Located here is OnPoint’s most recent Treasurer’s Report---a summary of the Credit Union’s accomplishments and financial performance for 2016. As Treasurer, I’m pleased to report that 2016 was another strong year for OnPoint in every area.
Total assets reached $4.6 billion. Deposits grew to $3.9 billion. Loans increased to $2.9 billion. Net income rose to $51.3 million, resulting in a net worth of $482.3 million and a net worth ratio of 10.8%. Net worth is always an important number as it assures OnPoint can handle emergencies or unexpected expenses. It confirms your credit union is safe and sound, now and into the future.
Membership grew to 315,619, up 7%. Growing our membership not only demonstrates that OnPoint has the products, services and accessibility people are looking for to help them reach their financial goals, but an increase in members also means more opportunities for all of our members. And it bolsters the credit union’s overall safety and soundness.
OnPoint’s continued success shows that the credit union is well capitalized and well managed. OnPoint remains safe, sound and secure.
Expert knowledge and sound business decisions by OnPoint’s Executive Team and staff, coupled with member input continue to result in products and services that help our members realize their financial dreams. For 2016, that meant:
OnPoint’s commitment to our community in 2016 was as strong as ever. It’s something we will continue as we work with our neighbors to help our community be a better place for all of us.
Our employee administered Community Relations Committee continued to support the efforts of nonprofit organizations throughout the area. In 2016 alone they funded over 130 grants in amounts ranging from $100 to $2,500. We continued our own OnPoint Prize for Excellence in Education that names two local Educators of the Year, pays their mortgage for one school year and awards cash to their respective schools. A more comprehensive look at our giving story and commitment can be found here. We’re excited to share this story; a reminder that a strong community benefits us all.
Many thanks to our members for your loyalty and support.