Local credit union announces first quarter results
Connect First Credit Union continues to post strong financial results through the first quarter of 2017, despite the ongoing challenges in the local economic environment.
Income before taxes reached nearly $4.5 million for the first three months of fiscal 2017 and sets the Credit Union on track for another successful year of operations. Strong annual earnings has contributed to a solid capital base at the Credit Union, exceeding regulatory targets, and positioning the Credit Union for continued and sustainable growth in future years.
Total assets decreased by $18 million through the first three months to $4.3 billion. During the same period, total loans increased by $9 million to $3.7 billion as of January 31, 2017. Member deposits decreased by $14 million to $3.9 billion. Connect First Credit Union’s book of business managed on behalf of its 100,000 members was approximately $8.8 billion on January 31, 2017.
Loans in the Chinook Financial division grew 2.9% or $21 million during the first quarter. Increases in loans was supported by growth in the residential, commercial and agricultural loan portfolios.
“Growth in our Agricultural book is critical to our success. I’m very encouraged with the growth so far this year and the last 5 years”, said President Scot Hadden. “Times are tough. I’m proud of the resilience of our employees and members across southern Alberta as they weather this tough economy.