MIDDLETOWN, Pa. (5/30/13)--Mid-Atlantic Corporate FCU reported net income of $13.56 million in 2012--a 124% increase over 2011.
Year-end capital at the corporate was $176.05 million, including $167.65 million in tier-one capital. Assets were $3.22 billion, compared with $3.08 billion in 2011. Average assets totaled $3.43 billion, or $501.4 million more than in 2011.
Mid-Atlantic Corporate's merger in February 2012 with VACORP FCU contributed to the increase in assets, capital and net income.
"Mid-Atlantic Corporate is a safe and fiscally sound financial cooperative," said Jay Murray, Mid-Atlantic Corporate president/CEO. "We exceed all four of the required capital ratios that ensure our Corporate is adequately prepared for the future."
At year-end, the corporate's leverage ratio stood at 5.13%--or 1.13% higher than the level mandated by the National Credit Union Administration. The retained earnings ratio was 0.75%, which exceeds the 0.45% that will be required by October.
Its tier-one risk-weighted capital ratio was 20.84%, while its total risk-weighted capital ratio was 22.32%. Both ratios exceed the regulatory requirements of 4% and 8%, respectively.