Old West Federal Credit Union: Overview of the Credit Union
The credit union first came into existence in 1957 and has been operating for the last 65 years. Old West Federal Credit Union is based in the state of Oregon and is also the 22nd largest credit union operating in the state; this is calculated based on its total assets. Credit unions are regulated by the National Credit Union Administration (NCUA), which is an independent agency that was created by the U.S. government in 1970. The NCUA also insures customer deposits at credit unions in the country. The company has a total of 7 branches and employs a total of 68 employees.
Details on the Credit Union’s Balance Sheet
The credit union currently has total assets of $267 million, total deposits of $244 million and net loans outstanding of $166 million. On average its members had a total of $16,602 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 68% which is higher than credit unions of comparable size. Old West Federal Credit Union’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: mortgages and lines of credit make up 59% of the portfolio and there is a total of $98 million outstanding and other real estate loans comprises 10% of the loan book and there is a total of $17 million outstanding.
Contact and Other Helpful Information
- Main Office Address: 650 W Main St, John Day, OR 97845
- Website: http://oldwestfcu.com
- Phone: (541) 575-0264
- Charter Number: 12012
- Charter Year: 1957
- Employees: 68
- Routing Number: 323274607
- Membership: Old West Federal Credit Union has a membership base of 14,701 which is significantly smaller than the average credit union operating in the state of Oregon. The average credit union in the state has 38,592 members. Over the past three years, the credit union’s total base of members has increased by 18%.
Old West Federal Credit Union: Financial Overview
As shown in the above chart, Old West Federal Credit Union’s assets have increased by 22.5% over the past year, while its mortgages and lines of credit – which is its largest category of lending – have grown by 5.1% over the past year. Furthermore, the company’s deposits have grown by 36.4% while its total loans have expanded by 7.8%. We like to look at a credit union’s net worth to get a sense of the performance of the entity over the years for its members. Old West Federal Credit Union has a total net worth of $21 million while the average credit union in the United States has a net worth of $41 million. This implies that the credit union has a net worth per member of $1,453 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 Old West Federal Credit Union compares on these metrics, in addition to detailing how the credit union performed on each metric in the prior year. Beginning with Old West Federal Credit Union’s return on assets (aka ROA), on this statistic the credit union performs above the average comparable credit union. When we look at the year over year trends, we can see that ROA has improved substantially given the 0.37% change. A credit union’s ROA is a good way of assessing how well the entity is using its assets to generate returns. 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 well above its peer group on this metric and compared with the prior year it has improved substantially. Keep in mind that a higher delinquency rate indicates a lower performing loan book so a declining rate is a favorable trend. The net worth ratio for the credit union is 8.0% and has declined compared with the prior year figure of 8.9%. The credit union is also below 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.
Conclusion
After factoring in all the relevant information and data, our final rating for Old West Federal Credit Union is 3.0 out of 5.0, which is above average. As a final note, please remember that our rating is the product of a proprietary scoring methodology which uses nationwide data for credit unions and our survey work. Importantly, none of the work presented herein is intended to be investment advice or advice of any sort and is presented purely for informational purposes.