Navigant Credit Union in Smithfield, R.I. reported record-setting growth for 2019, including a 7.2% increase in assets.
Along with asset growth, the $2.3 billion-asset institution also saw membership rise by more than 8% to exceed 100,000 members. Loan balances rose by more than 7% to exceed $2 billion, including a 6% lift in mortgage volumes for a total of more than $1.2 billion.
Net income rose by 1.1% last year to nearly $20.3 million, though expenses were also up by nearly 6%, including a nearly 3% increase in employee compensation costs and a 5% uptick in office expenditures.
“We are entering 2020 with unprecedented momentum,” President and CEO Gary E. Furtado said in a press release. “In just the last decade, Navigant Credit Union has nearly doubled its assets, its total number of branch locations, its workforce and its membership … I can confidently say that the state of our business is as strong as it’s ever been in our 104-year history. We look forward to continuing our momentum in 2020 and beyond.”
In celebration of its success, Navigant also paid out a bonus dividend to members for the 31st consecutive year, returning 5% of the interest members earned on deposit accounts that remained open through Jan. 31, 2020.
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