Community First assets grew to $2.72 billion in 2023 (Courtesy of the Jacksonville Business Journal) — Jacksonville’s second-largest credit union saw growth in interest payments, membership and amount of loans, according to its annual financial report, released Friday.
Over the course of 2023, Community First Credit Unions’s total assets increased by 7.1% from $2.44 billion last year to a total of $2.72 billion — a record for the organization. The credit union also set an institution record for its $180 million in consumer loans, an increase of 19% from 2022.
Other annual report highlights included:
- Total loans grew by 7% to 1.93 billion.
- Community First loaned $55 million to 250 local businesses, which represents the second largest annual commercial loan total in history.
- The credit union grew membership to more than 172,800 members.
Community First had to cope with a “bit of a softening economy,” CEO John Hirabayashi told the Business Journal, which affected job stability and hours for lower income members.
That economy did not derail the credit union’s expansion plans.
The credit union opened two new branches, added new ATM machines, broke ground on two more new branches and acquired land towards its 2029 strategic goal of 10 new branches and 17 new ATMs by 2029. Community First’s focus is to grow in rapidly growing areas like Murabella and Beachwalk in St. John’s County and in underserved area like the new branch at Boulevard Center at Beach and University.
Community First also rebounded significantly from a 2022 retention rate that dipped to 76%, returning to its typical historic number with an 86% retention rate.
Hirabayashi said that the financial institution was able to bounce back by investing very heavily in the scope and depth of our employee training programs. The credit union also expanded diversity and equity training under new director of diversity, equity and inclusion Deidra Dennie.
“We are big on creating an inclusive work environment and are focused on making sure that people feel respected and valued in their work environment,” Hirabayashi said.
With Hirabayashi’s retirement pending soon, Community First’s board hired a CEO search firm, with an end of May target to make their selection.
Hirabayashi plans to stay on through the beginning of June for “however long it takes to have a new person in place and for however long is comfortable for a smooth transition.”