Coastal Credit Union posts increase in earnings, loans in 2018

Coastal Credit Union of Raleigh, N.C., posted increases to its net income, loans and membership last year.

The credit union recorded net income of about $31.8 million in 2018, a 10.6% increase over the prior year.

Coastal CU also recorded total loans and leases of $2.7 billion at year end of 2018, a 12% jump from the end of 2017, according to its 2018 annual report.

The credit union’s assets reached almost $3.2 billion, an 8.6% move up from the prior year.

Total deposits reached $2.7 billion, an 8.1% jump from 2017, while membership reached 257,090, a 6.2% increase from the prior year.

Coastal also noted that it achieved two other milestones in 2018. It now has more than 500 employees, and its minimum wage was increased to $15 per hour.