Westerly Community Credit Union has released its growth figures for 2017, showing a strong year with growth across a variety of key financial metrics.
Assets at the Westerly, R.I.-based credit union increased by 7.43 percent to $271.13 million, share and deposit balances increased by 6.67 percent to $239.36 million, outstanding loan balances increased by 7.25 percent to $237.31 million and net income increased 15.12 percent to $1.71 million.
In addition, net membership rose by 3.59 percent to 18,056 members and gross loan originations for the year amounted to $84.02 million, of which $25.39 million was in the form of residential first mortgage loans.
The credit union also finished the year with a regulatory net worth ratio of 9.15 percent, thereby maintaining its “well-capitalized” status.
Steve White, the credit union’s president and CEO, said that Westerly's “solid performance” in 2017 was driven by “strong loan demand and steady membership growth.”
The strong financial results allowed the board to approve reduced fees and service charges in the fourth quarter of 2017 which is expected to save the membership approximately $85,000 over a twelve-month period. When coupled with the fee reductions instituted in the previous year, total savings to the membership are expected to be in excess of $135,000 on an annualized basis.
“I know that great businesses succeed because of the quality of the people who work for them, not by the buildings they own,” White said. “Knowing we treat our best assets well means we are succeeding to the highest degree possible."