With loans and deposits up 6.2% and 8.8% respectively, Corning Federal Credit Union said the first quarter yielded strong results.
The $1.04 billion credit union in Corning, N.Y., said at the end of March, total loans stood at $638 million, a 6.2% increase year over year. Total deposits increased 8.8% compared with deposits held at this time last year, ending the quarter at $939 million, according to Corning FCU.
Retained earnings also increased by $1.7 million during the quarter, the credit union said.
The latest financial report comes after Corning FCU said it reported its 33rd year of continued growth and profitability in 2012. The credit union serves more than 85,000 members.
Corning FCU said total loans reached $640 million by the end of December 2012, a 7.6% increase over December 2011. Total deposits grew 9.9%, ending the year at $887 million. Corning FCU said it also realized an 8% gain in net worth, for a year-end total of more than $90 million.
Small business lending helped boost the credit union’s loan portfolio in 2012. The Southern Tier Small Business Administration named Corning FCU one of the top southern tier small business lenders for the fifth year in a row for fiscal 2012, the credit union said.
According to the SBA, Corning FCU outperformed all other Southern Tier small community 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 Tompkins counties in New York.
During fiscal year 2012, which ended Sept. 30, 2012, SBA lenders in the 34-county Syracuse district provided 682 7(a) and 504 loan approvals valued at $168 million in capital, according to the SBA.