KEY WEST, Fla. — Keys Federal Credit Union, which was placed into voluntary conservatorship by NCUA in September 2009, announced that it generated "improved performance" in 2014 by "focusing on greater efficiency and consumer lending."
For 2014, Keys FCU posted a net income of $1.2 million (almost quadruple the comparable figure for 2013). The credit union's total assets stood at $117.7 million at the end of the fourth quarter of 2014, slightly lower than the $120.5 million mark from the year-ago period.
In addition, for 2014, Keys said its net worth ratio improved by 114 basis points to 5.21%, while total loans jumped by $4 million, with "the majority" of this increase attributed to auto lending volumes.
"Keys' restructuring efforts continued in 2014," said Myra Toeppe, NCUA Region III director and agent for the conservator, in a statement. "By focusing on strengthening core earnings, Keys' management team and staff were able to make significant progress toward generating strong earnings to rebuild capital."
Keys FCU, which has 10,217 members, operates three full-service branches in Florida's Middle and Lower Keys.
According to Keys FCU's Call Report from September 2009, the credit union had more than $8.2 million in delinquent loans at the time.