Asset Sales Fuel First Quarter Profits AtBest Performers
WASHINGTON - (06/21/06) One-time gains helped propelseveral credit unions to the top of the list of most profitable forthe first quarter of the year. Allegis CU, the $54 million Oshtemo,Mich., credit union, reported $637,000 in net income for the firstquarter, due to the sale of its mortgage CUSO. That pushed thecredit unions return-on-average assets to a nation-best4.76% for the period, among credit unions with more than $25million in assets, according to Callahan & Associates. FortFinancial FCU, in Fort Wayne, earned $2.1 million much because ofthe sale of its $15 million credit card portfolio to MBNA, givingit a 4.61% ROA for the quarter. At number three was PortallianceFCU, Norfolk, Va., which sold an adjacent plot of land to help itearn $641,000, and a 4.22% ROA for the quarter. The rest of the topten were: St. Jeans CU, Lynn, Mass., $1.1 million net, and4.02%; Yavapai FCU, Prescott, Ariz., $260,000, and 3.74%; DefenseContracts South FCU, Dallas, $280,000, and 3.73%; Bridgeton OnizedFCU, Vineland, N.J., $255,000, and 3.73%; Nizari Progressive FCU,Houston, $260,000, and 3.72%; Progressive CU, New York City, $2.6million, and 3.48% and Advance Financial FCU, Schereville, Ind.,$1.1, million and 3.48%.