1q 2015 - utah's credit unions - utah.pdf · the national unemployment rate is down by 1.1...

1Q 2015 QUARTERLY PERFORMANCE SUMMARY

Callahan & Associates was founded

in 1985 to assist credit unions in

developing their unique competitive

advantages. A leading consulting,

research and data analysis firm,

Callahan works with 4,000+ credit

unions and industry suppliers na-

tionwide to provide insight and

solutions that help drive credit

unions toward success.

TABLE OF CONTENTS

Key Performance Comparisons 3

Executive Summary 4

UTAH CREDIT UNION RESULTS

Key Ratios 5

Economic Summary 6

Lending — Overview 7

Lending — Real Estate 8

Lending — Auto 9

Lending — Credit Cards 10

Asset Quality 11

Shares 12

Earnings 13-14

Members 15

Special Section 16-17

PERFORMANCE DATA TABLES

Consolidated U.S. Credit Union Financial Statement 18

U.S. Credit Union Peer Group Performance 19

Consolidated Utah Credit Union Financial Statement 20

Utah Credit Union Peer Group Performance 21

Utah Credit Union Leaders 22-25

WRITTEN AND

EDITED BY:

SAMUEL TAFT

CALLAHAN & ASSOCIATES, INC.

1001 Connecticut Ave, NW Ste. 1001,

Washington, DC, 20036

P. 202.223.3920 | 800.446.7453

For more on Callahan

and Callahan Products visit

Callahan.com

1ST QUARTER 2015

© 2015 CALLAHAN & ASSOCIATES, INC. | CALLAHAN.COM | CREDITUNIONS.COM

1Q 2015 QUARTERLY PERFORMANCE SUMMARY 3

KEY PERFORMANCE COMPARISONS | AS OF MARCH 31, 2015

U.S. CUs UT CUs UT as % of Industry

Number of CUs 6,334 72 1.1%

Federal Chartered CUs 3,885 36 0.9%

State Chartered CUs, NCUSIF Insured 2,321 36 1.6%

State Chartered CUs, ASI Insured 128 0 0.0%

Total State Chartered CUs 2,449 36 1.5%

Total Members 101,208,667 2,032,727 2.0%

Members, Average per CU 15,979 28,232 176.7%

# of Mergers/Liquidations YTD 68 0 0.0%

Total Assets $1,172,916,417,136 $18,766,291,904 1.6%

Total Loans $730,494,080,957 $13,245,224,358 1.8%

Total Shares $997,186,097,770 $16,548,934,100 1.7%

Total Capital $132,645,852,829 $2,104,465,114 1.6%

Average Asset Size $185,177,837 $260,642,943 140.8%

AS A % OF AVERAGE ASSETS

U.S. CUs UT CUs

Interest Income 3.33% 3.40%

Interest Expense 0.50% 0.42%

Net Interest Margin 2.82% 2.99%

Loss Provisions 0.28% 0.21%

Operating Expenses (including stabilization expenses) 3.08% 3.52%

Non-Interest Income 1.31% 2.11%

ROA 0.78% 1.36%

U.S. CUs UT CUs

12-Month Loan Growth 10.58% 15.45%

12-Month Share Growth 4.37% 7.86%

12-Month Member Growth 2.93% 6.67%

12-Month Capital Growth 7.86% 13.92%

12-Month Asset Growth 5.50% 8.70%

Loans/Shares 73.26% 80.04%

Net Worth/Assets 10.81% 10.83%

Capital/Assets 11.31% 11.21%

Delinquency Ratio 0.69% 0.77%

Average Loan Balance $13,365 $10,222

Average Share Balance $9,853 $8,141

4 1Q 2015 QUARTERLY PERFORMANCE SUMMARY


KEY TAKEAWAYS FOR UTAH CREDIT UNIONS

Total revenue at Utah credit unions grew 12.1% from March 2014 to March 2015,

besting the regional (AZ, CO, ID, NV, WY) credit union average of 7.4%, and above

the national average of 6.7%.

Utah’s total loan portfolio increased 15.4% from the previous March to top $13.2

billion as of the first quarter of 2015, with every major loan category growing year-

over-year. Healthy member demand for auto loans helped push used and new auto

loans higher, with new auto loans posting the highest growth of 31.4%. Used auto

loans grew 14.0% year-over-year. The 17.7% annual growth of Utah’s overall auto

loan portfolio was above the national average of 16.1%.

Net worth at Utah credit unions made impressive gains in the first quarter of 2015,

adding 73 basis points to total 10.8%, slightly above the national credit union

average.

Core deposits rose significantly from March 2014 to March 2015, up 13.1%, a rate

well above growth seen at regional and nationwide peers.

Over the past twelve months, the Utah unemployment rate decreased 0.4% to 3.4%

as of March 2015. The national unemployment rate is down by 1.1 percentage

points over the same period, to 5.5%.

The average member relationship (the outstanding combined loan and share

balances per member, excluding business loans) increased at Utah credit unions, up

4.1% annually to reach $14,657 as of March 2015.

Despite slower growth in the U.S. economy in the first quarter of 2015, the credit union

industry reported exceptional performance in the first three months of the year.

Notably, in the first quarter, Utah credit unions originated $2.8 billion in loans, up

25.5% from the first quarter of 2014. First mortgage originations followed the national

trend, surging 70.9% compared to March 2014. Consumer loan originations also posted

significant gains, increasing 15.4% in Utah, above the national average of 11.8%,

helped by its expanding auto portfolio, which grew 17.7% over the period. Stronger

loan income growth and non-interest income combined to push total revenue higher,

increasing 12.1% year-over-year.

EXECUTIVE SUMMARY



KEY RATIOS

ROA

Nationally, credit unions reported an

annualized ROA of 78 basis points, unchanged

from March 2014. Utah credit unions posted

an ROA well above the national average, of

1.36%, representing an increase of 8 basis

points from 2014.

NET INTEREST MARGIN

Margins have begun to slightly increase from

the lows of recent years. Through March, Utah

reported a net interest margin of 2.99%, up 15

basis points from the first quarter of 2014 and

17 basis points higher than the national

average of 2.82%. The difference is primarily

due to Utah’s higher interest income compared

to national averages; specifically, Utah has

higher margins than the national averages

within its automotive lending portfolio.

LOAN-TO-SHARE RATIO

With loan growth outpacing share growth by

over 7 percentage points in 2015, Utah credit

unions’ spread is higher than the national

spread of 6.2 percentage points. Rising loan

balances have contributed to a loan-to-share

ratio up 5.2 percentage points in Utah to

80.0% as of March 2015 from 74.8% in the

previous March. This is also 9.2 percentage

points higher than the 70.8% loan-to-share

ratio reported by Utah credit unions in March

2013.



