RIVERSIDE, Calif. – As bad as Altura Credit Union's year-end 2008 numbers are, President/CEO Mark Hawkins said things could be worse. The $890 million Altura finished the year with fewer assets and a negative return for the first time ever; to blame were $14 million in charge offs and $24 million for loan loss provisions.

Despite the losses, Altura increased it capital ratio to 8.49% as of December 31, and before figuring in provisions, finished the year on budget, he said.

"That's why you have capital, reduce your costs and work closely with borrowers who need help," Hawkins said. "As bad as it is, it's as good as it can be."

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