First Financial of Maryland on track to exceed 2018 dividend payouts
First Financial of Maryland Federal Credit Union this week said it gave back more than $1.25 million in rewards to its members in the first half of this year through several programs.
The $1 billion-asset institution, based in Lutherville, Md., said members earned $600,000 in the first quarter and $650,000 in the second quarter.
The figure for the second quarter consisted of $415,000 in cash rebates for the CU’s Visa credit card users, plus $235,000 in dividends from its “Better Rewards” checking accounts. First Financial said Better Rewards checking account members earned the highest dividends and were eligible for additional Visa debit card rebates.
Previously, First Financial issued more than $2 million in dividends and rebates at the end of 2018.
“Delivering value to our members is at the center of all that we do,” Eric Church, First Financial FCU’s president and CEO, said in a statement. “Cash rebates, rewards and high yielding accounts are just a few of the many ways we show our appreciation for their membership.”
In its most recent call report, First Financial listed $1.2 million in net income during the first quarter of this year, down 29% from the $1.76 million t earned in Q1 2018. As of March 31, 2019, its net worth ratio was 20.35% (“well capitalized”).