hawkins noted, “We began to see the early signs of recovery last year, and it has continued to expand throughout 2012. It’s not yet where we would like it to be, but the improvement is steady and ongoing. That fact, together with our sustained emphasis on cost savings, is making 2012 our best year in our 56 years of operation.”

The Inland Empire region of Riverside and San Bernardino counties suffered substantial job losses and foreclosures during the worst of the “great recession,” and the region has been recovering slowly.  California’s jobless rate has remained above the national average, most recently reported at 10.2%, with the Inland Empire lagging further behind at 11.6%; Riverside County checks in at 12%.

A report released by Claremont McKenna College and UCLA on Oct. 9, 2012, confirmed that the region is showing some economic bright spots.  Home prices are up 5.1% year over year and inventories of properties for sale have continued to shrink.  The report also cites a boost in construction jobs, as well as professional and business services jobs for the region.

“We are thankful that our Members are recovering and that they’ve allowed us to continue to be their financial partner,” Hawkins said.  “Our focus throughout this economic debacle has remained on providing our Members with the products and services they need without the hassles and fees so commonly found in financial institutions today.”

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,, 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 serves nearly 94,000 members and has $674.5 million in total assets.  For more information on Altura, visit our website,, or call 1-888-883-7228.

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