ECONOMIC SUMMARY

UNEMPLOYMENT - UTAH VS. NATIONAL AVE.

The national unemployment rate declined to

5.5% in March 2015, 1.1% below the previous

March. Utah’s unemployment rate remains well

below the national average at 3.4% as of

March 2015. The unemployment rate in Utah

has decreased 4.6 percentage points from its

recent high of 8.0% in March 2010.

UTAH PAYROLL GROWTH

Total nonfarm payrolls in Utah expanded 4.0%

to 1.4 million as of March 2015. The trade,

transportation and utilities sector remains the

largest portion of the overall nonfarm payroll in

the state, comprising 19.3% of all nonfarm

employees, and increased 3.9% from the

previous March to 263,700. The next largest

industry is government, accounting for 16.8%

of total nonfarm payrolls. Of note, professional

& business services payrolls increased 8.1% on

a year-over-year basis, rising to 191,800, and

account for 14.0% of nonfarm payrolls.

MORTGAGE RATES

Both 30 and 15-year fixed mortgage rates

continued to decline from 2014 levels, falling

18 and 16 basis points, respectively as of

March 2015. The 5-year adjustable rate

mortgage rates also fell year-over-year, down 6

basis points to 2.9%.



LENDING - OVERVIEW

ANNUAL LOAN ORIGINATIONS

In 2015, credit unions nationwide posted a

20.5% year-over-year increase in loans

originated, largely driven by 49.6% annual

growth in first mortgage loan originations,

supplementing a strong 11.8% increase in

consumer originations. In Utah, credit union

originations posted an overall increase of

25.5% as of March 2015. Every major loan

component exhibited growth in the first

quarter. Notably. first mortgage originations in

Utah increased 70.9%, while consumer loans

also exhibited strong growth, rising 15.4%.

LOAN COMPOSITION

Consistent with the significant increase in total

originations, outstanding loan balances at Utah

credit unions grew 15.4% from March 2014,

with every loan category posting year-over-year

increases. A revived mortgage market drove up

the entire industry’s first mortgage portfolio

8.8% over the past year. Consumer lending

also continues to post healthy growth; in

aggregate, Utah credit unions’ auto loan

balances increased 17.7%, with new auto

loans outstanding expanding over 30% from

March 2014.

ANNUAL LOAN GROWTH

Nationally, credit unions increased their

outstanding loan balances 10.6%, largely

buoyed by significant increases in automotive

lending. Lending at regional credit unions (AZ,

CO, ID, NV, WY) increased on an annual basis

as well, rising 14.2% as of March 2015, up

from 10.7% the year prior. More impressively,

Utah credit unions outpaced both their regional

and national peers, increasing outstanding

loan balances 15.4% from March 2014.



LENDING - REAL ESTATE

ORIGINATIONS AND SALES TO SECONDARY MKT

Utah credit unions outpaced the national trend

in first mortgage originations through the first

quarter of 2015, rising 70.9%. Collectively,

Utah credit unions sold $382 million, or 56.7%,

of total first mortgage originations. Sales to the

secondary market are up over 115.2% from

the first quarter of 2014, and well above the

38.6% sold by credit unions nationally.

FIRST MORTGAGE COMPOSITION - FIXED VS.

ARM VS. BALLOON/HYBRID

The majority of first mortgages (60.1%) held by

Utah credit unions as of March 2015 were

fixed rate products, compared to regional

credit unions whose first mortgage portfolios

contain significantly more fixed rate products.

HISTORICAL FIRST MORTGAGE GROWTH BY

TYPE

Fixed rate first mortgages outstanding have

increased at double-digit rates for the past

three years at Utah credit unions, rising 17.4%

for the twelve months ending March 2015,

compared to 17.3% growth in 2014. Despite a

strengthening economy and improving credit

environment, borrowers remain cautious of

adjustable and balloon/hybrid rate first

mortgages, as portfolios expanded 3.7% and

4.2%, respectively, year-over-year.



LENDING - AUTO

HISTORICAL NEW/USED AUTO BALANCES

Used auto loans grew 14.0% at Utah credit

unions, compared to a national average of

13.1%. New auto loan growth in Utah exceeded

used auto growth, growing 31.4% compared to

national growth of 21.4%. Auto market share at

Utah credit unions also increased for both new

and used auto loans, with new auto loan

market share nearly three times the national

average of 14.6%, and used market share

over three times the national average of 21.3%

as of March 2015.

AUTO LOAN COMPOSITION COMPARISON

As indicated by the strong used auto loan

market share, relative to its regional and

national peers, used auto loans account for a

greater portion of Utah credit unions’ loan

portfolio as of March 2015. As a proportion of

total loans, used auto loans have increased

from 32.8% of the portfolio in March 2011, to

34.8% as of March 2015.

INDIRECT LENDING COMPARISON

Indirect lending is a key driver of auto loan

growth at credit unions. Although not all

indirect loans reported by credit unions are

related to autos, 95% of credit unions reporting

indirect loan originations use this channel

solely for auto lending. The ratio of indirect

loans to outstanding auto loans in Utah stands

at 55.0% as of March 31, up 4.7% from the

previous March. Additionally, since 2011,

indirect lending has grown 69.3% at Utah

credit unions, while the auto loan portfolio has

increased 43.6% over the same period.



LENDING - CREDIT CARDS

ANNUAL CREDIT CARD BALANCE GROWTH

Credit card loans, while just 6.6% of Utah’s

loan portfolio, posted strong gains of 8.3% to

hit $876.4 million in March 2015. Both new

member accounts and slightly higher average

balances combined to drive this success.

CREDIT CARD UTILIZATION & FUNDING

Credit card utilization, calculated as

outstanding balances divided by outstanding

balances plus unfunded commitments, slightly

declined at Utah credit unions in March to

32.5% from 33.2% the previous year.

Nationally, utilization levels stayed flat at

31.7% as of March 2015.

CREDIT CARD PENETRATION RATES

Utah credit unions have been increasing their

credit card lending to members in recent years.

Currently, 51.4% of credit unions in Utah offer

credit cards to members, up 73 basis points

from 2014. At the end of the first quarter,

nearly 370,000 credit card accounts existed at

Utah credit unions, up 9.5% from the first

quarter of 2014. These credit unions offering

credit card products have higher product

penetration rates than both their regional and

national peers.



