Credit union’s quarterly income tops $3 million
Riverside-based Altura Credit Union reported net earnings of $3.04 million and total assets of $731 million for the quarter that ended March 30.
During the same quarter in 2013, Altura posted earnings of nearly $5 million on top of assets of $718.1 million, according to Acura’s latest quarterly report, which was posted Monday on the company’s website.
Despite the drop in earnings, the head of Altura declared himself pleased with the results and optimistic about the company’s immediate future.
“We had a very good first quarter that continues the trend we have seen for the past three years,” said Mark Hawkins, Altura’s president and chief executive officer, in a statement. “We have reported 12 consecutive quarters of net gains, while the local economy continues slowly toward complete recovery.”
Altura, which has 85,500 members, has been helped by an increase in automobile and home equity lending, a trend that is expected to continue for awhile, Hawkins said in the statement.