RIVERSIDE, Calif. – Altura Credit Union reported net income of $11.61 million on assets of $757.3 million as of Dec. 31, 2014. This compares to net income of $11.18 million on assets of $678.88 million for the year ended Dec. 31, 2013.
Altura has now reported 15 consecutive quarters of positive net income. Altura also reported a Net Worth Ratio of 11.96%, compared to 11.63% reported one year ago.
“We enjoyed another excellent year in 2014,” said Mark Hawkins, Altura Credit Union’s CEO. “What has been most encouraging is the ongoing increase in member lending activity. Clearly, our members are feeling much more confident in the economy than they have over the past several years. We are thrilled to see these continued improvements in member confidence; improvements that are evident in our daily interactions with members and in our posted financial results,” he added.
The credit union reported that new vehicle loan balances are up 83.2% over the past 12 months, while used car balances are up 24%. Altura’s total loan balances rose by 13.14% last year, the highest year-over-year increase since 2008,” he added.
Delinquencies, meanwhile are at $2.02 million, versus more than $25 million during the recession.