Overview of Hastings Federal Credit Union
Hastings Federal Credit Union was first established in the year 1946 and is the 24th largest credit union operating in the state of Nebraska as measured by total assets. It is also larger than 48% of all credit unions in the country. In terms of its lending activities, the credit union primarily focuses on providing auto loans and these loans represent 63% of its outstanding lending. The National Credit Union Administration (NCUA) insures deposits at credit unions in addition to regulating and supervising them. The NCUA was formed by the U.S. Congress in 1970. The company has a total of 1 branch and employs a total of 11 employees.
Details on the Credit Union’s Balance Sheet
The credit union has total assets of $43 million. It has a deposit base of $38 million which works out to $6,249 of deposits per member compared with the state-wide average of $9,221 and national average of $13,595. Hastings Federal Credit Union also has net loans outstanding of $24 million. Furthermore, the credit union has a loan to deposit ratio of 62% which is higher than credit unions of comparable size. Hastings Federal Credit Union’s peer set of credit unions have a loan to deposit ratio of approximately 49%. A lower ratio is better since it means that a credit union’s lending activities are more comfortably covered by its deposit base. Taking a closer look at the credit union’s loan portfolio, we see that auto loans represent 63% of the total and currently stands at $15 million, while there is $5 million of loans outstanding from mortgages and lines of credit which represents 20% of the credit union’s loan portfolio.
Contact and Other Helpful Information
- Main Office Address: 707 N Marian Rd, Hastings, NE 68901-3435
- Website: http://www.hastingsfcu.org
- Phone: (402) 463-6668
- Charter Number: 5291
- Charter Year: 1946
- Employees: 11
- Routing Number: N/A
- Membership: Credit unions in the state of Nebraska have an average membership base of 9,421 compared with Hastings Federal Credit Union which has total members of 6,095. Over the past three years, the credit union’s total base of members has increased by 1%.
Hastings Federal Credit Union: Financial Overview
Detailed above is a chart showing the progression of four important balance sheet items over the past year for Hastings Federal Credit Union. Assets and total loans for the credit union have increased by 15.6% and grown by 18.1%, respectively. In addition, the company’s auto loans, which as noted earlier is the largest portion of the loan book, has expanded by 15.8%. Lastly, the credit union’s deposits have grown by 20.1%. A credit union’s net worth is a good proxy for the value that a credit union has accrued over time. Based on the latest available information, Hastings Federal Credit Union’s net worth stands at $5 million. This implies that the credit union has a net worth per member of $836 which is below the national average of $1,606.
Overview of the Credit Union’s Performance Metrics
In the above chart we have displayed three statistics that are important in evaluating a credit union’s performance and shown how Hastings Federal Credit Union compares on these metrics, in addition to detailing how the credit union performed on each metric in the prior year. Starting with the company’s return on assets, on this metric Hastings Federal Credit Union is well above the average credit union in its peer set and over the past year ROA has declined with a total change of 0.22%. Return on assets tells us how productive a company is being with its asset base. Moving on to the credit union’s delinquency rate, which tells us how much of a credit union’s loan book is delinquent, the credit union is below its peer group on this metric and compared with the prior year it has improved. Keep in mind that a higher delinquency rate indicates a lower performing loan book so a declining rate is a favorable trend. Finally, the net worth ratio for the credit union is 11.7% which is well above its peer group average of 10.6%. This metric has declined on a year over year basis and stood at 12.0% a year ago. Based on the NCUA guidelines, the credit union is considered to be well capitalized.
Our final rating for Hastings Federal Credit Union, after assessing the credit union on what we consider to be the important metrics, is 2.9 out of 5.0, which is above average. Finally, please note that the rating information presented is based on our proprietary scoring system. None of the work presented is intended to be investment advice or advice of any sort and is presented purely for informational purposes.