Community First Credit Union Releases 2022 Annual Report
Community First Credit Union Releases 2022 Annual Report
Institution grows 4.5% and its loan portfolio grew by more than 20%
JACKSONVILLE, Fla., March 10, 2023 – Community First Credit Union one of the largest credit unions in Florida, released its 2022 annual financial report at its 89th annual meeting held at its Downtown headquarters on Thursday, March 9. The annual report shows strong annual growth in assets and membership along with 20% growth in total loans, an institution high.
2022 Report Highlights:
- Total assets increased $100 million to a total of $2.54 billion, a record high. This represents a growth rate of 4.5%.
- Community First’s total loans grew by 20% to $1.8 billion.
- Community First loaned $764 million to consumers through personal, auto and mortgage loans.
- Community First funded $39 million in loans to 98 local small businesses.
- Community First’s membership grew to more than 168,000 members, a 6.05% increase from 2021.
Community First leaders also gave an update on its Branch Transformation and Expansion Project. The credit union is undertaking its largest one-time investment in its branch network. The credit union recently opened its relocated Mandarin Branch in Mandarin Station and started site work and construction at its 20th branch at Northpoint Village (at New Berlin and Yellow Bluff Roads) and its 21st at Boulevard Crossing (Beach and University Boulevards).
"In 2022, we helped our members live their best lives by providing loans to empower them to buy new homes, purchase cars, expand businesses or meet a number of other important life goals,” said John Hirabayashi, CEO and president of Community First Credit Union. “In addition, our team eliminated many service fees and increased our interest rates on CDs and money market accounts. It is our commitment to grow with purpose to meet the needs of our members and the community.”
In addition to its financial report, Community First reviewed its annual community impact. Its moveUP Financial Wellness program assisted more than 2,000 and 200 student members become more financially fit. The Community First Cares Foundation, the nonprofit 501(c)3 organization within the credit union, has now granted nearly $900k to nonprofits in the region.
Community First Credit Union of Florida is a state-chartered credit union based in Jacksonville serving anyone who lives or works on the First Coast. Community First is one of the largest credit unions in Florida with $2.5 billion in assets and serving 168,000 members. Community First has 19 locations and nearly 400 employees. A not-for-profit, Community First is a full-service financial institution offering banking, loans, mortgages and investments for consumers and businesses across the First Coast.
