RICHARDSON, Texas — Texans Credit Union, which is coming up on its third year under NCUA conservatorship, on Tuesday reported $23 million in net income for 2013 and total assets of $1.4 billion.
NCUA placed Texans CU into conservatorship in April 2011 to address "service and operational weaknesses." The credit union was hit by $150 million in losses on its member business loan portfolio from 2007 through 2011.
In 2011 Texans reported $88.7 million in losses, including a $3.4 million assessment to the Temporary Corporate Credit Union Stabilization Fund. Its Provision for Loan and Lease Losses that year was $57,875,109, while its net worth ratio was 1.07% ("critically undercapitalized").
Texans saw significant improvement in 2012, as it posted $24.1 million in net income after paying $1.2 million to the Stabilization Fund. Its PLLL was $1,398,000, and its net worth ratio climbed to 2.68% ("significantly undercapitalized").
In 2013, the CU had $23.2 million in net income after paying more than $1 million to the Stabilization Fund. Its PLLL was $2.9 million, and its net worth ratio improved again to 3.64% ("significantly undercapitalized").
NCUA said the credit union's consumer loan portfolio grew by more than $19 million in 2013, while more than $200 million in distressed assets have been divested since early 2012.
"Consistent and sound financial management by the leadership team continued to produce strong results for Texans," said C. Keith Morton, NCUA Region IV Director and Agent for the Conservator. "We're pleased with Texans' progress through the rebuilding process and especially with the outcome of 2013's plan. The credit union is on the right path. In 2014, the credit union will continue to focus on members, introduce new services and operate efficiently."
Texans serves more than 114,000 members in North Texas. It operates 13 branches in the Dallas metropolitan area. Membership is open to individuals and their family members who live, work or attend school in Collin, Dallas, Grayson, Rockwall, Travis, Williamson counties and parts of Denton County. Texans also serves employees of various companies in the credit union's field of membership, including Texas Instruments, Raytheon and Ericsson.
Texans was chartered in 1953.
