Greylock Federal Credit Union closed out 2014 with net income of $5.37 million and total assets of $1.075 billion, the organization said this week.

The Pittsfield-headquartered credit union also increased its regulatory net worth to 9.4 percent from 8.76 percent at year-end 2013.

“In 2014, we saw the challenges of the Great Recession appear to recede. We began to see home and auto sales increase, and additional quality commercial loan opportunities – hopeful signs that families and business owners were feeling more confident,” Greylock President Marilyn L. Sperling said in a statement. “The improving economy allows Greylock to continue its focus on growing capital to withstand any future downturns.”

The credit union said it increased new mortgages 28 percent over 2013 and consumer loans by 15 percent over that period. Greylock said its insurance and investment divisions posted their best years ever.

The credit union also recorded $837 million in total loans, $960 million in total deposits and 70,961 members last year.

Finally, Greylock Federal Credit Union received a Low Income Designation from the National Credit Union Administration, a precursor to its certification by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund and raised more than $131,000 for the Berkshire United Way.