Coast Capital Savings Credit Union reported a solid year in 2011 with assets increasing by nearly 12% to $11.8 billion, new member growth of more than 20,000 and net income of $62.0 million.
The 2011 figures compare with assets of $10.5 billion and net income of $70 million the previous year.
The company’s financial results showed total loans grew by 15.6% from $8.5 billion at the end of 2010 to $9.8 billion as of December 31, 2011.
Coast Capital also recorded its highest growth in residential mortgages, with an 18.3% jump from the 2010’s $6.3 billion to $7.4 billion in 2011.
Coast Capital president and CEO Tracy Redies described the credit union’s overall financial results as positive, given the volatile global capital markets that resulted in a prolonged historically low interest rate.
“Very low interest rates continued in 2011 and this led to a compression of margins that have affected most financial institutions across the country, including Coast Capital Savings,” Redies said.
“While we grew our loan portfolio by over $1.3 billion, the overall lower rate environment means these loans were less profitable than in past years. That led to lower net interest income than in 2010.”
