Almost half of Rhode Island-based credit unions reported 1Q gains in assets, net income

NAVIGANT CREDIT UNION reported $2 billion in total assets and $5 million in net income after the first quarter of the new fiscal year./COURTESY NAVIGANT CREDIT UNION
NAVIGANT CREDIT UNION reported $2 billion in total assets and $5 million in net income after the first quarter of the new fiscal year. / COURTESY NAVIGANT CREDIT UNION

PROVIDENCE – Nearly half of Rhode Island-based credit unions saw gains both in total assets and in net income through the first quarter on a year-over-year basis, according to data released this week by the National Credit Union Administration.

Pawtucket Credit Union reported $2.1 billion in total assets as of March 31, the most out of the 20 credit unions located in Rhode Island. The total represented a 7.2 percent increase from March 31, 2017. PCU also saw a 57.8 percent jump in total net income on a year-over-year basis.

Navigant Credit Union’s total assets rose 9.4 percent from year to year to $2 billion as of March 31. Both Navigant and Pawtucket Credit Union are the lone credit unions with at least $1 billion in assets. Navigant’s net income increased 32.1 percent from last year’s first quarter to this year’s, going from $3.8 million to $5.1 million.

Warwick-based Greenwood Credit Union and Westerly Community Credit Union saw their assets increase by 7.3 percent and 8.1 percent, respectively, to $496.8 million and $278 million. At the same time Greenwood’s net income increased by 122.7 percent to $981,555 in the first quarter of this year. WCCU’s net income rose 95 percent year over year to $444,530.

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Other credit unions that saw increases in both assets and net income through the first quarter were:

  • Rhode Island Credit Union’s assets rose 2 percent from year to year to $277.1 million while its net income grew 271.5 percent to $316,011 this year
  • Wave Federal Credit Union had $114.1 million in total assets at the end of this year’s first quarter, a 1.9 percent increase, and $137,847 in net income, 154.3 percent more than a year earlier
  • Blackstone River Federal Credit Union reported $54.5 million in total assets, a 2.4 percent increase, and $70,708 in net income, a 30.4 percent gain
  • Postal Government Employees Federal Credit Union saw its assets rise 1.1 percent from year to year to $45.6 million and its net income increase 47.4 percent to $49,415
  • Kent County Memorial Hospital Federal Credit Union had a 0.1 percent gain in assets to $14.5 million, and its net income rose 51.3 percent from year to year to $21,348

Other credit unions saw decreases in either total assets or net income, or both.

  • People’s Credit Union’s total assets increased 0.5 percent to $470.5 million, but net income dropped by 12 percent from to $748,715 this year
  • Ocean State Credit Union’s assets fell 4.7 percent to $253.8 million, but net income increased 49 percent to $404,325
  • Cranston Municipal Employees Credit Union saw a 1.4 percent decline in assets to $58 million, even as net income rose 176.6 percent to $168,236
  • Community & Teachers Federal Credit Union saw an increase in total assets of 2.8 percent to $27.5 million; however, net income decreased 69.9 percent to $5,253
  • Woodlawn Credit Union experienced a 5.5 percent drop in assets to $13.3 million even as net income increased 512.6 percent to $22,365

The remaining credit unions saw drops in asset value or net losses or both. They included:

  • Alliance Blackstone Valley Federal Credit Union, with a 3 percent gain in total assets to $33.4 million, even as it experienced a 30.7 percent increase in its net loss to $85,076
  • Cumberland Municipal Employees Federal Credit Union saw assets drop 15.4 percent to $6.7 million as it lost $547
  • Postal Employees Regional Federal Credit Union had a decline in total assets of 2.4 percent to $6 million as it posted a net loss of $17,046
  • Pawtucket Municipal Employees Federal Credit Union had an 11.4 percent increase in assets to $4.7 million, but a net loss of $3,331
  • Coventry Teachers Federal Credit Union lost 2.6 percent of its assets to $2.8 million while posting a net loss of $5,611
  • NATCO Employees Credit Union saw assets shrink 29 percent to $163,121 while it showed net income of $570

James Bessette is a PBN staff writer. Email him at Research@PBN.com.