Centra reports record loan portfolio growth

Centra Credit Union reported record growth in its loan portfolio, net revenue and net income in 2014, according to a year-end summary.

Centra’s total net loan portfolio growth was $81.3 million, the largest loan growth in the history of the organization, according to the company.

Net revenue increased 5.9 percent over 2013 and net income was $11.9 million for 2014, compared with $9.3 million for 2013.

Centra President Doug Harris said overall loan growth was fueled by a 17.3 percent growth in auto loans, 27.9 percent growth in home equity loans and 20.7 percent growth in commercial loans compared with 2013.

Net revenue rose to $43.3 million in 2014 from $40.9 million in 2013, due largely to strong interest margin improvement and an improvement in interchange revenue, according to the company.

The number of Centra members grew 2.2 percent in 2014 to more than 130,000 individuals. Central also maintained its five-star rating by Bauer Financial Inc., the nation’s leading independent credit union and bank rating and research firm.