IE Business Daily Business news for the Inland Empire.
Riverside-based Altura Credit Union has reported a net income of $1.6 million and total assets of $1.1 billion for the third quarter of this year.
The report is Altura’s first quarterly data since its merger with Visterra Credit Union became official August 1, so these results can’t be compared with any of its previous quarters, the company said in a statement.
Still, this was the 18th consecutive quarter of positive net income for Altura, which operates 14 branch offices in Riverside County and serves approximately 118,000 members.
Chief Executive Officer Mark Hawkins declared himself pleased with the third quarter data and the results of the Visterra merger, so far.
“We are still very early in the process of combining our operations, but implementation is right on schedule,” Hawkins said in the statement. “Net income for the third quarter is lower than the same time last year, even though revenues are higher due to merger-related expenses.
“These costs were anticipated, and the vast majority (of them) are one-time charges that will expire in the coming months.”
Altura’s total shares exceeded $1 billion, and total loans were approximately $676 million when the third quarter closed on Sept. 30, the company reported.
