Overview of MEMFIRSTCU

First established in 1958, MEMFIRSTCU is a credit union based in the state of Utah. It is the 18th largest credit union operating in the state of Utah as measured by total assets. The credit union falls under the category: state charter. Unlike banks, credit unions like MEMFIRSTCU are not insured by the Federal Deposit Insurance Corporation (FDIC) but instead receive deposit insurance from the National Credit Union Administration (NCUA), which operates in a similar fashion to the FDIC. The company has a total of 3 branches and employs a total of 39 employees.

Details on the Credit Union’s Balance Sheet

The credit union currently has total assets of $178 million, total deposits of $159 million and net loans outstanding of $84 million. On average its members had a total of $11,795 deposited with the credit union – this is a helpful metric to monitor as it provides us with an idea of the level of engagement of the credit union’s membership base. Furthermore, the credit union has a loan to deposit ratio of 53% which is lower than credit unions of comparable size. MEMFIRSTCU’s peer set of credit unions have a loan to deposit ratio of approximately 63%. A lower ratio is better since it means that a credit union’s lending activities are more comfortably covered by its deposit base. Moving on to the credit union’s loan portfolio, it mainly consists of the following: auto loans make up 61% of the portfolio and there is a total of $51 million outstanding and mortgages and lines of credit comprises 9% of the loan book and there is a total of $7 million outstanding.

Contact and Other Helpful Information

  • Main Office Address: 120 East 1000 South, Brigham City, UT 84302
  • Website: https://memfirstcu.com
  • Phone: (435) 723-5231
  • Charter Number: 67153
  • Charter Year: 1958
  • Employees: 39
  • Routing Number: 324376805
  • Membership: On average, credit unions in Utah each have 55,182 members while across the United States the equivalent figure is 25,779. By comparison, MEMFIRSTCU has total members of 13,484 which is significantly smaller than the average credit union in the state. Over the past three years, the credit union’s total base of members has declined by 2%.

MEMFIRSTCU: Financial Overview


Detailed above is a chart showing the progression of four important balance sheet items over the past year for MEMFIRSTCU. Assets and total loans for the credit union have increased by 20.3% and expanded by 3.1%, respectively. In addition, the company’s auto loans, which as noted earlier is the largest portion of the loan book, has expanded by 2.0%. Lastly, the credit union’s deposits have increased by 25.3%. 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, MEMFIRSTCU’s net worth stands at $17 million. This implies that the credit union has a net worth per member of $1,256 which is below the national average of $1,606.

Overview of the Credit Union’s Performance Metrics


The above chart shows some of the important metrics we look at when assessing a credit union, and compares these to the average credit union of comparable size. It also shows how these metrics have fared over the past year. If we take a look at MEMFIRSTCU’s return on assets – which is usually a good measure of how efficiently a company is using its assets to produce profits – we see that the credit union is above the average comparable credit union and also that over the past year ROA has improved given the year over year change of 0.17%. The delinquency rate is a measure of what percentage of an entity’s loan book has fallen past due i.e. is delinquent. All else equal, a higher rate implies a worse performing loan portfolio. In the case of MEMFIRSTCU its delinquency rate is below its peers and over the past 12 months the credit union’s delinquency rate has improved. The net worth ratio for the credit union is 9.5% and has declined compared with the prior year figure of 10.6%. The credit union is also approximately inline with its peer group average of 9.7% on this metric. Finally, based on the NCUA guidelines, the company’s net worth ratio would classify it as well capitalized.


After factoring in all the relevant information and data, our final rating for MEMFIRSTCU is 3.1 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.