With loans and deposits up 6.2% and 8.8% respectively, CorningFederal Credit Union said the first quarter yielded strongresults.

The $1.04 billion credit union in Corning, N.Y., said at the endof March, total loans stood at $638 million, a 6.2% increase yearover year. Total deposits increased 8.8% compared with depositsheld at this time last year, ending the quarter at $939 million,according to Corning FCU.

Retained earnings also increased by $1.7 million during thequarter, the credit union said.

The latest financial report comes after Corning FCU said itreported its 33rd year of continued growth and profitability in2012. The credit union serves more than 85,000 members.

Corning FCU said total loans reached $640 million by the end ofDecember 2012, a 7.6% increase over December 2011. Total depositsgrew 9.9%, ending the year at $887 million. Corning FCU said italso realized an 8% gain in net worth, for a year-end total of morethan $90 million.

Small business lending helped boost the credit union's loanportfolio in 2012. The Southern Tier Small Business Administrationnamed Corning FCU one of the top southern tier small businesslenders for the fifth year in a row for fiscal 2012, the creditunion said.

According to the SBA, Corning FCU outperformed all other Southern Tier smallcommunity lenders by approving 20 loans worth $1.4 million, an 11%increase over the previous fiscal year.

The SBA Southern Tier covers Broome, Chemung, Chenango,Cortland, Delaware, Otsego, Schuyler, Steuben, Tioga and Tompkinscounties in New York.

During fiscal year 2012, which ended Sept. 30, 2012, SBA lendersin the 34-county Syracuse district provided 682 7(a) and 504 loanapprovals valued at $168 million in capital, according to theSBA.