LENEXA, Kan. - U.S. Central released its third-quarter results recently with its assets coming in at $36.6 billion as of Sept. 30, up from $35.1 billion at the same point list year. Average interest earning assets were $37.9 billion, up from $31.7 billion a year ago. Member balances totaled $31.2 billion, up 13.3% from $27.5 billion. Net income was up from $16.1 million to $17.6 million. Fee income was up from $11.5 million to $13 million due to a $0.7 million increase in payment services fees, a $0.7 million fee increase from Corporate Network eCom business; and a $0.3 million increase in securities safekeeping fees due to increased volume. Operating expenses were up from $36.2 million to $38.4 million due mostly to a $1.1 million increase in salaries and a $0.9 million increase in outside and professional services. In a non-financial item, U.S. Central reported that 12 corporates have signed letters of intent to convert to CNECS, its new account access system that replaced the EDS-driven CCUN. CNECS is driven by Symitar.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the November-12, 2003 issue of Credit Union Times Magazine • Subscribe!
Assets Up at U.S. Central; 12 Sign on For New System
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
