The $415 million First Financial Credit Union appointed CFO Ron Moorehead to serve as the Albuquerque, N.M.-based institution’s interim CEO, according to information posted on the credit union’s website. Moorehead replaces former CEO Ben Heyward.
A First Financial spokeswoman would not comment on Heyward’s departure, referring the request to Heyward’s personal attorney, Michael Danoff. Danoff did not respond to calls requesting comment.
The 57,000-member FFCU experienced a tough year in 2013, according to financial performance reports posted on the NCUA’s website. Delinquencies and charge offs roughly doubled from September 2012 to September 2013, and both figures are about twice those of peers.
ROAA plunged from 0.77% in September 2013 to 0.28% in September 2013, falling below the peer average of 0.56%. That loss of income was partially driven by an increase in loan loss provisioning, which grew from 0.32% of average assets in September 2012 to 0.74% one year later.
However, net worth held steady at just above 9% during that time.
According to FFCU’s website, Moorehead was named CFO in 2009 after serving as a volunteer on the supervisory committee for more than 19 years. Moorehead is a Certified Public Accountant in the state of New Mexico and earned bachelor’s and master’s degrees from the University of New Mexico.