KEY WEST, Fla. (2/23/15)--A focus on efficiency and increased consumer lending led Keys FCU, operating under conservatorship, to improved performance in 2014, the National Credit Union Administration announced Friday.

According to the agency, the $124 million-asset, Key West, Fla.-based Keys FCU posted a net income of $1.2 million for the year ending Dec. 31, 2014, nearly four times the $307,672 net income for 2013.

"Keys' restructuring efforts continued in 2014," said Myra Toeppe, NCUA Region III director and agent for the conservator. "By focusing on strengthening core earnings, Keys' management team and staff were able to make significant progress toward generating strong earnings to rebuild capital."

Total assets at the end of the fourth quarter stood at $117.7 million, a slight decline from $120.5 million a year earlier. For the year, the net worth ratio improved by 114 basis points to 5.21%. Total loans grew by $4 million in 2014, with the majority of the increase in auto lending.

Keys FCU, which has 10,217 members, voluntarily entered into conservatorship by NCUA in September 2009. It was chartered in 1940 and has three full-service branches in Florida's Middle and Lower Keys. Membership is open to individuals and their family members who live, work, worship or attend school in Monroe County, the municipal boundary of the Florida Keys.