ALEXANDRIA, Va.-Credit unions across the country are reporting robust financials for the first quarter, as much of their bad loans have been eliminated from their books and costs have been trimmed over the past three years.
As a result, 2012 could be shaping up as the best ever for credit unions, even better than last year's record performance, according to data revealed in Financial Performance Reports posted by NCUA this week
Many of the big credit unions, which fought off tough times of the past few years, especially those in the Sand States, are continuing on the right track, reporting big first quarter net income figures.
Among them are Arizona's Desert Schools FCU, which reported a 79% rise in first quarter net, to $10 million, and Florida's GTE FCU, which reported a doubling in first quarter earnings to $1.2 million. In Sacramento, Calif., Schools Financial FCU reported an increase in first quarter net of 79% to $3.4 million.
Perhaps one of the strongest signs of improvement can be seen in Las Vegas, where One Nevada CU, which had a $4.8 million loss last year, reported a $345,000 net for the first quarter.
"Our first quarter numbers represent a continuation of the progress we've made over the past 18 months to steadily improve the financial condition at Suncoast," said Tom Dorety, president of Florida's biggest credit union, which almost tripled net income for the first three months, to $12.6 million. "They're the result of careful planning and hard work along with the gradual improvement in our regional economy."
Across the country credit unions are reporting strong financials for the first quarter, including: Fort Worth's American Airlines FCU, with a 48% rise in net to $8 million; Michigan's DFCU Financial, with a 15% increase in net income to $11.3 million; California's Patelco Credit Union, with a 23% increase in net to $11.8 million; New York's ESL FCU, with a 20% rise to $18.9 million; Minnesota's Wings Financial CU, with a 9% rise to $13.8 million, and Massachusetts' HarborOne Credit Union a tripling in first quarter earnings to $2.1 million.
Many others are reporting strong financials, even if not better than last year's first quarter. Navy FCU, Vienna, Va., said first quarter net income was down slightly this year, 6% to $169.5 million, as the world's biggest credit union topped the $48-billion mark in assets threshold.