ASSET QUALITY

DELINQUENCY - ASSET CLASS

Delinquencies at credit unions nationwide

dropped 12 basis points over the last twelve

months to 0.69% as of March 2015. Among

Utah credit unions, loan delinquencies are

quite similar across asset classes. With the

exception of the $50 million to $200 million

peer group, every group reported declines in

loan delinquency for the period of March 2014

to March 2015. Credit unions over $200

million in assets reported the largest decline in

delinquency, falling 29 basis points from

March 2014 to 0.77% in March 2015.

DELINQUENCY - LOAN TYPE

Delinquency rates for all lending products fell

at Utah credit unions between March 2014

and March 2015. First mortgage loans

recorded the largest improvement, falling 68

basis points year-over-year, while other real

estate notched the second best improvement,

declining 7 basis points over the period.

Additionally, Utah delinquency rates remain

below national averages in every category

except first mortgage.

NET CHARGE-OFFS

Utah credit unions in the $50 million to $200

million in assets peer group recorded the

highest net charge-off rate as of March 2015.

However, one credit union reported a

significant increase in net charge-offs for the

period, and when excluded, the peer group

average returns to historical levels at 24 basis

points. Net charge-off rates for the under $50

million and over $200 million state peer

groups remain below the national net charge-

off average of 0.47%.

Note: Auto loan delinquency did not exist on the call report prior to 2Q 2013.



SHARES

SHARE COMPOSITION COMPARISON

Utah’s share portfolio increased 7.9% from the

previous March, easily surpassing the 4.4%

growth seen nationally. This rise in share

balances is also faster than the 4.7% growth

the state reported as of March 2014. Total

share balances at Utah credit unions reached

$16.5 billion as of March 2015.

HISTORICAL CORE DEPOSITS GROWTH

From March 2014 to March 2015, Utah credit

unions successfully grew core deposits (regular

shares and share drafts) at a faster rate than

both regional and national credit union peers.

SHARE GROWTH BY TYPE

Share drafts and regular shares recorded the

strongest growth in the Utah credit union share

portfolio from March 2014 to March 2015,

increasing 12.0% and 13.7%, respectively, over

the period. By comparison, nationally, credit

unions averaged 8.1% and 8.2% growth,

respectively.



EARNINGS

REVENUE GROWTH COMPARISON

Credit unions nationwide saw total revenue

increase 6.7% from March 2014, buoyed by

strong loan and other operating income

growth. Utah credit unions posted impressive

revenue growth, nearly doubling the national

average at 12.1%, and were well above

regional peers. Total revenue at Utah credit

unions for the first quarter totaled $251.8

million, driven by strong loan and non-interest

income growth.

OPERATING EXPENSES / AVE ASSETS

Excluding stabilization expenses, operating

expenses at Utah credit unions increased 9.9%

year-over-year from the 1st quarter of 2014,

over 2.5% above the national average. Loan

servicing, which accounts for 10.2% of

operating expenses, increased 28.9% year-over

-year, the largest percentage increase and the

second largest dollar increase, only exceeded

by employee compensation and benefits.

Above both regional and national peers, Utah’s

operating expenses to average assets ratio

increased 3 basis points from March 2014.

INTEREST INCOME / AVE ASSETS

Interest income at Utah credit unions grew

12.4% year-over-year, driven largely by strong

loan interest income growth. As a percentage

of average assets, interest income at Utah

credit unions is above both regional and

national peers.



EARNINGS - CONTINUED

NON-INTEREST INCOME / AVE ASSETS

As of March 2015, the industry’s non-interest

income as a percent of average assets rose

slightly, posting a 5 basis point increase from

2014. In Utah, credit unions reported total non-

interest income of $96.6 million, an increase

of 11.9% from March 2014. Today the industry

as a whole derives 28.6% of its income from

non-interest sources, while credit unions in

Utah report 38.4%.

NET WORTH RATIO

Through the first quarter of 2015, the net

worth ratio at Utah credit unions stood at

10.8%, up 73 basis points from 2014. Slightly

above the national average and regional peers,

it is well above the NCUA’s 7% threshold for

“well-capitalized”. All but three Utah credit

union sit above the 7% threshold as of March

31, 2015.



MEMBERS

MEMBER GROWTH RATES

Total membership at Utah credit unions

increased 6.7% over the last twelve months to

reach 2,032,727 members, as of the first

quarter of 2015. Utah credit unions added an

additional 127,158 members since March

2014. Utah credit unions outpaced their

regional and national peers over the period,

with US and regional credit unions on average

increasing their memberships by 2.9%.

AVERAGE MEMBER RELATIONSHIP

The average member relationship (the

outstanding combined loan and share

balances per member, excluding business

loans) at Utah credit unions increased $584

between March 2014 and March 2015, or

4.1%. compared to increases at regional and

national peers of 6.2% and 3.9%, respectively.

PENETRATION RATES (CC, RE & AUTO)

Utah credit unions are developing strong

relationships with members through their

products. Product penetration metrics, which

help credit unions measure how many

members are using each product, have been

on the rise at Utah credit unions in recent

years. Of note, auto product penetration

increased 0.7% year-over-year as of March

2015. Additionally, Utah’s auto penetration

rate is well above the national average of

17.8%.



SPECIAL SECTION - AN OVERVIEW OF BENCHMARKING

Overview

A credit union’s current and historical performance help

shape the direction its leadership takes the cooperative in

the future, making any miscalculations potentially harmful

down the line.

The most powerful way to ensure you’re getting an accu-

rate read of where your credit union stands in key areas is

by benchmarking performance against relevant peers. Alt-

hough it sounds simple enough, it takes a bit of know-how

to realize benchmarking’s full benefits.

What is Benchmarking?

Benchmarking is the interpretation and analysis of financial

information in order to make direct performance compari-

sons to other credit unions, banks, and customized groups

of peers. It enables a credit union to track internal goals,

identify opportunities, reinforce strengths, and reveal weak-

nesses.

Why Should I Benchmark?

Without accurate and detailed knowledge of your credit

union’s competition it’s impossible to properly gauge per-

formance in key areas. Benchmarking shows where you

need to make changes and the areas you can build upon.

Basically, it provides the numbers to back up (or disprove)

your assumptions.

At a more granular level, benchmarking also helps you:

Gain a better understanding of your market

Monitor progress towards specific goals

Identify potential performance pitfalls

Understand and spot patterns

Provide actionable and meaningful information to your team

Reduce the likelihood of decisions being made for intuitive or emotional reasons

Review operations at a high-level

If done regularly, benchmarking can have a direct impact

on the bottom line. Unfortunately, it used to be an involved

process reserved only for those with the most advanced

financial knowledge. For instance, benchmarking against a

local bank involved rectifying differences between the

NCUA and FDIC call reports. Thankfully, there are now tools

available that do this sort of work for you and make all the

necessary data easily accessible.

