Mid-Atlantic Corporate Releases 2012 Financials
In releasing its 2012 year-end financials, the 866-member corporate reported net income of $13.56 million, marking a 124% increase over 2011.
Year-end capital was $176.05 million, which included $167.65 million in tier-one capital. The corporate’s assets were $3.22 billion, compared with $3.08 billion one year prior.
“Mid-Atlantic Corporate is a safe and fiscally sound financial cooperative,” said Jay Murray, president/chief executive officer of Mid-Atlantic Corporate in Middletown, Pa. “We exceed all four of the required capital ratios that ensure our corporate is adequately prepared for the future.”
At year-end, Mid-Atlantic Corporate’s leverage ratio stood at 5.13%, which is 1.13% higher than NCUA requirements for a well-capitalized corporate. Mid-Atlantic’s retained earnings ratio was 0.75% as of Dec. 31, 2012, which exceeds the 0.45% the NCUA will require of corporates effective in October of this year.
Tier-one risk-weighted capital ratio was 20.84%, while the total risk weighted capital ratio was 22.32%. Both figures are significantly higher than the NCUA’s requirements of 4% and 8%, respectively.
Murray also touted Mid-Atlantic’s Rekindle initiative, launched in 2012, which brings credit unions together to solve mutual back-office and other operational challenges. Rekindle was founded by a core group of Pennsylvania credit unions and has added credit unions in Delaware and Virginia.
“Our success shows what can be achieved with the support and participation of our member-owner credit unions, a commitment to cooperative principles and a conservative financial approach,” Murray said. “We constantly search for ways to use our combined resources for credit unions’ and their members’ mutual benefit.”
Mid-Atlantic’s annual meeting is scheduled for June 20 at the Sheraton Harrisburg-Hershey Hotel in Harrisburg, Pa.