KEY WEST, Fla. — Keys Federal Credit Union, which is operating under NCUA conservatorship, scratched out $307,672 in net income in 2013 while its net worth ratio gained 37 basis points to 4.07%.
Keys FCU has $120.5 million in assets as of Dec. 31, down slightly from $124.2 million at year-end 2012.
The credit union, which voluntarily entered conservatorship by NCUA in September 2009, has had mixed results in recent years. In 2011 it reported negative net income of $663,986, a figure that included $316,259 in assessments. Its Provision for Loan and Lease Losses was $769,921. Its net worth ratio was 2.90% ("significantly undercapitalized").
In 2012 there was improvement, as PLLL was reduced to $529,582, net income rose to $965,714 (after $113,397 in assessments), and net worth ratio climbed to 3.70% ("significantly undercapitalized").
Last year, PLLL was reduced further to $303,025, but it made less from operations compared to 2012. In 2013 net interest income was $3.7 million and non-interest income was $1.7 million. The same figures for 2012 were $4.4 million and $1.6 million, respectively.
"Keys' restructuring efforts continued in 2013 to provide members greater access to services and products such as mobile banking and credit cards," said Myra Toeppe, NCUA Region III Director and agent for the conservator, said in a press release. "We are encouraged by the credit union's steady progress."
Keys was chartered in 1940. It serves approximately 10,000 members through three full-service branches in Florida's Middle and Lower Keys. Membership is open to individuals and their family members who live, work, worship or attend school in Monroe County, the municipal boundary of the Florida Keys.
