Texas Trust Credit Union reported a successful 2020, despite the tumult of the pandemic and economic downturn.
The Arlington, Texas-based institution, which holds assets of $1.6 billion, finished the year with asset growth of 16.3%, a 16.9% rise in deposits, and 22% loan growth, according to a press release Tuesday. Call report data from the National Credit Union Administration showed net income of $14.6 million, nearly double the $7.9 million it earned in 2019.
“Last year will be remembered for years to come by everyone,”
As with many other institutions, the ongoing mortgage-refinancing boom was key to Texas Trust’s growth. First mortgage balances were up nearly 30% year-over-year, to a total of more than $338 million. Auto lending also surged, with used car loan balances rising 24% to hit $299 million and new car loans up 11% to $101.4 million. Credit card balances fell 6.8% $32.6 million. Texas Trust reported 154 loans made through the Paycheck Protection Program totaling more than $5.8 million.
Much of the credit union’s focus in 2020 was on helping members manage the pandemic, and Texas Trust said it granted more than 7,200 skip-a-payment requests for members totaling more than $4 million. It also made $819,000 in relief loans to members, made $36,000 in philanthropic contributions and expanded its scholarship programs.
“Our members also struggled with numerous financial obstacles brought on by the pandemic,” Minge said. “We are committed to continuing to provide financial services and tools to help them build brighter financial futures.”