It’s now possible for credit union professionals across all

departments to use benchmarking for conducting data-

backed performance analysis. The key is knowing what

metrics to look for.

Key Benchmarking Metrics by Role

For credit union executives, being familiar with a range of

relevant performance ratios is the first step toward suc-

cessful benchmarking, but understanding the factors that

influence each ratio and the potential drawbacks of using

one over the other is equally critical.

Historically, benchmarking was limited to CEOs and CFOs,

but it can and should be performed by all C-suite execu-

tives. Similar to tracking your departmental budget, you

should be aware of how your teams’ efforts are impacting

the credit union. With that foundational information, you

can choose the best strategy moving forward.

The following list includes key benchmarks for several high-

level positions commonly seen at credit unions.

CEO

Loan Growth

Share Growth

Asset Growth

Member Growth

ROA

CFO

Cost of Funds

Capital Ratio

Non-Interest Income to Average Assets

Net Interest Margin

COO

Operating Expense Ratio

Operating Expenses to Income

Efficiency Ratio

CLO

Average Member Relationship

Delinquency

Net Charge-Offs

Coverage Ratio

Loans to Shares

CMO

Members per Potential Members

Net New Members per Branch

Auto Penetration

Credit Card Penetration

Real Estate Penetration



HR

$ Revenue per $ of Salary and Benefits

Members per Employee

Salaries and Benefits per Employee

Loan Originations per Employee

Common Benchmarking Pifalls

When done correctly, benchmarking is an extremely valua-

ble tool that provides important insight into various areas of

a credit union’s operating model. However, any errors com-

mitted during the benchmarking process can give you a

faulty picture of your credit union’s performance. The follow-

ing are three areas where errors are most likely to occur.

Peer Group Selection

When selecting a comparison group to benchmark against,

it’s important to think beyond just geographic proximity and

asset size. Including other factors in your benchmarking

efforts, such as charter type, field of membership, and type

of vendors used provides a more accurate comparison for

your institution. When it comes to benchmarking, you want

to be as accurate as possible to ensure you’re correctly

gauging performance.

It can also be beneficial to look at slightly different peer

groups from time to time. Benchmark against credit unions

with a slightly larger asset size or look at market leaders in

certain key areas. You may be able to pinpoint factors that

have allowed that institution to reach its current level of

proficiency.

Benchmarking Frequency

Given the dynamic nature of the credit union industry, con-

ducting benchmarking efforts only once a year can hide

performance lags for months at a time. Whether it’s interest

rates, membership demographics, or changing housing

market prices, the barometer for credit union success is

constantly shifting. With this in mind, it makes sense to

benchmark at least on a quarterly basis.

Identifying Potential Peers

Your benchmarking comparisons shouldn't be limited to

other credit unions as banks are likely also competing to be

the primary financial service provider of members in your

market. While differences between NCUA and FDIC report-

ing formats made it difficult to make credit union to bank

comparisons, there are now tools available that allow you to

make apples-to-apples comparisons. While you should not

make general market-to-market comparisons for metrics

such as loan rates and fees, consider using bank peers in

certain circumstances, such as when looking at market

share, setting market-based growth goals, and identifying

market trends.

Conclusion

Performance benchmarking is vital for ensuring your credit

union is on the right track toward success and should be a

routine part of operations.

Key to effective benchmarking is thinking beyond just asset

size or geographic proximity when comparing your credit

union to other financial institutions. The more criteria you

use when creating comparison groups, the more accurate

your performance analysis will be. You will want to think of

things like type of core processor used and SEG group when

benchmarking as well.

When you benchmark at least once a quarter, you can spot

trends as they arise and adjust accordingly.

And remember, even if you aren’t a CEO or CFO, perfor-

mance benchmarking is still extremely beneficial. It allows

you to find your department’s strengths and weaknesses,

so you can get the most out of your department.

SPECIAL SECTION - AN OVERVIEW OF BENCHMARKING



CONSOLIDATED U.S. CREDIT UNION FINANCIAL STATEMENT | ALL U.S. CREDIT UNIONS AS OF MARCH 31, 2015

(THOUSANDS OF DOLLARS)

ALL U.S.

March

2014

March

2015

% Chg

3 Months

Ended

March 2014

3 Months

Ended

March 2015

% Chg

Assets: Income:

Cash & Equivalents 110,105,385 107,242,419 -2.60% Loans 7,973,220 8,512,149 6.76%

Govt & Agencies 208,529,463 198,645,870 -4.74% (Less Rebates) (4,012) (5,761) 43.60%

Corporate Credit Union 3,561,913 3,020,149 -15.21% Investments 1,125,072 1,085,841 -3.49%

Banks and S&Ls 46,069,059 42,910,868 -6.86% Fee Income 1,713,512 1,747,710 2.00%

Mutual Funds 2,170,417 1,982,898 -8.64% Trading & Other Operating 1,601,827 1,904,334 18.89%

All Other Inv & Ins 34,126,649 37,161,369 8.89% Total Income 12,409,619 13,244,273 6.73%

Total Investments, Cash & Cash Eq. 404,562,886 390,963,573 -3.36%

Expenses:

Real Estate Loans 347,375,632 373,734,067 7.59% Employee Compensation and Benefits 4,218,882 4,524,543 7.25%

Auto Loans 205,519,135 238,755,658 16.17% Travel & Conference 76,334 80,616 5.61%

All Other Loans 107,685,825 118,004,355 9.58% Office Occupancy 613,226 636,389 3.78%

Total Loans 660,580,592 730,494,081 10.58% Office Operations 1,568,008 1,658,893 5.80%

Education & Promotional 279,694 312,359 11.68%

(Loan Loss Allow) (7,236,875) (7,013,939) -3.08% Loan Servicing 582,524 637,924 9.51%

Professional Services 643,585 686,179 6.62%

Repossessed Property 1,243,070 1,078,617 -13.23% Member Insurance 13,041 6,549 -49.78%

Land & Buildings 18,630,582 19,317,407 3.69% Operating Fees 36,333 34,999 -3.67%

Other Fixed Assets 3,676,818 3,917,239 6.54% Miscellaneous 252,762 298,287 18.01%

All Other Assets 30,342,582 34,159,440 12.58% Operating Expense Subtotal 8,284,390 8,876,737 7.15%

