Community First Credit Union, one of the largest credit unions in Florida,released its 2018 annual financial reportat its 85thannual meeting held March 14 at the credit union’s headquarters in LaVilla. The annual report shows strong deposit and loan growth for the sixth year in a rowand the credit union earned a record income of $20 million to reinvest in the credit union’s network, services and lending power.
Report Highlights:
- Total assets grew to $1.64 billion, up more than 8 percent from last year.
- Total deposits increased to more than $1.4 billion dollars, the highest in the institution’shistory and an increase of more than 8 percent 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 percent 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 percent higher than last year.
- Membership grew to more than 134,800 from 126,000 the previous year – a 7 percent increase.
- Community First earned a 64 percent Net Promoter Score from its members – the regionalNet Promoter average for credit unions is just 44 percent.
- Community First originated more than $91 million in mortgages, 50 percent 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 continued its Branch Transformation project with upgrades and expansions of its branch network. It opened its 19th branch 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.
