$4.72 Million Net Income Compared to $1.63 Million for Same Quarter in 2017
(Riverside, Calif.) November 28, 2018 – Altura Credit Union today report Net Income of $4.72 million on Total Assets of $1.352 billion for the quarter ended September 30, 2018. Net income for the quarter is up a remarkable 189 percent over the $1.63 million reported the same quarter in 2017.
Through September 30, 2018, Altura reported Net Income of $13.6 million, compared to $8.09 million for the same period last year, an increase of 68 percent. Total Assets of $1.35 billion are up 5 percent compared to $1.27 billion for third quarter last year. Altura’s Net Worth Ratio is 11.45 percent compared to 10.78 percent for the third quarter of 2017. (A Net Worth Ratio of 7% or above is considered “Well Capitalized”)
“Altura successfully expanded efforts to boost Member retention and growth over the first three quarters of 2018. This Member growth, along with product and service enhancements, contributed to solid net income growth this quarter. Additionally, our goals are supported by an ongoing strengthening economy in the Inland Empire, which we serve,” said Jennifer Binkley, Altura CEO. “Importantly, this solid financial base enables Altura to be more responsive to our Members through better rates, as well as to communities in which we do business through more generous giving.”
“We believe our third quarter numbers also reflect Altura’s solidifying alignment with our Members’ expectations and our mission to enrich our Members’ lives and empower their dreams,” she added. Over the past few months, Altura launched an automated Member feedback system for employees that will further enhance the connection with Members.
“This system boosts our ability to gather Member feedback in real time and to listen more closely to what they are telling us,” Binkley said. “It allows us to make enhancements to our systems and processes to be more responsive to what our Members want in their financial partner.”
Tommie Shryock, Altura’s chief financial officer, added, “Across the board, we are doing all we can to keep loan money flowing to our Members to help them fund their dreams. Our loan product team is just killing it. Loan production through September is $31 million over goal,” Shryock said.
“We have seen excellent growth in our loan portfolio and investment portfolio this year,” Shryock said. “Loan production is up 23 percent year over year for overall production growth of $61.2 million. This includes a total of $36 million in new and used vehicle loans, $17.7 million in commercial loans, and $4.2 million in unsecured loans,” he said. He added that charge offs and provisions for loan losses are well below budget and below Altura’s credit union peers.
“Altura experienced continued strong investment and interest income growth this year,” Shryock said. “We are 53.5 percent over our budget projections on investment income and 1.6 percent on interest income.”
“Another area of significant growth is in Altura’s checking products. Altura has created key partnerships with the University of California at Riverside, California Baptist University and the Riverside Community College District to provide financial services and education for their students. As a result, our millennial relationships have increased 7.3 percent year-to-date compared to the same period in 2017,” Binkley said.
“We also listened to Member feedback for a free and easy way to transfer money to friends and family,” Binkley said. “We rolled out our branded InstaPayTM in the second quarter. Members can quickly transfer money to anyone, anywhere, anytime with an email address or phone number from within Altura’s mobile app. And, the best part is that recipients don’t have to be an Altura Member and they don’t have to download a another app.” For additional information, visit https://www.alturacu.com/instapay
Based in the Inland Empire for 60 years, Altura Credit Union serves more than 127,000 Members, has $1.352 billion in total assets and operates 13 branch offices in Riverside County. Membership is open to anyone who lives, works, worships or attends school in Riverside and San Diego counties; selected cities in San Bernardino and Orange counties; as well as U.S. Military, U.S. Government and Civilian employees working at March Air Reserve Base in Riverside County; and retirees of the United States Armed Forces. For more information on Altura, visit www.alturacu.com, or call 1-888-883-7228.