Third Quarter 2018 Financial Update
Zelda V. Abram, Chief Financial Officer, provides an update on the credit union’s financial heath and what it means for members.
Momentum from the first half of the year carried into the third quarter and MIDFLORIDA once again saw positive growth. As of September 30, the credit union remains strong with $3.24 billion in assets and membership has risen to just shy of 306,000. Net income for the quarter totals more than $10 million, resulting in a healthy 1.29% return on assets.
What this means for members
Another positive earnings report brings good news for MIDFLORIDA’s membership! Here are just a few of the ways that members are benefiting from the credit union’s continued success:
Lower interest rates
Strong financial health allows MIDFLORIDA to offer qualified members competitive rates on lending products, including auto loans, commercial loans, and mortgages.
Additional locations
We’ve been hard at work preparing for the openings of two new branches in December: Spring Hill—our first in Hernando County—and Gatlin in St. Lucie County! Shortly thereafter, in March 2019, St. Lucie West will open, becoming our fourth Treasure Coast-area branch. Stay tuned for details about grand opening celebrations and for information about additional branches opening in 2019.
More support personnel
Along with a larger footprint and expanded membership pool comes the need to hire additional personnel. We’ve not only hired employees to staff new branches, but have expanded our Help Desk and e-Branch teams. This has led to decreased wait times and a better support experience for members.
Plan to attend the Annual Meeting!
If you’d like to learn more about MIDFLORIDA’s financial health, please attend the Annual Meeting of Members in April. More details will be posted on Facebook and Twitter.
Article by Zelda V. Abram, Chief Financial Officer, who has more than 20 years of experience in the industry.