Statewide Federal Credit Union: Overview
Statewide Federal Credit Union officially got its credit union charter in the year 1949. The credit union falls under the category: multiple common bond – primarily federal, state, local government. In terms of its lending activity, the credit union is mainly engaged in providing auto loans. These loans represent 58% of its total lending. Statewide Federal Credit Union’s total assets are larger than 72% of credit unions in the United States. Unlike banks, credit unions like Statewide Federal Credit Union 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 4 branches and employs a total of 53 employees.
Who Can Join?
Family members of existing members, members of the Mississippi State University Association, members of the Friends of Flowood Library and employees, retirees, and members of certain companies and groups are eligible for membership in Statewide. Please visit this page for the list companies.
Overview of the Credit Union’s Assets and Liabilities
The credit union currently has total assets of $169 million, total deposits of $153 million and net loans outstanding of $90 million. On average its members had a total of $7,283 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. In addition, the credit union has a loan to deposit ratio of 59%, which is lower than its peer group average of 63%. Generally speaking, a lower loan to deposit ratio is better as it implies that the credit union is funding more of its lending activities with deposits. Taking a closer look at the credit union’s loan portfolio, we see that auto loans represent 58% of the total and currently stands at $52 million, while there is $17 million of loans outstanding from mortgages and lines of credit which represents 19% of the credit union’s loan portfolio.
Contact and Other Helpful Information
- Main Office Address: P O Box 320483, Flowood, MS 39232-0483
- Website: http://www.statewidefcu.org
- Phone: (601) 420-5535
- Charter Number: 6369
- Charter Year: 1949
- Employees: 53
- Routing Number: 265377222
- Membership: On average, credit unions in Mississippi each have 10,463 members while across the United States the equivalent figure is 26,230. By comparison, Statewide Federal Credit Union has total members of 20,957 which is significantly larger than the average credit union in the state. Over the past three years, the credit union’s total base of members has increased by 19%.
Statewide Federal Credit Union: Financial Overview
The above chart summarizes the trends in key balance sheet items for Statewide Federal Credit Union. First off, it is noteworthy that across the board, all four items have increased over the past year. The credit union’s assets have expanded by 7.7% while its total loans have expanded by 4.9%. In addition, the company’s auto loans have expanded by 9.3% while its deposits have increased by 8.8%. 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. Statewide Federal Credit Union has a total net worth of $14 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 $682 which is below the national average of $1,633.
Overview of the Credit Union’s Performance Metrics
The chart above compares Statewide Federal Credit Union’s performance on three metrics to credit unions in its peer group and also shows the credit union’s performance on each metric in the prior year. These are some of the important measures for a credit union’s performance that we look at. Beginning with Statewide 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 given the 0.09% change. A credit union’s ROA is a good way of assessing how well the entity is using its assets to generate returns. 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 Statewide Federal Credit Union its delinquency rate is above its peers and over the past 12 months the credit union’s delinquency rate has improved substantially. The net worth ratio for the credit union is 8.5% and has been relatively stable compared with the prior year figure of 8.4%. The credit union is also below its peer group average of 9.8% on this metric. Finally, based on the NCUA guidelines, the company’s net worth ratio would classify it as well capitalized.
Conclusion
Ultimately, after considering all of the relevant factors we rate Statewide Federal Credit Union 2.6 out of 5.0, which is 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.