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CNBS Broke Records Last Year says Hague

OVERLAND PARK, Kan. - CNBS President/CEO Brian Hague said that CNBS recorded record earnings last year. According to Hague, return on equity (ROE) was 30.4%, compared to ROE in 2001 and 2002 of 18% and 13%, respectively. Earnings per share totaled $25.26. Hague cited continued growth in the credit union...

By Staff Writer | Updated on March 09, 2004

OVERLAND PARK, Kan. – CNBS President/CEO Brian Hague said that CNBS recorded record earnings last year. According to Hague, return on equity (ROE) was 30.4%, compared to ROE in 2001 and 2002 of 18% and 13%, respectively. Earnings per share totaled $25.26. Hague cited continued growth in the credit union business as well as new business from the community bank and dealer markets for contributing to the record year. CNBS does not give out dollar amounts, but total revenues were up 33%, with fees up 20%, and the firm’s investment income was nearly eight times that of 2002, said Hague. Credit unions represent 95% of CNBS’ business, but it is clearly branching out. Other than some slight penetration in the community bank and dealer market, CNBS is having discussions with insurance companies and money management firms. 2003 was a year of change for CNBS. For the first time ever it allowed natural person credit unions to buy into the firm, which five did. It also allowed its corporate CU owners to tender their ownership due to competing interests. Ten of its 18 corporate owners did so. In a year where CUs needed non-interest income, CNBS paid a $10 per share dividend to its shareholders last month.

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