Overview of Via Credit Union
Via Credit Union was first established in the year 1936 and is the 19th largest credit union operating in the state of Indiana as measured by total assets. It is also larger than 86% 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 67% 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 6 branches and employs a total of 108 employees.
Details on the Credit Union’s Balance Sheet
The credit union currently has total assets of $496 million, total deposits of $438 million and net loans outstanding of $342 million. On average its members had a total of $12,441 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 78%, which is higher 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 67% of the total and currently stands at $230 million, while there is $83 million of loans outstanding from mortgages and lines of credit which represents 24% of the credit union’s loan portfolio.
Contact and Other Helpful Information
- Main Office Address: 4505 S Adams St, Marion, IN 46953-5351
- Website: http://www.viacu.org
- Phone: (765) 674-6631
- Charter Number: 68572
- Charter Year: 1936
- Employees: 108
- Routing Number: 274975152
- Membership: The credit union has a membership base of 35,202 which is significantly larger than the average credit union operating within the state. Credit unions in Indiana each have on average 19,458 members. Over the past two years, the credit union’s total membership has increased by 8%.
Via Credit Union: Financial Overview
Detailed above is a chart showing the progression of four important balance sheet items over the past year for Via Credit Union. Assets and total loans for the credit union have increased by 13.6% and grown by 12.3%, respectively. In addition, the company’s auto loans, which as noted earlier is the largest portion of the loan book, has grown by 11.0%. Lastly, the credit union’s deposits have grown by 22.8%. 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, Via Credit Union’s net worth stands at $54 million. This implies that the credit union has a net worth per member of $1,540 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 Via Credit Union’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 substantially given the year over year change of 0.42%. 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 Via Credit Union its delinquency rate is below its peers and over the past 12 months the credit union’s delinquency rate has improved. Finally, the net worth ratio for the credit union is 10.9% which is well above its peer group average of 9.7%. This metric has declined on a year over year basis and stood at 11.6% a year ago. Based on the NCUA guidelines, the credit union is considered to be well capitalized.
Our final rating for Via Credit Union, after assessing the credit union on what we consider to be the important metrics, is 3.6 out of 5.0, which is very good. 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.