Overview of Ventura County Credit Union
Ventura County Credit Union has been operating for 72 years, having first been established in the year 1950. The credit union mainly focuses on the provision of mortgages and lines of credit which represent 63% of its loans outstanding. In terms of its overall asset base, Ventura County Credit Union is larger than 93% of credit unions in the country. 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 8 branches and employs a total of 209 employees.
Overview of the Credit Union’s Assets and Liabilities
As previously indicated, the credit union currently has total assets of $1,250 million, which makes it larger than 93% of credit unions in the United States. Ventura County Credit Union also has net loans outstanding to customers of $643 million and a deposit base of $1,123 million. Furthermore, the credit union has a loan to deposit ratio of 57% which is lower than credit unions of comparable size. Ventura County Credit Union’s peer set of credit unions have a loan to deposit ratio of approximately 74%. 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 mortgages and lines of credit represent 63% of the total and currently stands at $407 million, while there is $117 million of loans outstanding from auto loans which represents 18% of the credit union’s loan portfolio.
Contact and Other Helpful Information
- Main Office Address: 2575 Vista Del Mar Dr, Suite 100, Ventura, CA 93001
- Website: https://www.vccuonline.net/
- Phone: (805) 477-4000
- Charter Number: 68458
- Charter Year: 1950
- Employees: 209
- Routing Number: 322283505
- Membership: On average, credit unions in California each have 47,657 members while across the United States the equivalent figure is 25,779. By comparison, Ventura County Credit Union has total members of 74,031 which is significantly larger than the average credit union in the state. Over the past two years, the credit union’s total membership has declined by 4%.
Ventura County Credit Union: Financial Overview
The above chart summarizes the trends in key balance sheet items for Ventura County 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 17.4% while its total loans have fallen by 0.7%. In addition, the company’s mortgages and lines of credit have grown by 6.2% while its deposits have expanded by 22.7%. 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. Ventura County Credit Union has a total net worth of $99 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 $1,338 which is below the national average of $1,606.
Overview of the Credit Union’s Performance Metrics
The chart above compares Ventura County 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. Starting with the company’s return on assets, on this metric Ventura County Credit Union is below the average credit union in its peer set and over the past year ROA has improved with a total change of 0.11%. Return on assets tells us how productive a company is being with its asset base. We look at the delinquency rate within a loan portfolio as a way to assess the performance and quality of a credit union’s loan book. A lower delinquency rate indicates a better performing portfolio. Ventura County Credit Union has a delinquency rate that is approximately inline with its peer group average and when compared with the prior year, we can see that it has been relatively stable. The net worth ratio for the credit union is 7.9% and has declined compared with the prior year figure of 8.7%. 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.
In conclusion, when we look at all the various factors and data we give Ventura County Credit Union a 2.4 out of 5.0 rating, which we consider to be average. Importantly, please be aware that none of the information presented is meant to be investment advice or advice of any form. All of the information and views expressed in this note and on this site are purely for informational purposes.