Total Assets up 4.89% over 2016; 2018 Emphasis on Member Retention, Expansion
(Riverside, Calif.) Feb. 12, 2018 – Altura Credit Union today reported Net Income of $10.23 million for the year ended Dec. 31, 2017, an increase of 30.1% over year-end 2016, and the highest in the past three years. Altura also reported Total Assets of $1.279 billion for the year ended Dec. 31, 2017, a 4.89% increase over 2016.
“We are very pleased with Altura’s financial performance in 2017,” said Jennifer Binkley, Altura Credit Union president and CEO. “We experienced year-over-year increases in total assets, net income, total revenue, total net worth, loan production and Member shares, among other measures.”
“Loans are the main contributing area to total assets, and year-over-year total loan balances increased 12.70%,” said Tommie Shryock, Altura executive vice president and chief financial officer. “Total loan production was 17.3% over the 2017 goal, with total auto loans 13.3% above goal.” Additionally, Shryock reports Member shares were up 4.54% and total non-interest income was up 11.4% over 2016. Altura’s Net Worth Ratio* climbed to 11.04% at year-end 2017 from 10.74% in 2016.
2018 Focus on Member Retention and Growth
“Altura’s strong financial position enables us to refine our focus in 2018 on membership retention and expansion through an emphasis on excellence,” Binkley said. Altura achieved some notable membership growth goals in 2017 among two target groups: millennial members, which grew 14.2%, and Latinos, which increased 9.7% year-over-year, Binkley reported.
“Going forward, the best way for Altura to achieve our Membership goals is to find out what is not working for our Members, what things are making it difficult for them to do business with us and then committing to improving them,” Binkley pointed out. “We are tracking Member satisfaction monthly in every area, but more importantly, we have empowered our employees to flag faulty processes and services in real time. The management team is committed to fixing the top issue each month and taking corrective actions on the others. So far, we have enhanced 10 processes,” Binkley added.
In the fourth quarter of 2017, Altura responded to Member requests and rolled out revamped mobile banking, bill pay and online banking platforms. In addition to being more secure, the new platforms give Members more self-service options and other tools.
“We were looking to create a big win for our Members,” said Sevan Yakinian, vice president, Member Services. “It wasn’t just about a conversion of our existing services, but laying the groundwork for what we can offer going forward. We want this to be dynamic and to keep pace with Member expectations. Member feedback has been very positive. User ratings for the mobile app have jumped from 2.5 to 4.7 stars,” he added.
Altura recently updated its mission statement to “Enriching Lives, Empowering Dreams,” as a reflection of this new emphasis. Binkley said, “It’s really about expanding on Altura’s history to deliver a more seamless, quality experience for our Members. Our Board, management and team are all passionate about the Member experience, so everything we do is aimed at making our Members’ financial lives better.”
Based in the Inland Empire for 60 years, Altura Credit Union serves more than 121,000 Members, has $1.279 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.
- The National Credit Union Administration considers a net worth ratio above 7% to represent a credit union that is Well Capitalized.