Total Assets 1,111,799,655 1,172,916,417 5.50%

Prov/Loan Loss 672,585 806,287 19.88%

Liabilities & Capital: Operating Expense + PLL 8,956,975 9,683,024 8.11%

Dividends Payable 194,395 171,776 -11.64%

Notes Payable 28,421,300 35,982,992 26.61% Non-Operating Gain (Loss) 123,874 139,848 12.90%

Reverse Repurchase Agreements 1,626,638 2,592,245 59.36% Income before Dividends 3,576,518 3,701,097 3.48%

Other Liabilities 10,466,111 11,568,756 10.54%

Total Liabilities 40,708,444 50,315,769 23.60% Cost Of Funds:

Interest on Borrowed Funds 180,515 193,475 7.18%

Regular Shares & Deposits 332,796,534 359,700,502 8.08% Dividends 1,264,443 1,263,440 -0.08%

Money Market Shares 219,943,475 227,461,956 3.42% Net Income Prior to Stabilization 2,131,560 2,244,182 5.28%

Share Drafts 131,000,810 141,798,724 8.24%

IRA & Keogh 78,882,172 77,422,276 -1.85% Net NCUA Assessment Expenses 13,084 2,467 -81.14%

Share Certificates 192,850,188 190,802,640 -1.06% Net Income 2,118,476 2,241,715 5.82%

Total Shares 955,473,179 997,186,098 4.37%

% Chg

Regular Reserve 20,062,732 20,362,793 1.50% Total Number of Credit Unions 6,623 6,334 -4.36%

FASB 115 Valuation Reserve (2,309,828) (1,093,510) -52.66% # of FCU's 4,062 3,885 -4.36%

Undivided Earnings & Other Reserves 96,425,381 104,204,429 8.07% # of SCU's - Federally Insured 2,429 2,321 -4.45%

Equity Acquired in Merger 1,439,747 1,940,838 34.80% # of SCU's - Cooperatively Insured 132 128 -3.03%

Total Reserves & Undivided Earnings 115,618,032 125,414,550 8.47% Members 98,326,792 101,208,667 2.93%

Total Liabilities & Capital 1,111,799,655 1,172,916,417 5.50% Employees 255,518 263,197 3.01%

Average Share Balance 9,717 9,853 1.40%

Average Loan Balance 12,965 13,365 3.09%



*For CUs under $20M, only those with at least one respective account are included in the calculation

**Excludes stabilization expenses

U.S. CREDIT UNION PEER GROUP PERFORMANCE | ALL U.S. CREDIT UNIONS AS OF MARCH 31, 2015

ALL U.S.

U.S.

Totals

Under

$20M

$20M-

$50M

$50M-

$100M

$100M-

$250M

$250M-

$500M

$500M-

$1B

Over $1B

# of CUs 6,334 2,837 1,198 752 722 347 241 237

Average Assets (000s) $184,566 $7,263 $32,342 $71,683 $156,458 $350,881 $702,910 $2,765,347

12-MONTH GROWTH

Net Worth Growth 7.33% -2.36% 2.91% 5.48% 6.67% 7.66% 9.62% 9.83%

Loan Growth 10.58% -1.77% 3.89% 5.91% 7.57% 8.98% 10.89% 13.03%

Share Growth 4.37% -3.60% 1.36% 2.45% 3.35% 4.11% 5.47% 5.90%

Member Growth 2.93% -4.59% -0.76% 0.62% 1.21% 2.15% 4.62% 5.81%

CAPITAL

Net Worth/Assets 10.81% 14.21% 12.28% 11.64% 11.08% 11.32% 11.28% 11.18%

Solvency Ratio 115.42% 116.42% 113.98% 113.30% 112.84% 113.74% 114.06% 116.81%

Allow. For Loan Losses/Del. Loans 139.93% 82.16% 88.24% 97.26% 112.61% 125.62% 137.38% 160.07%

Delinquency Ratio 0.69% 1.45% 1.08% 0.93% 0.78% 0.74% 0.63% 0.63%

EARNINGS

ROA 0.78% 0.13% 0.29% 0.43% 0.47% 0.60% 0.72% 0.95%

Non-Interest Income/Ave. Assets 1.31% 0.73% 1.00% 1.19% 1.32% 1.37% 1.38% 1.24%

Net Interest Margin 2.82% 3.05% 2.96% 3.02% 3.01% 2.97% 2.90% 2.71%

Operating Expenses/Ave. Assets** 3.08% 3.54% 3.52% 3.63% 3.65% 3.53% 3.38% 2.72%

Yield on Average Earning Assets 3.49% 3.43% 3.40% 3.52% 3.58% 3.58% 3.51% 3.46%

Cost Of Funds 0.57% 0.31% 0.33% 0.36% 0.41% 0.46% 0.48% 0.69%

PRODUCTIVITY

YTD Income per Employee (000s) $50 $26 $34 $36 $39 $42 $46 $63

YTD Income per Member $131 $60 $83 $97 $111 $122 $134 $152

YTD Operating Exp. per Member $88 $52 $69 $78 $86 $91 $96 $91

Assets per Employee (000s) $4,456 $2,508 $3,277 $3,272 $3,347 $3,637 $3,995 $5,602

YTD Loan Originations ($) per Empl. (000s) $339 $137 $162 $178 $200 $230 $276 $488

MEMBER SERVICE USAGE

Auto Loan Penetration* 17.75% 12.65% 14.10% 15.26% 16.85% 17.19% 18.71% 18.87%

Share Draft Penetration* 54.44% 23.36% 39.33% 45.70% 49.53% 53.99% 57.57% 59.72%

Credit Card Penetration* 16.62% 5.14% 10.50% 12.14% 12.84% 14.99% 15.69% 20.25%

$ Average Share Balance $9,853 $5,010 $6,919 $7,676 $8,417 $9,057 $9,984 $11,284

# of Share & Loan Accts per Member 2.42 1.80 2.08 2.22 2.29 2.37 2.44 2.57

LENDING PROFILE

Loans to Shares 73.26% 53.71% 56.10% 60.13% 66.76% 70.62% 73.71% 77.66%

% of RE Loans to Total Loans 51.16% 20.80% 37.65% 42.28% 46.78% 48.78% 49.70% 54.52%

$ Average Loan Balance $13,365 $7,066 $8,882 $9,572 $11,419 $12,438 $13,796 $14,868

Total Loans per Employee (000s) $2,775 $1,157 $1,610 $1,728 $1,964 $2,233 $2,540 $3,630



March 2014 March 2015 % Chg

3 Mos. Ended

March 2014

3 Mos. Ended

March 2015

% Chg

Assets: Income:

Cash & Equivalents 1,945,091,820 1,690,436,180 -13.09% Loans 128,544,381 146,097,638 13.66%

