Loans, assets up at Wichita FCU as net income falls
Wichita Federal Credit Union reported increased loans, assets and deposits for 2018, but net income at the $108 million-asset institution slipped.
According to the Wichita, Kan.-based credit union’s 2018 annual report, between year-end 2017 and year-end 2018, total assets increased from $104.57 million to $108.38 million; loan volume climbed from $78.84 million to $94.18 million; and deposits rose from $87.60 million to $89.75 million
Meanwhile, the credit union’s net income declined about 10.9 percent from $1.29 million to $1.15 million, although expenses climbed from $5.81 million to $6.90 million over that period. (Among expenses, employee compensation and benefits alone increased from $2.49 million to $3.00 million)
In a letter to members, board Chairman Gavin Seiler noted that in 2018 the credit union had a net worth ratio of 16.39 percent (up from 15.89 percent in the prior year).
In addition, the credit union’s membership increased from 10,350 in 2017 to 10,661 last year.
“Our balance sheet remains strong and as we move forward, we are well positioned to provide enhanced products and services to our members,” President and CEO Ashley Pelz stated in the report.