AEA Federal Credit Union, which operates under the conservatorship of the NCUA, reported improved financial results for the first quarter 2012.
The $245 million AEA of Yuma, Ariz., reported net income of $839,096 as of March 31. Though still critically undercapitalized and supported by a $20 million subordinated note, net worth improved during the first quarter by 18 basis points to 2.85%, the NCUA said Thursday.
Loan quality has improved to 6.8%, with delinquencies and charge offs falling from a high of 43.83% of loans during the first quarter of 2011. ROA took a dip to 1.41%, down from 2.77% as of September 30, 2011, but still vastly improved from a low of -9.77% as of year-end 2010.
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