TULSA, Okla.–TTCU Federal Credit Union said it paid $747,125 in member rewards dividends at the end of the third quarter. Year-to-date, TTCU has distributed $2.2 million in member rewards.
“Member rewards dividends are one of the many ways that we give back to our members,” said President and CEO Tim Lyons in a statement. “It’s our way of thanking our members for their loyalty and ownership of our credit union. It’s the right thing to do, and that’s just part of our culture.”
TTCU said part of this year’s success is due to an excellent return on assets it has been seeing. The $1.84-billion credit union said total assets are up from the previous year, and income from the use of credit and debit cards has also been growing as more members adopt those products.
A recent checking promotion with School Pride Visa debit cards provided a boost in this area, it added.
In addition, TTCU said another factor in the growing member rewards is the growth of revenue in the loan department.
“Loan loss expense continues to decline due to the low delinquency levels of TTCU’s consumer loans,” said Chief Financial and Technology Officer Shelby Beil. “These are all indicators of TTCU’s financial strength. Our capital ratio of nearly 13% allows us to invest in new services for members and maintain an overall deposit expense payout rate that is 50% higher than our peers.”
TTCU has approximately 128,000 members.