Govt & Agencies 1,924,804,159 1,774,181,852 -7.83% (Less Rebates) (3,842) (2,090) -45.60%

Corporate Credit Union 72,303,817 38,256,941 -47.09% Investments 9,966,292 9,634,197 -3.33%

Banks and S&Ls 496,241,353 471,388,274 -5.01% Fee Income 38,553,191 42,840,206 11.12%

Mutual Funds 13,701,513 15,327,820 11.87% Trading & Other Operating 47,624,380 53,207,045 11.72%

All Other Inv & Ins 577,597,319 576,259,249 -0.23% Total Income 224,684,402 251,776,996 12.06%

Total Investments, Cash & Cash Eq. 5,029,739,981 4,565,850,316 -9.22%

Expenses:

Real Estate Loans 4,344,888,223 4,906,393,167 12.92% Employee Compensation and Benefits 75,735,999 83,753,423 10.59%

Auto Loans 5,132,212,943 6,042,088,083 17.73% Travel & Conference 1,354,471 1,654,467 22.15%

All Other Loans 1,995,892,426 2,296,743,108 15.07% Office Occupancy 11,818,656 11,773,213 -0.38%

Total Loans 11,472,993,592 13,245,224,358 15.45% Office Operations 28,206,942 29,368,289 4.12%

Education & Promotional 6,018,809 5,916,836 -1.69%

(Loan Loss Allow) (222,020,526) (162,692,298) -26.72% Loan Servicing 12,774,077 16,469,957 28.93%

Professional Services 5,959,001 7,322,628 22.88%

Repossessed Property 48,305,743 39,165,540 -18.92% Member Insurance 479,875 77,099 -83.93%

Land & Buildings 482,255,630 498,145,056 3.29% Operating Fees 625,100 516,170 -17.43%

Other Fixed Assets 68,628,125 69,316,427 1.00% Miscellaneous 3,640,242 4,257,876 16.97%

All Other Assets 384,036,827 511,282,505 33.13% Operating Expense Subtotal 146,613,172 161,109,958 9.89%

Total Assets 17,263,939,372 18,766,291,904 8.70%

Prov/Loan Loss 4,818,354 9,664,441 100.58%

Liabilities & Capital: Operating Expense + PLL 151,431,526 170,774,399 12.77%

Dividends Payable 4,923,797 4,003,944 -18.68%

Notes Payable 1,633,270 50,703,029 3004.39% Non-Operating Gain (Loss) 88,068 511,646 480.97%

Reverse Repurchase Agreements - - N/A Income before Dividends 73,340,944 81,514,243 11.14%

Other Liabilities 211,682,862 220,878,015 4.34%

Total Liabilities 218,239,929 275,584,988 26.28% Cost Of Funds:

Interest on Borrowed Funds 33,065 67,321 103.60%

Regular Shares & Deposits 4,816,138,528 5,474,212,815 13.66% Dividends 18,989,683 18,940,340 -0.26%

Money Market Shares 4,254,125,027 4,470,300,384 5.08% Net Income Prior to Stabilization 54,318,196 62,506,582 15.07%

Share Drafts 2,266,193,411 2,538,286,821 12.01%

IRA & Keogh 1,010,447,013 1,015,720,940 0.52% Net NCUA Assessment Expenses 298,852 48,660 -83.72%

Share Certificates 2,996,657,660 3,050,413,140 1.79% Net Income 54,019,344 62,457,922 15.62%

Total Shares 15,343,561,639 16,548,934,100 7.86%

% Chg

Regular Reserve 232,821,335 235,359,040 1.09% Total Number of Credit Unions 75 72 -4.00%

FASB 115 Valuation Reserve (36,962,331) (83,187,283) 125.06% # of FCU's 36 36 0.00%

Undivided Earnings & Other Reserves 1,474,584,138 1,755,568,340 19.06% # of SCU's - Federally Insured 39 36 -7.69%

Equity Acquired in Merger 31,694,662 34,032,719 7.38% # of SCU's - Cooperatively Insured - - N/A

Total Reserves & Undivided Earnings 1,702,137,804 1,941,772,816 14.08% Members 1,905,569 2,032,727 6.67%

Total Liabilities & Capital 17,263,939,372 18,766,291,904 8.70% Employees 5,424 5,795 6.84%

YTD Loan Originations 2,260,758,405 2,837,708,201 25.52%

Average Share Balance 8,052 8,141 1.11%

Average Loan Balance 9,631 10,222 6.14%

CONSOLIDATED UTAH CREDIT UNION FINANCIAL STATEMENT | ALL UTAH CREDIT UNIONS AS OF MARCH 31, 2015

UTAH



*For CUs under $50M, only those with at least one respective account are included in the calculation

