Cooperative Choice Network Credit Union of Peoria, Ill., posted net income of about $543,000 for 2018, a 12.7% increase from 2017.
According to the credit union’s annual report, assets fell from $125.3 million to $121.7 million (a 2.9% decline), while loan volumes increased from $65.9 million to $69.5 million (a 5.5% increase)
With respect to the drop in assets, the credit union’s financial statements showed that cash and cash equivalents fell by about 41.6% to $1.7 million in 2017.
At the end of 2018, the credit union had more than 8,500 loans outstanding – more than two-thirds (68%) of which were vehicle and other secured loans. Real estate loans accounted for 13.6%, credit cards were 5.4% and other unsecured loans made up 13% of the portfolio.
The credit union also finished the year with a net worth of 15.44%, compared with 14.57% in 2017, a 5.9% increase.
