RIVERSIDE, Calif. — Altura Credit Union Wednesday reported net income of $4.29 million on total assets of $689.4 million for the quarter ended Sept. 30, up from net income of $2.08 million on assets of $674.8 million reported for the same quarter in 2012.
Net income for the third quarter is up from the $3.47 million reported for the quarter ended June 30, 2013, the credit union said. Altura's net income year-to-date is $12.74 million, compared to $13.17 million for the same period last year.
Altura said its net worth ratio was 11.68% in Q3 2013 ("well capitalized"), up from 10.82% for Q2 2013, and up from Q3 2012's mark of 9.41%.
"We had an excellent quarter," Altura CEO Mark Hawkins said in a statement. "The 'Inland Empire' economy is clearly improving. It is happening slowly, bit by bit. A grand slam would be nice, but to continue the metaphor, those singles work just as well."
Altura had been a poster child for the troubles many California credit unions faced in recent years. The "Inland Empire" area of Southern California, east of Los Angeles, was a region particularly hard hit by the recession and has been slow to recover.
"The most obvious evidence of improvement is in the increased number of home sales and the higher average home prices we are seeing," Hawkins said. "We are also experiencing absolute improvement in consumer loan activity, being driven primarily by automobile loans."
Hawkins said activity in the real estate sector remains busy, and the combination of continued low interest rates and higher valuations has members feeling more confident.
Vehicle loan growth also is a "strengthening trend," Hawkins said. "It is the result of several factors, including improved consumer confidence and the need to replace an aging vehicle fleet."
Comparing Q3 2013 with the same period last year, Hawkins said Altura's consumer lending is up approximately 50%, with most of that coming from new and used auto loans. "We are seeing a strong start to the fourth quarter as well," he added.
