Big CUs Reporting Strong Financials For First Half

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ALEXANDRIA, Va. – Some of the nation’s biggest credit unions are reporting strong financials for the first six months of the year, pointing to credit union-rebound around the country, even in the hard-hit Sand States.
The combination of lower loan losses and reduced expenses is righting several large credit unions that reported big losses in recent years. 
Florida’s biggest credit union Suncoast Schools FCU, which had $107 million in losses for 2009 and 20101, reported its second straight positive quarter producing $14.2 million in net income for the first half of 2011, as its provision or loan losses declined by $34.5 million from the same period last year.
“Suncoast's improving numbers are mostly the result of extremely hard work by our staff in their efforts to limit losses by making the right decisions for our members who still face financial challenges,” said Tom Dorety, president of the $5 billion credit union. “Our conservative funding of the allowance account during the worst part of the recession is, as expected, contributing to our improving net income. We expect continuing improvement going forward and look forward to increasing the value our members receive from the credit union.”
Suncoast’s Tampa neighbor GTE FCU, which reported $48 million in losses for 2009 and 2010, reported a first half net of $1.5 million.
Utah’s America First CU, which had $25 million in 2009 and 2010 losses, reported a $9.3 million net for the first half of 2011.
California CU, with almost $35 million of losses for 2009 and 2010, reported net income of $6.4 million for the first half; while NuVision FCU reported a $5 million net, after losses for 2009 and 2010. Arrowhead Central CU, under NCUA conservatorship after $50 million of 2009 and 2010 losses, had an $11.3 million net for the first six months.
Several other large credit unions are reporting big first halves too. 

Washington’s BECU reported a $67.6 million first half net, more than the $63.4 million in netted for all of 2010. Minnesota’s Wings Financial CU had a $25.1 million net for the first six months, more than its $23.8 million 2010 net. California’s Star One CU had a first half net of $34.8 million, well on the way to topping last year’s $58 million net.ALEXANDRIA, Va. – Some of the nation’s biggest credit unions are reporting strong financials for the first six months of the year, pointing to credit union-rebound around the country, even in the hard-hit Sand States.

The combination of lower loan losses and reduced expenses is righting several large credit unions that reported big losses in recent years.

Florida’s biggest credit union Suncoast Schools FCU, which had $107 million in losses for 2009 and 20101, reported its second straight positive quarter producing $14.2 million in net income for the first half of 2011, as its provision or loan losses declined by $34.5 million from the same period last year.

“Suncoast's improving numbers are mostly the result of extremely hard work by our staff in their efforts to limit losses by making the right decisions for our members who still face financial challenges,” said Tom Dorety, president of the $5 billion credit union. “Our conservative funding of the allowance account during the worst part of the recession is, as expected, contributing to our improving net income. We expect continuing improvement going forward and look forward to increasing the value our members receive from the credit union.”

Suncoast’s Tampa neighbor GTE FCU, which reported $48 million in losses for 2009 and 2010, reported a first half net of $1.5 million.

Utah’s America First CU, which had $25 million in 2009 and 2010 losses, reported a $9.3 million net for the first half of 2011.

California CU, with almost $35 million of losses for 2009 and 2010, reported net income of $6.4 million for the first half; while NuVision FCU reported a $5 million net, after losses for 2009 and 2010. Arrowhead Central CU, under NCUA conservatorship after $50 million of 2009 and 2010 losses, had an $11.3 million net for the first six months.

Several other large credit unions are reporting big first halves too.

Washington’s BECU reported a $67.6 million first half net, more than the $63.4 million in netted for all of 2010. Minnesota’s Wings Financial CU had a $25.1 million net for the first six months, more than its $23.8 million 2010 net. California’s Star One CU had a first half net of $34.8 million, well on the way to topping last year’s $58 million net.

 

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