TTCU announces $3.5 million in dividends
"Despite the pandemic, TTCU had an exceptional year," President and CEO Tim Lyonssaid. "This is a testament to the trust our members place in us in good times and bad."
Deposits increased 20 percent over the course of the year, leading to an increase in member rewards payouts. TTCU also had a record year in mortgage production, as home loan rates remained relatively low throughout the year, leading to a 13 percent increase in overall loan balances. This also contributed to more members qualifying for member rewards dividends payouts.
"Our member rewards program is unique in that it pays dividends on loan balances," Chief Financial Officer Shelby Beil said.
Past dividend rates are not a guarantee of future dividend rates. Rewards dividend requirements are available online.