Altura credit union reports $8.43 million profit

Altura Credit Union, which is based in Riverside, reported an $8.43 million profit for 2011.

The amount signifies an improvement over the credit union’s $5.8 million loss in 2010.

“After the economic turmoil of the past few years, 2011 was our best year since 2006,” Altura Credit Union CEO Mark Hawkins said in a statement. “Although we continued to deal with a difficult economy, 2011 was the year in which we finally saw the marketplace begin to firm up. Unemployment is settling down and foreclosures and delinquencies have eased substantially.”

Altura Credit Union ended 2011 with a 7.84 percent net worth ratio, well above the 5.81 percent ratio at the end of 2010. The National Credit Union Administration considers an institution with a ratio of at least 7 percent to be well capitalized.

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