Waterford — Charter Oak Federal Credit Union's 75th year turned out to be one of its best despite flat profits, the financial institution's leader said before the 2015 membership meeting Thursday at the Port 'N' Starboard banquet hall in New London.

Chief executive Brian A. Orenstein, in an interview at Charter Oak's new headquarters building off Route 85, said the credit union's assets grew 7 percent last year, reaching a record $847 million. In addition, the loan portfolio grew by 10 percent to $632 million.

"We had a great year in 2014," Orenstein said . "We've seen a pickup — we're doing better in mortgages."

Orenstein said as head of a credit union that shares profits with members, profitability is not the first thing he worries about.`Profits did increase slightly — from $4.81 million to $4.84 million, and would have been better were it not for the cost of constructing a new headquarters — but as a not for profit Charter Oak has other concerns, he said.

For instance, the credit union gave away $396,000 to some of its most loyal customers through its 5-year-old Gold Rewards program. The program, which gives back $100 to members who do a significant amount of their business year-round through the credit union, currently has about 5,000 members.

"It has certainly raised our profile," Orenstein said of the program.

Keeping a lower profile has been Charter Oak's significant strides in business lending, which Orenstein said is often not even attempted at other credit unions. Charter Oak currently has a six-person business lending team that did about $80 million in loans last year, starting from scratch just five or six years ago, he said.

"A lot of people don't think of credit unions as business lenders," he said.

And despite rough economic times in southeastern Connecticut over the past few years, Orenstein sees more room for growth. He said Charter Oak anticipates opening up new branches in the future in both Windham and New London counties, and has been heartened by new customers from Waterford, Salem and Montville who have switched their banking allegiance to Charter Oak because of the conveniently located headquarters branch.

"We think there's some business left in New London County," Orenstein said. "We always have our eye open for good locations."

Among other initiatives undertaken last year, he added, were new mobile-deposit capabilities allowing deposits using a computer, laptop, tablet or smartphone.

This year, Charter Oak is expanding its community giving by adding $70,000 in scholarships to high school students in New London and Windham counties. During the meeting Thursday, two awards were handed out as part of the Louise Jackson Community Outreach Scholarship: to Owen Guillot of Dayville and Sydney Pepper of Voluntown.

Community by Charter Oak giving has now passed the $1 million mark since 2009. Last year included a 10 percent increase in community giving, according to the credit union's annual report.

"That's part of our responsibility," Orenstein said. "As long as we're safe and sound, we'll give it to charity."

l.howard@theday.com

Twitter: @KingstonLeeHow

Profits: $4.84 million, +0.5%

Total Assets: $847.2 million, +7%

Loans: 632.4 million, +10%

Deposits: $703 million, +5%

SOURCE: Charter Oak Federal Credit Union 2014 Annual Report