**Excludes stabilization expenses

UTAH CREDIT UNION PEER GROUP PERFORMANCE | ALL UTAH CREDIT UNIONS AS OF MARCH 31, 2015

UTAH

Utah

Totals

Under

$50M

$50M-

$200M

$200M-

$1B

Over $1B

# of CUs 72 48 12 9 3

Average Assets (000s) $260,643 $12,325 $104,357 $510,295 $4,109,913

12-MONTH GROWTH

Capital Growth 13.92% 4.29% 7.31% 10.49% 9.73%

Loan Growth 15.45% 3.00% 6.94% 13.30% 17.75%

Share Growth 7.86% 2.58% 4.57% 4.93% 9.85%

Member Growth 6.67% 0.51% -0.94% 3.37% 9.62%

CAPITAL

Capital/Assets 11.21% 14.15% 11.72% 10.75% 11.20%

Solvency Ratio 112.94% 116.37% 113.23% 112.09% 113.07%

Allow. For Loan Losses/Del. Loans 160.33% 152.48% 96.33% 274.31% 150.93%

Delinquency Ratio 0.77% 0.82% 0.70% 0.33% 0.91%

EARNINGS

ROA 1.36% 0.69% 0.75% 0.98% 1.61%

Non-Interest Income/Ave. Assets 2.11% 0.78% 1.65% 1.59% 2.40%

Net Interest Margin 2.99% 3.15% 3.20% 2.81% 3.03%

Operating Expenses/Ave. Assets** 3.52% 3.21% 3.43% 3.25% 3.65%

Yield on Average Earning Assets 3.61% 3.68% 3.88% 3.41% 3.65%

Cost Of Funds 0.47% 0.49% 0.51% 0.47% 0.46%

PRODUCTIVITY

YTD Income per Employee (000s) $43 $33 $41 $40 $46

YTD Income per Member $124 $75 $116 $112 $132

YTD Operating Exp. per Member $79 $55 $75 $75 $83

Assets per Employee (000s) $3,238 $3,065 $3,100 $3,373 $3,214

YTD Loan Originations ($) per Empl. (000s) $490 $223 $219 $350 $581

MEMBER SERVICE USAGE

Auto Loan Penetration* 22.46% 19.55% 19.28% 21.02% 23.52%

Share Draft Penetration* 59.63% 29.25% 47.68% 57.84% 63.53%

Credit Card Penetration* 18.14% 5.60% 15.91% 14.49% 20.52%

$ Average Share Balance $8,141 $5,985 $7,807 $8,413 $8,216

# of Share & Loan Accts per Member 2.67 1.96 2.44 2.64 2.75

LENDING PROFILE

Loans to Shares 80.04% 71.39% 70.93% 73.96% 83.66%

% of RE Loans to Total Loans 37.04% 30.51% 41.77% 42.07% 35.23%

$ Average Loan Balance $10,222 $9,968 $9,960 $10,757 $10,088

Total Loans per Employee (000s) $2,286 $1,888 $1,937 $2,219 $2,366



12-MONTH SHARE GROWTH CAPITAL/ASSETS

Credit Union Share Growth* Shares Credit Union Capital/Assets Assets

1 Tri-County 6.91% $108,855 1 Granite Furniture Employees 50.98% $650,611

2 Valtek 3.57% $830,780 2 Beckstrand and Associates 47.69% $317,550

3 Presto Lewiston Employees 2.03% $242,533 3 Tri-County 30.43% $158,264

4 Bailey Inc. Employees 1.42% $848,335 4 Employees First 26.09% $1,856,992

Beckstrand and Associates 0.02% $90,919 5 Presto Lewiston Employees 26.02% $349,209

6 UCB 23.01% $1,228,585

7 Valley Wide 22.68% $435,147

8 North Sanpete 20.86% $1,111,210

9 Moon Lake Electric Employees 18.65% $1,722,054

10 South Sanpete 13.11% $723,163

12-MONTH LOAN GROWTH RETURN ON ASSETS

Credit Union Loan Growth* Loans Credit Union ROA Assets

1 Granite Furniture Employees 30.08% $643,938 1 Granite Furniture Employees 1.24% $650,611

2 South Sanpete 17.28% $385,650 2 Valtek 0.94% $908,941

3 Presto Lewiston Employees 14.05% $300,053 3 Employees First 0.62% $1,856,992

4 Bailey Inc. Employees 8.37% $733,501 4 Beckstrand and Associates 0.59% $317,550

5 North Sanpete 0.48% $1,111,210

6 Presto Lewiston Employees 0.30% $349,209

7 UCB 0.26% $1,228,585

8 Tri-County 0.17% $158,264

9 Moon Lake Electric Employees -0.14% $1,722,054

10 South Sanpete -0.35% $723,163

12-MONTH MEMBER GROWTH LOANS/SHARES

Credit Union Member Growth* Members Credit Union Loans/Shares Assets

1 Valtek 1.36% 299 1 Granite Furniture Employees 195.38% $650,611

2 Granite Furniture Employees 1.31% 155 2 Presto Lewiston Employees 123.72% $349,209

3 North Sanpete 92.59% $1,111,210

4 Bailey Inc. Employees 86.46% $905,408

5 Tri-County 83.28% $158,264

6 Valtek 77.88% $908,941

7 Valley Wide 75.54% $435,147

8 South Sanpete 60.90% $723,163

9 Moon Lake Electric Employees 53.06% $1,722,054

10 UCB 41.82% $1,228,585

*Note: For growth tables, credit unions that have had a substantial merger in the previous 12 months are excluded. A substantial merger is a merger where

the assets of the acquired credit union are more than 10% of the assets of the acquiring credit union.

