Coastal Credit Union is celebrating another strong year in 2017.
The Raleigh, N.C.-based credit union recently released its “2017 Member & Community Impact Report,” which outlines $304 million in loan growth (on and off balance sheet) from $1.1 billion in originations and $252 million in deposit growth (on and off balance sheet).
In addition, Coastal CU earned $28.8 million in net income, and saw its total assets rise to $2.91 billion.
“Coastal marked our 50th anniversary in 2017, and it was one of our most remarkable years on record,” credit union officials wrote in a letter to members, adding that net worth reached 10.87 percent last year, while ROA hit 0.99 percent and the CU’s loan-to-share ratio was 98.67 percent. Membership ws also up by 5.1 percent, an 11,800-member increase over 2016.
Over the past seven years, Coastal CU said it has returned more than $14.2 million to its members in the form of special dividends.
The credit union’s current giveback program, “Loyalty Bonus,” is paid to members as a reward for keeping their loan and deposit relationships with Coastal CU. In 2017, this dividend totaled $2.5 million, as part of its overall $23.5 million Member Giveback.