As of the end of May 2015, the $613 million, 60,000-member Alabama One Credit Union has lost $2.7 million, according to a financial report that the credit union posted in its branches.
A member of the Tuscaloosa, Ala.-based credit union provided a copy of the report to CU Times.
According to the report, the credit union's net loss as of May 31 stood at negative $2,713,342. In comparison, income as of the end of May 2014 stood at positive $1,433,908, according to the credit union's report.
Alabama One also saw its net worth slide. In May of 2014, the credit union reported assets of $626.1 million and net worth of $69.5 million, resulting in an 11.1% net worth ratio. In May 2015, the cooperative's assets stood at $606.8 million, with $58.4 million in net worth, resulting in a 9.6% net worth ratio. Alabama One referred to net worth as equity in its financial report.
Alabama One reported loans slid from $295.4 million in May 2014 to $282.6 million in May 2015. Likewise, interest income decreased from $6.4 million to $6.2 million during the same time period, the report said.
The cooperative also reported all sources of noninterest income were down as of May 2015 in comparison to May 2014. In May 2014, year to date fee income was $1.1 million, but in May 2015 the number stood at a little more than $817,000. However, the miscellaneous operating income category, while down, was not down as much. That figure stood at a little more than $1.7 million in May 2014 and just under $1.7 million in May 2015.
However, Alabama One reported a $3.2 million loss in non-operating income. In May of 2014, the credit union reported a non-operating income gain of $8,444.
Finally, professional fees and outside expenses increased as of May 31. In general, this category includes fees the credit union paid to legal and accounting firms, architecture firms and other professional firms.
In May 2014, the cooperative paid more than $900,000 in this category; However, in May 2015, it reported paying more than $1.6 million. No one from the credit union has yet revealed additional details regarding the number.
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