(Riverside, Calif.) May 9, 2018 – Altura Credit Union today reported Net Income of $4.694 million, which is up 28.9% over the same period last year when Net Income was reported at $3.639 million. Total Assets are up 6.25% year over year at $1.358 billion for 2018 compared to $1.278 billion for 2017.
“From a financial perspective, our numbers for the first quarter are very strong,” said Jennifer Binkley, President and CEO of Altura Credit Union. “In addition to our financial results, Altura continued to focus on improving the Member experience by listening to our Members and employees,” she added. Binkley reports that Membership growth was solid in the first quarter with a year-over-year increase of 4.2%.
“Robust loan growth contributed to our net income for the quarter,” said Tommie Shryock, Altura chief financial officer. “Total loans reached nearly $913 million outstanding with a year-over-year growth of 12.8% across all secured loan types. Loan production in the first quarter totaled $91.1 million in new loans. New vehicle loans are up 16.68% compared to first quarter 2017, and used vehicle loans are up 8.89%, “ he added.
“We also continue to do well with non-interest income, which is up 6.70%,” Shryock said. This includes income from fees paid by merchants for debit card purchases. “Interchange income growth reflects the ongoing popularity of making purchases with debit rather than credit cards,” he added.
Financial results in the first quarter also reflect a one-time reimbursement from the National Credit Union Administration for funds Altura contributed the NCUA’s self-funded insurance program to protect Member deposits during the recession, Shryock explained.
Altura’s Net Worth Ratio reached 10.65% for the first quarter of 2018 up 7.5% over last year’s 10.43%.
“As part of our focus on the Member experience, in the first quarter, we enhanced our system automation to allow increased funds availability on our Members’ check deposits. This improvement was deployed throughout all our deposit channels, including mobile, ATM and branches,” Binkley said.
Another Member upgrade during the first quarter was the roll out of four updates to Altura’s mobile banking app. “As part of ensuring that our digital channels remain dynamic, we are using Member feedback to continuously improve security and accessibility. We want our digital channels to provide an engaging experience for our Members,” said Sevan Yakinian, vice president, Member Services. “We have seen our user base grow 15% since the launch in of our new mobile app in October. Total log-ins have also grown, with the average Altura Member logging in 25 times a month, up from 18 in the past.” Yakinian also points out that the app is getting high marks in the Apple and Android Market, with 4.8 and 4.6 out of five stars respectively.
“Our solid financial performance provides a framework for Altura to create and deliver the products and services our Members can use every day to better manage their financial lives,” Binkley said. “In 2018, we are committed to delivering on our mission of Enriching Lives and Empowering Dreams.”
_Based in the Inland Empire for 60 years, Altura Credit Union serves more than 123,000 Members, has $1.358 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.