Hughes Federal Credit Union reports Strong 2021 Performance
Hughes Federal Credit Union announced another year of strong growth in multiple key financial categories including assets, capital, deposits, loans, and members, at Hughes’ 70th Annual Meeting held virtually on Jul. 27, 2022.
Even in the face of economic challenges, Hughes Federal Credit Union ended 2021 by surpassing its financial goals. Total member savings or deposits equaled $1,749,888,952.28, an increase of 17 percent over the previous year, with credit union assets totaling $1,946,290,060.30, an increase of 17.79 percent compared to total assets at yearend 2020.
Hughes also saw an 11.64 percent increase in membership with 166,623 members, a net gain of 17,375 members over the previous year. Total loans to members also increased by 18.34 percent in 2021. Since granting its first loan on Feb. 8, 1952, Hughes has granted a total of 511,222 loans totaling over 6.7 billion dollars.
“Our membership growth, loan growth, return on net assets, and net income growth numbers rank at the top in our state for a credit union our size,” said Board Chairman Juan F. Gonzalez. “We accomplished this while reducing our loan risk and remaining a strong and stable credit union committed to making a positive difference in the financial lives of our members.”
Hughes also announced the results of their 2022 Board of Directors election. Ashesh Bhalala, Robert Swick and Charles La Due were elected to the 2022 volunteer Board of Directors for three-year terms.