Thanks in part to a February 2012 merger with VACORP FCU, the $3.5 billion Mid-Atlantic Corporate FCU said Wednesday its 2012 net income,capital and assets figures had improved over 2011's numbers.

In releasing its 2012 year-end financials, the 866-membercorporate reported net income of $13.56 million, marking a 124%increase over 2011.

Year-end capital was $176.05 million, which included $167.65million in tier-one capital. The corporate's assets were $3.22billion, compared with $3.08 billion one year prior.

“Mid-Atlantic Corporate is a safe and fiscally sound financialcooperative,” said Jay Murray, president/chief executive officer ofMid-Atlantic Corporate in Middletown, Pa. “Weexceed all four of the required capital ratios that ensure ourcorporate is adequately prepared for the future.”

At year-end, Mid-Atlantic Corporate's leverage ratio stood at5.13%, which is 1.13% higher than NCUA requirements for awell-capitalized corporate. Mid-Atlantic's retained earnings ratiowas 0.75% as of Dec. 31, 2012, which exceeds the 0.45% the NCUAwill require of corporates effective in October of this year.

Tier-one risk-weighted capital ratio was 20.84%, while the totalrisk weighted capital ratio was 22.32%. Both figures aresignificantly higher than the NCUA's requirements of 4% and 8%,respectively.

Murray also touted Mid-Atlantic's Rekindle initiative, launched in 2012, which brings creditunions together to solve mutual back-office and other operationalchallenges. Rekindle was founded by a core group of Pennsylvaniacredit unions and has added credit unions in Delaware andVirginia.

“Our success shows what can be achieved with the support andparticipation of our member-owner credit unions, a commitment tocooperative principles and a conservative financial approach,”Murray said. “We constantly search for ways to use our combinedresources for credit unions' and their members' mutualbenefit.”

Mid-Atlantic's annual meeting is scheduled for June 20 at theSheraton Harrisburg-Hershey Hotel in Harrisburg, Pa.