May 3, 2016 - 12:24 pm
Clark County Credit Union said that with the close of the first quarter of 2016, it has reached more than $600 million in assets largely attributable to growth and rising membership.
It’s the first time the credit union has seen assets above $600 million since before the recession in July 2009.
At the end of March, CCCU’s assets totaled $601 million. It experienced an annualized asset growth rate of 10.31 percent and a YTD loan growth rate of 12.13 percent.
“We’re enjoying a strong recovery and are pleased to see our membership feeling confident and having the capacity to borrow again,” President and CEO Matt Kershaw said in a recent statement.
CCCU reported a first quarter net income of $2.7 million, while the net worth reached 12.10 percent with a better-than-peer ROAA (return on average assets ratio) of 1.82 percent.
“Growth has been vigorous for the last quarter,” Mark Andrews, CCCU’s chief marketing officer, said in the statement. “New member sign-ups and their subsequent involvement with us have led to busier lobbies and phone traffic.”
Over the last few years, there has allowed for increased bonus dividends distributed to members. In January, members in good standing received a share of the more than $3 million bonus, based on the amounts of interest earned and paid on deposits and loans.