[corrects date of establishment]
WESTERLY — Net income rose to $2,107,272 in 2018 at the Westerly Community Credit Union, a gain of 23 percent from the $1.7 million reported a year earlier, according to WCCU's latest financial report to the National Credit Union Administration.
Highlights of the results were presented at the credit unon's 2019 annual meeting, which was held Monday at the Haversham House in Westerly.
WCCU's assets stood at $295 million at the end of 2018, a gain of 8.9 percent; member deposit balances rose 9.5 to $262.1 million; and outstanding loan balances increased 9 percent to $258.7 million.
The credit union reported that it had 18,686 members on Dec. 31, 2018, compared with 18,056 at year-end 2017.
Loan originations in 2018 totaled $78.3 million, including $16.5 million in residential first mortgage loans. At year-end, the credit union counted 1,946 loans and lines of credit secured by one- to four-unit residential properties, totaling $181.2 million, a gain of 14.6 percent from 2017. In the previous year, such loans numbered 1,743 and amounted to $158.1 million.
Vehicle loans also increased last year, to 1,415 on Dec. 31, 2018, totaling $20.4 million; compared with 1,007 loans at the end of 2017, amounting to $13.2 million. The year-to-year gain in the combined value of new- and used-car categories was 54.5 percent.
Net interest income was $9.2 million last year, compared with $8.49 million in 2017. Fees were up slightly, to $1,955,556 in 2018, an increase of $4,834. Stephen J. White, president and CEO, told the members that WCCU's solid financial results allowed the board to approve reductions in the credit union’s schedule of service charges, saving members more than $95,000 in fees during fiscal 2018.
On the expense side, employee compensation and benefits totaled $4,965,915, up 6.3 percent. The number of full-time employees (26 or more hours per week) was 65, one more than at the end of 2017. There were four part-time employees last year, two more than the year before.
White discussed the credit union's products and services designed to help members manage their finances. He also reported that as part of the “WCCU Cares” initiative, the credit union last year provided nearly $150,00 to charities and nonprofit organizations in the community. Over the past year, he said, 54 WCCU staff members volunteered to help more than 80 organizations and causes.
In 2018, WCCU opened a 27,000 square foot operations center and branch located at 4979 Tower Hill Rd. in Wakefield. In the future, White said, the credit union will upgrade its mobile and online banking platforms.
WCCU, established in 1948, is a federally insured state-chartered credit union with branches in Westerly, Richmond and Wakefield. Membership is open to all who reside or work in Rhode Island and New London County.