JACKSONVILLE, Fla.- Community First Credit Union released its 2018 annual financial report at its 85th annual meeting at its headquarters, with the report showing strong deposit and loan growth for the sixth year in a row. Community First said it earned a record income of $20 million, which it reinvested in network, services and lending power.
Highlights:
- Total assets grew to $1.64 billion, up more than 8% from last year.
- Total deposits increased to more than $1.4 billion dollars, the highest in the institution’s history and an increase of more than 8% over the previous year’s $1.3 billion.
- The credit union’s total loan portfolio grew to a record $1.15 billion.
- Commercial banking deposits increased more than 14% to nearly $65 million.
- Community First originated more than $25 million in local commercial loans to local businesses.
- Community First earned record income of $20 million, more than 50% higher than last year.
- Membership grew to more than 134,800 from 126,000 the previous year – a 7% increase.
- Community First earned a 64% Net Promoter Score from its members – the regional Net Promoter average for credit unions is just 44%.
- Community First originated more than $91 million in mortgages, 50% more than it loaned in 2017. This equated to more than 500 members becoming homeowners.
“Community First continues to fill a need in our community for accessible, affordable and local financial services and products,” said John Hirabayashi, CEO and president of Community First. “Our successes are a culmination of the innovation and improvements made during the last several years as we have rapidly expanded to meet this need.”
In 2018, Community First said continued its Branch Transformation project with upgrades and expansions of its branch network. It opened its 19thbranch in the growing Oakleaf area, moved and expanded its Yulee branch to a new outparcel location, renovated it Northside branch, celebrated the full renovation of its Beaches branch and bought a former bank location in Neptune Beach which, after renovations, will become its newest free-standing branch in early 2020.
Its 501(c)(3) nonprofit foundation, the Community First Cares Foundation, also celebrated milestones in 2018. In just five short years, the foundation has given more than $400,000 to our community and in 2018, its employees supported the foundation with $36,000 in donations, a record for annual fundraising.