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Bethpage Federal Credit Union net income rises 53 percent

Bethpage Federal Credit Union said on Tuesday, Jan.

Bethpage Federal Credit Union said on Tuesday, Jan. 24, 2017, that it closed 2016 with $6.9 billion in assets. Credit: Ian J. Stark

Bethpage Federal Credit Union said an increase in home equity and commercial real estate loans helped push its net income up 53 percent to $61 million at the end of 2016.

The Bethpage-based credit union added that its fourth-quarter net income jumped 46 percent to $17.2 million.

Bethpage funded $3 billion in loans in 2016, a 12 percent year-over-year increase. The credit union had $643 million in home equity loans in 2016.

“We’re on Long Island, and people own their homes,” said Brian Clarke, chief financial officer at Bethpage. “So we made a conscious effort” to build the home equity business. “It’s a service our members need,” he said.

Commercial real estate loans rose 31 percent to $419 million in 2016.

Auto loans jumped 54 percent to $207 million.

Deposits at Bethpage grew 9 percent to $6 billion.

Bethpage, which is the largest credit union on Long Island in terms of assets and members, said it closed 2016 with $6.9 billion in assets and 303,851 members.

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