UTAH CREDIT UNION LEADERS | ALL UTAH CUS UNDER $2 MILLION IN ASSETS AS OF MARCH 31, 2015

UNDER $2 MILLION





1 Grand County 16.38% $19,618,095 1 Midvalley 32.71% $5,999,711

2 City Center 13.38% $6,647,800 2 Nephi Western Employees 30.30% $30,322,251

3 SEA 11.78% $3,259,177 3 SEA 25.59% $4,309,950

4 San Juan 10.29% $15,678,374 4 Meadow Gold Employees 23.35% $4,789,089

5 Teamsters Local #222 8.15% $2,475,316 5 Dugway 22.15% $3,505,212

6 Desertview 7.15% $30,954,680 6 Hi-land 17.79% $44,036,715

7 Pacific Horizon 6.79% $43,534,748 7 Varian 17.59% $14,468,889

8 Hi-land 6.67% $36,480,684 8 Hollyfrontier Employee's 17.43% $6,057,050

9 Utah Prison Employees 6.62% $3,609,860 9 Gibbons and Reed Employees 16.56% $5,221,057

10 Freedom 6.35% $24,186,470 10 Logan Medical 16.30% $18,283,774



1 City Center 24.56% $6,077,528 1 San Juan 2.82% $16,974,394

2 Grand County 17.13% $16,216,170 2 Nephi Western Employees 2.19% $30,322,251

3 Tanner Employees 13.73% $3,778,545 3 Logan Cache Rich 1.49% $20,893,846

4 Hollyfrontier Employee's 12.78% $5,912,717 4 City Center 1.23% $7,310,587

5 Freedom 10.91% $20,022,077 5 Grand County 1.23% $21,869,682

6 Local Union 354 IBEW 9.41% $15,996,089 6 Freedom 1.18% $27,192,329

7 Logan Cache Rich 9.11% $9,711,334 7 Pacific Horizon 1.12% $48,473,383

8 Midvalley 8.88% $2,595,332 8 Hi-land 1.11% $44,036,715

9 Education 1st 7.75% $23,105,099 9 Logan Medical 1.03% $18,283,774

10 Varian 7.63% $5,222,418 10 Hollyfrontier Employee's 0.93% $6,057,050



1 City Center 25.40% 1,165 1 Hollyfrontier Employee's 118.11% $6,057,050

2 Grand County 19.49% 3,213 2 Nephi Western Employees 113.20% $30,322,251

3 Logan Cache Rich 11.98% 2,627 3 Pacific Horizon 92.07% $48,473,383

4 Pacific Horizon 6.43% 6,675 4 City Center 91.42% $7,310,587

5 Gibbons and Reed Employees 5.20% 1,660 5 Education 1st 89.06% $28,535,832

6 San Juan 3.09% 4,209 6 CUP 87.96% $6,227,498

7 Local Union 354 IBEW 3.05% 2,400 7 Local Union 354 IBEW 87.10% $21,133,356

8 CUP 2.74% 1,312 8 Devils Slide 84.45% $10,079,340

9 Hollyfrontier Employee's 2.59% 952 9 SEA 83.46% $4,309,950

10 Kings Peak 2.48% 2,481 10 Freedom 82.78% $27,192,329



UTAH CREDIT UNION LEADERS | ALL UTAH CUS BETWEEN $2 MILLION AND $50 MILLION IN ASSETS AS OF MARCH 31, 2015

BETWEEN $2 MILLION AND $50 MILLION







1 American Untd. Fam. Of CUs 13.65% $152,990,545 1 Box Elder County 21.38% $102,609,680

2 Utah Heritage 9.04% $48,384,631 2 Nebo 17.32% $71,297,740

3 Eastern Utah Community 7.70% $99,784,434 3 Health Care 13.42% $72,520,061

4 Box Elder County 7.21% $80,569,238 4 American Untd. Fam. Of CUs 11.23% $172,770,834

5 Horizon Utah 3.96% $109,411,005 5 Horizon Utah 10.89% $123,597,235

6 Alpine 2.31% $147,372,465 6 Alpine 10.83% $165,960,999

7 Hercules 2.10% $53,700,426 7 Members First 10.63% $101,428,682

8 Members First 1.97% $90,230,667 8 Hercules 9.94% $59,550,456

9 Nebo 1.69% $59,056,232 9 Utah Heritage 9.83% $53,925,398

10 Health Care 1.36% $62,692,283 10 Weber State 9.50% $99,090,361



1 American Untd. Fam. Of CUs 17.25% $136,855,544 1 Nebo 1.65% $71,297,740

2 Hercules 14.96% $18,036,351 2 Box Elder County 1.42% $102,609,680

3 Utah Heritage 14.24% $44,956,521 3 Transwest 1.06% $119,172,496

4 Alpine 8.40% $94,255,228 4 Alpine 0.96% $165,960,999

5 Health Care 7.96% $23,265,359 5 Members First 0.85% $101,428,682

6 Weber State 7.13% $72,937,028 6 Horizon Utah 0.78% $123,597,235

7 Nebo 5.36% $50,499,146 7 Utah Heritage 0.64% $53,925,398

8 Members First 4.34% $66,363,735 8 Eastern Utah Community 0.41% $110,356,955

9 Eastern Utah Community 3.36% $67,271,020 9 Hercules 0.40% $59,550,456

10 Horizon Utah 2.11% $61,464,410 10 Weber State 0.40% $99,090,361



1 American Untd. Fam. Of CUs 5.69% 18,176 1 Utah Heritage 92.91% $53,925,398

2 Utah Heritage 4.37% 7,616 2 American Untd. Fam. Of CUs 89.45% $172,770,834

3 Members First 0.80% 14,695 3 Nebo 85.51% $71,297,740

4 Hercules 0.74% 4,739 4 Transwest 82.17% $119,172,496

5 Eastern Utah Community 0.21% 11,844 5 Weber State 81.59% $99,090,361

6 Members First 73.55% $101,428,682

7 Box Elder County 70.18% $102,609,680

8 Eastern Utah Community 67.42% $110,356,955

9 Alpine 63.96% $165,960,999

10 Horizon Utah 56.18% $123,597,235

UTAH CREDIT UNION LEADERS | ALL UTAH CUS BETWEEN $50 MILLION AND $200 MILLION IN ASSETS AS OF MARCH 31, 2015

BETWEEN $50 MILLION AND $200 MILLION







1 Mountain America 14.07% $3,974,310,768 1 Goldenwest 14.54% $1,074,834,809

2 America First 8.20% $5,954,643,263 2 Utah Power 13.33% $548,771,167

3 Cyprus 6.89% $630,178,022 3 America First 11.34% $6,775,126,735

4 Utah Community 5.88% $872,697,874 4 Utah First 11.30% $262,481,182

5 University First 5.69% $652,560,985 5 Utah Community 11.22% $990,812,905

6 Deseret First 5.07% $446,498,442 6 University First 11.04% $733,974,208

7 Utah Power 5.00% $474,232,455 7 Cyprus 10.89% $707,619,270

8 Wasatch Peaks 3.67% $243,651,256 8 Granite 10.49% $357,041,852

9 Goldenwest 3.58% $921,595,315 9 Mountain America 10.17% $4,479,776,061

10 Jordan 2.20% $215,762,992 10 Wasatch Peaks 9.95% $270,419,293



1 Mountain America 26.61% $3,871,176,440 1 America First 1.66% $6,775,126,735

2 Utah Community 22.78% $556,459,195 2 Mountain America 1.60% $4,479,776,061

3 Cyprus 17.59% $533,121,247 3 Utah First 1.40% $262,481,182

4 Goldenwest 16.80% $673,191,447 4 Goldenwest 1.29% $1,074,834,809

5 Granite 16.64% $253,904,267 5 Cyprus 1.22% $707,619,270

6 University First 14.46% $556,467,307 6 University First 1.10% $733,974,208

7 America First 11.23% $4,532,920,811 7 Utah Community 1.07% $990,812,905

8 Wasatch Peaks 7.61% $197,313,699 8 Utah Power 0.93% $548,771,167

9 Utah First 7.35% $210,565,143 9 Deseret First 0.92% $483,867,064

10 Utah Power 7.24% $243,606,473 10 Granite 0.69% $357,041,852



1 Mountain America 13.29% 522,661 1 Mountain America 97.40% $4,479,776,061

2 Cyprus 10.92% 91,950 2 Utah First 91.17% $262,481,182

3 America First 7.55% 696,493 3 University First 85.27% $733,974,208

4 Goldenwest 5.95% 101,432 4 Cyprus 84.60% $707,619,270

5 Granite 3.46% 31,629 5 Wasatch Peaks 80.98% $270,419,293

6 University First 3.11% 83,775 6 Granite 79.86% $357,041,852

7 Utah Community 2.53% 122,440 7 America First 76.12% $6,775,126,735

8 Utah Power 2.25% 25,124 8 Deseret First 75.57% $483,867,064

9 Jordan 1.65% 25,779 9 Goldenwest 73.05% $1,074,834,809

10 Deseret First 0.61% 54,168 10 Utah Community 63.76% $990,812,905

OVER $200 MILLION

UTAH CREDIT UNION LEADERS | ALL UTAH CUS OVER $200 MILLION IN ASSETS AS OF MARCH 31, 2015

1q 2015 - utah's credit unions - utah.pdf · the national unemployment rate is down by 1.1...

Documents