SMITHFIELD – Navigant Credit Union ended 2019 with record-level assets, deposits and loan balances, the credit union reported on Monday.
The credit union hit $2.3 billion in assets, an increase of 7.2% from the $2.2 billion reported at the end of 2018, according to its annual report. This reflected a $77.2 million increase in investments in corporate bonds and notes, and a $26.6 million increase in cash and short-term investments, partially offset by $35.3 million decrease in United States government obligation investments.
Total loans hit $2 billion, a $140 million increase over year-end 2018. This included a $71.2 million boost in consumer loans and s $61.3 million increase in residential mortgage loans.
Total liabilities were $2.1 billion, an increase of $137.1 million over 2018. Year-end deposits stood at $1.9 billion, a $191.6 million increase over 2018.
For the 31st consecutive year, Navigant will pay a bonus dividend to its members, equal to 5% of interest earned in deposit accounts in 2019, the company stated.
“We are entering 2020 with unprecedented momentum,” Navigant Credit Union President and CEO Gary E. Furtado said in a statement. “With 18 branch locations, nearly 100,000 members and more than $2.3 billion in assets, I can confidently say the state of our business is as strong as it’s ever been in our 104-year history.”
The credit union also introduced the Navigant Credit Union Charitable Foundation Monday, creating an official nonprofit for its charitable donations. In recent years, Navigant has donated $3 million of its annual income to seed the foundation, which was boosted by an additional $1.7 million donation announced Monday.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com. Follower her on Twitter at @NancyKLavin.
