Scott Credit Union recorded net income of about $11.76 million in 2018, a 20.5 percent increase from the prior year.
At least some of that growth can be attributed to a 13 percent boost in non-interest income, which rose to $19.1 million last year compared to $16.8 million in 2017.
The $1.22 billion-asset institution also said on Friday that its membership rolls expanded by 2.45 percent last year, to 142,796 members.
According to Scott CU’s Call Report, total loans and leases rose by about 6.8 percent to more than $996 million.
Scott CU, which is based in Edwardsville, Ill. also noted that it had opened its first branch in St. Louis County, Missouri in the town of Ladue.
Scott CU’s president & CEO Frank Padak also noted that the credit union paid out a bonus dividend and loan interest rebate in excess of $570,000 to members last year.
“The economies of scale created by our growth and conservative management also continue to serve our membership well through competitive rates and low fees,” Padak said in a press release.
