According to first quarter 2012 financials posted on the NCUA's website, the $715 million Arrowhead Central CU has safely returned back into well capitalized territory and reported a $7 million net income.
Arrowhead, which bottomed out at just 3% net worth in June 2010 after NCUA officials seized the credit union June 25, 2010, reported 7.69% net worth as of March 31, 2012. Loan quality improved to 4.57% in the first quarter–still well above the fourth quarter 2011 peer average of 2.5%–but, a significant improvement from a high of 10.79% in third quarter 2009.
Provision for loan/lease losses dropped to $1.1 million annualized, down from nearly $4 million in first quarter 2011 and a high of nearly $80 million at year end 2009, a figure that was challenged by former CEO Larry Sharp and others shortly after the conservatorship.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
