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Community First Credit Union Releases 2019 Annual Report

By: Maria Coppola, APR, CPRC

Posted on 3/12/2020 8:00:00 PM

Institution grows members by 7%,
total loans by 15% and mortgage lending by 250%

 

Click here for the 2019 Annual Report

 

JACKSONVILLE, Fla., March 12, 2020 - Community First Credit Union, one of the largest credit unions in Florida, released its 2019 annual financial report at its 86th annual meeting held March 12 at the credit union’s headquarters in LaVilla. The annual report shows strong deposit, membership and loan growth for the seventh year in a row. The credit union’s annual report focused on how the institution helps people in our region – from businesses to individual consumers – through its record levels of both commercial and consumer lending. 

In 2019, Community First:

  • Helped more than 1,100 people become homeowners in 2019. The mortgage division nearly doubled its original projected $120 million in mortgages ending the year having funded more than $228 million in local mortgages. This represents an astounding 250% growth rate over 2018 mortgages of $91 million.
  • Loaned a record $30 million to area businesses to help them open, build, expand or improve their financial position.
  • Earned near-record income of $18.7 million.
  • Grew its loan portfolio from $1.16 billion to $1.33 billion, a 15% increase.
  • Increased total deposits to $1.4 billion dollars, the highest in the institution’s history and an increase of more than 6% over the previous year’s $1.3 billion.
  • Added 16,000 new members, an annual increase of 7%.
  • Maintained a strong capital-to-assets ratio of 13.52%. 

Community First Credit Union also celebrated:

  • Investing in an existing Downtown Jacksonville building to expand its headquarters operations in the most cost-effective way. 
  • Investing in a new, freestanding Neptune Beach branch to better serve the beaches and Intracoastal areas, which was constructed in 2019 and recently opened.
  • Finalizing a 10-year deal to keep its popular UNF Branch on the campus to continue serving students, staff and professors with convenient financial services where they need them.
  • The Community First Cares Foundation crossing the half-million-dollar mark for donations and support of philanthropic efforts in your community.

“Community First is proud to be a leader in the credit union movement in our region,” said John Hirabayashi, CEO and president of Community First. “As the credit union grows, we are able to serve and help a record number of members with services and products that improve their financial lives.”

Community First Credit Union of Florida is a state-chartered credit union based in Jacksonville serving anyone who lives or works on the First Coast. Community First is one of the 10 largest credit unions in the state, serving more than 145,000 members and with assets of $1.8 billion. Community First has 19 locations and 340 employees. A not-for-profit, Community First is a full-service financial institution offering banking, loans, mortgages and investments for consumers and businesses across the First Coast. 

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