SANTA ROSA -- Redwood Credit Union posted growth across several fronts in 2011, adding members and assets while opening four branches in Sonoma County.
The credit union earned $14.78 million in 2011, versus $6.1 million in 2010. Income for the final quarter of the year also grew compared to 2010, to $4.5 million versus $1.2 million.
Total assets grew by $200 million during the year, to $1.9 billion. There were $1.4 billion in total loans, up from $1.3 billion at the end of 2010.
Nonperforming assets were $37 million in 2011. That number was greater than the $34 million in 2010, but the credit union noted that regulators changed how those assets were quantified during that period and that those figures were not comparable year over year. Credit unions also follow different reporting requirements and are required to consider an asset non-performing after 60 days, versus 90 days for banks.
An improved economic environment was credited with a reduction in the provision for loan losses, to $26.8 million at the end of 2011. That provision was down from $39 million in the prior year, and the credit union said that the reduction helped to boost their net income.
Total membership grew to approximately 210,000 at the end of 2011, 16 percent more than one year prior. About 17,000 of those new members – 7 percent -- joined through Redwood Credit Union’s merger with Cal State Central Credit Union in June, which also resulted in new branches in Sonoma, Glen Ellen and Santa Rosa. The credit union opened the fourth new branch in Sebastapol, for a total of 18 branches in Sonoma, Marin, Napa and Mendocino counties, as well as San Francisco.
Redwood Credit Union noted several achievements during the year, including their first-ever Amazing Savers contest and an upgrade to its fleet of ATMs. The credit union is preparing for a revamping of their Web site and online banking services in 2012.
