Performance reports

TAMPA, Fla. – Count Suncoast Schools FCU as another credit union giant making a turnaround, after the one-time $6.2 billion credit union reported a $4.5 million net for its first quarter – its first profitable quarter in more than three years.

VIENNA, Va. – Navy FCU on Friday reported a 50% surge in first quarter net income, to $180 million, amid big gains in investment and fee income.

SAN BERNARDINO, Calif. – NCUA said this afternoon that Arrowhead Central CU, the one-time $1 billion credit union run under NCUA conservatorship since last July, broke into the black for the first quarter for the first time in three years, to the tune of $3.9 million.

SAN DIEGO – North Island Credit Union said it made “significant financial progress” in the first quarter of 2011, posting year-to-date income of $10.7 million and raising its net worth to a regulatory “adequately capitalized” level of 6.11% or $70.5 million.

BIRMINGHAM, Ala. — The reasons behind Mutual Savings CU's dramatic one-year turnaround-going from a $5.8-million loss in 2009 to a $724,000 profit last year-face Doug Key every day.

COLUMBUS, Ohio — Counting on tellers to drive long-term income is a short-term mistake with long-term consequences, according to one person.

RIVERSIDE, Calif.-Altura Credit Union said the tepid recovery in its service area has forced it to add $3 million to its allowance for loan losses, which in turn triggered a restatement of earnings for 2010 and the closure of several branches and layoffs.

WASHINGTON-More than one-quarter of Americans are spending more and saving less than they did one year ago, according to a new study, but the credit union community does not seem to be unduly worried by the findings.

PLANO, Texas-Credit union executives are still in a black mood about the economy, according to the Southwest Corporate CEO Confidence Survey for the first quarter.

RICHARDSON, Texas – NCUA this afternoon took over ailing Texans CU, a one-time $2 billion credit union under siege the last three years by its troubled member business loan portfolio.

MESA, Ariz. – Vensure FCU, a troubled $5 million transplanted New York credit union, was taken under conservatorship this afternoon by NCUA.

LAS VEGAS — A credit union for gaming employees knows a thing or two about a losing streak. For $135-million WestStar Credit Union, 2008 and 2009 were about as bad a run as any have seen in this town.

LAS VEGAS — Rick Schmidt, CEO of WestStar CU, shared several of the strategies his CU has pursued over the last several months to turn things around.

A review of call reports filed with FDIC and compiled by BankRegData.com, shows that average compensation at banks in the last few years rose — and at the same rate as it did before the crisis.

MADISON, Wis.-Credit unions should expect the rest of 2011 to continue to be as challenging as 2010. That's the word from Dave Colby, CUNA Mutual's chief economist, who offered that forecast during the company's first Discovery Webinar of 2011.

ST. PETERSBURG, Fla. – PSCU Financial Services announced this morning it raised its dividend 18% this year and paid its 650 credit union members $21.3 million. In addition to the dividend, financial savings of $6.5 million were passed along to member-owners during last year in the form of price reductions and rebates, said the CUSO, which provides electronic payment and call center services to more than 1,500 credit unions. “This $21.3 million dividend payout augments net income for our member-owners and also equips them to fund activities to gain members and market share in the coming year,” said Craig Esrael, president of First South Financial and chairman of the PSCU board. PSCU Financial Services delivered solid growth for its entire portfolio of products and services including: 6% growth in debit/credit/prepaid and online bill payment transactions; 4.9% expansion in Contact Center volumes and 1.3 billion transactions processed, a new milestone for the company.

LAS VEGAS-Silver State Schools CU, the nation's largest privately insured credit union, said while it continued to lose money in the fourth quarter, the rate of losses slowed, allowing it to cut red ink from $50.9 million for 2009 to $21.4 million for 2010.

ALEXANDRIA, Va. – The NCUA Board this morning proposed a rule that would require credit unions to develop a written interest rate risk policy and interest rate risk management program as a requirement for federal deposit insurance. The proposal comes amid growing uncertainty on interest rates caused by new Federal Reserve policies, the ballooning federal deficit and the turmoil in the Middle East and its affects on rates, NCUA said. In addition, credit unions exposure to interest rate risk has risen in recent years, due, among other things, to a growing portion of assets–now almost 35%–tied up in mortgages. That compares to just 20% for banks. In proposing the rule, NCUA explained there is no one-rule-fits-all approach but that every credit union needs to devise its own policy based on individual aspects and conditions of the institution. The rule, issued for a 60day comment period, would exempt credit unions under $10 million in assets and credit unions up to $50 million with a percentage of first mortgages and investments greater than five years that is less than 100% of net worth.

MADISON-The top concern related to pending interchange reform is, of course, its impact on income, but there's something else that could take a hit, as well: membership growth.

MADISON, Wis.-As credit union economists cull through the recently released fourth quarter data, they shared the surprises, red flags and points of interest to be found in the numbers.