Earnings up as Citadel expands loan portfolio, branches
Citadel Federal Credit Union in Exton, Pa., reported increased earnings for 2019 as the credit union continues to expand its branch network.
The credit union earned $36.3 million in 2019, up 14% from a year earlier, according to data from call reports.
Its net interest income totaled $86.2 million, an increase of roughly 11% from 2018. Total loans and leases surged almost 17%, to $3.5 billion, from a year earlier as Citadel grew its unsecured credit card and commercial real estate loan portfolios.
Noninterest ticked up about 10%, to $43.4 million, year over year. Noninterest expenses rose about 9%, to $93.3 million, as total employee compensation and benefits inched up 10%, to $45.6 million.
In 2019, Citadel’s assets increased 12%, to $3.8 billion, from a year earlier. Over the last three years, the credit union has added more than $1 billion in assets, according to a press release on Friday.
“Serving our employees, members, and community is at the heart of everything we do at Citadel. And frankly, investing in those three groups is what continues to drive our success,” President and CEO Jeff March said in a press release. “We’re looking forward to the continued momentum of 2019 building into 2020 and beyond. This is an exciting time of growth and innovation for Citadel.”
This month the institution plans to open its seventh branch in Montgomery County after opening a branch in Kennett, Pa., last year. It also has plans to add a second branch in Bucks County so by the end of the 2021 it will have more than two dozen branches in Southeastern Pennsylvania, according to the press release.