Northern California: 2nd Quarter Credit Union Snapshot The economic impact of local Northern California credit unions (7 counties)

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Lucas Gray
5 years ago
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1 14 483,000 $ 5.4 $ 7 $ 33 Local credit unions *7 COUNTIES INCLUDE: Humboldt Mendocino Del Norte Lassen Shasta Sutter Siskiyou billion billion million * However, this data includes Redwood CU, North Bay CU, and Sonoma FCU due to their branch and membership footprint in the Northern California region, although all are headquartered in Sonoma County (within the Bay Area)

2 LOCAL CREDIT UNIONS: 14 Headquartered in Northern California (7 counties) as of June 30, 2018 (second quarter). Northern California credit unions are not-for-profit financial institutions. Historically, they formed to provide trustworthy, reliable financial services and education to local communities, families, and workers.

3 MEMBERS: 483,000 An 8 percent year-over-year (YOY) increase (or 37,000 new members), and a record high in membership. (Historically, current membership is up 31 percent from the most recent low in 2013 of 370,000. Yearly membership has almost always grown from ) Northern California credit unions are owned by their members. Every member-owner cooperatively borrows and saves for the betterment of each other s financial livelihood. Since each member owns an individual stake in his or her credit union and has one vote annually, they can help choose who is elected on the board of directors. This democratically-elected board of directors works on behalf of all members to guide the credit union.

4 LOANS: $ 5.4 billion Dollars loaned-out within the local community a 20 percent year-over-year (YOY) increase. Historically, this $5.4 billion figure has more than doubled (rising 115 percent) from a post-recession low in 2011 of $2.5 billion and now represents a record outstanding dollar amount (first-mortgages, second-mortgages, HELOCs, business loans, new and used auto loans, credit cards, and sometimes other consumer loans). The last historical peak was $2.7 billion in help fuel Northern California consumers dreams of affording a car, home, education, vacation, paying for monthly expenses, or assisting with an unexpected cost or emergency. They also stimulate the local economy with new dollars for individuals to spend. Credit unions oftentimes have lower-rate loans than other lenders. Click below to dive deeper into these loan categories.

5 12 percent increase in first-mortgages (a variety of first-mortgages): Hit a record outstanding dollar amount of $2.3 billion and has risen almost every year since 2003 (and more than doubled, rising 100 percent, from $1.15 billion in 2013) 112 PERCENT YEAR-OVER-YEAR (YOY) INCREASE IN ORIGINATIONS (INCOMING PIPELINE) - HITTING $199 MILLION - COMPARED TO SAME QUARTER IN PRIOR YEAR (1Q, 2Q 18' COMPARED TO SAME IN 17') 14 percent increase in combined category of Home Equity Lines of Credit (HELOCs)/home equity loans (second-mortgages): Hit a record outstanding dollar amount of $456 million and has risen 57 percent from the most recent low of $290 million in (The last historical peak was $427 million in 2009) 4 PERCENT YEAR-OVER-YEAR (YOY) INCREASE IN ORIGINATIONS (INCOMING PIPELINE) - HITTING $62 MILLION - COMPARED TO SAME QUARTER IN PRIOR YEAR (1Q, 2Q 18' COMPARED TO SAME IN 17') 45 percent increase in new auto loans: Hit a record outstanding dollar amount of $748 million and has more than quadrupled (rising 311 percent) from the most recent low in 2012 of $182 million. (The last historical peak was $403 million in 2007) 27 percent increase in used auto loans: Hit a record outstanding dollar amount of $1.2 billion and has more than doubled (rising 131 percent) from the most recent low in 2012 of $525 million. (The last historical peak was $641 million in 2008) 14 percent increase in credit card lending: Hit a record outstanding dollar amount of $257 million and has doubled (rising 100 percent) from $129 million in (This category has almost always grown from ) 13 percent decrease in business loans, falling to $450 million (includes landlord real estate loans): This category has fluctuated greatly between from $82 million $519 million.

6 DEPOSITS: $ 7 billion from local consumers a 20 percent year-over-year (YOY) increase (checking accounts, savings accounts, CDs, IRAs, Keogh retirement accounts, and local government checking/savings accounts when applicable). Hit a record outstanding dollar amount of $7 billion and has doubled (rising 100 percent) from $3.5 billion in Hit individual record outstanding dollar amounts in checking ($866 million), savings ($2.7 billion), and money market ($2.3 billion) accounts (for other deposit accounts please inquire) Deposit products help Northern California consumers save money and transact for purchases and bill-pay purposes. Many credit unions pair together checking, savings, money market and other deposit accounts with valuable financial education and guidance to help them afford life. Credit unions oftentimes have higher-rate deposit accounts than other financial institutions.

7 OPERATIONS: $ 33 million Monies spent in the quarter on employees and operations: employee payroll, benefits, property, office equipment, occupancy, and vendor contracts (estimated annual figure is $132 million). About 1,250 individuals were employed, a 13 percent increase (YOY). Northern California members financial needs are put first since they are the owners of their locally-headquartered credit union. Therefore, the credit union s annual earnings are reinvested back into the institution for the financial betterment of all member-owners.

Los Angeles County: 2nd Quarter Credit Union Snapshot The economic impact of local Los Angeles County credit unions

Los Angeles County: 2nd Quarter Credit Union Snapshot The economic impact of local Los Angeles County credit unions 107 3.06 $ 34.8 $ 42.8 $ 417 Local credit unions million billion billion million LOCAL CREDIT UNIONS: 107 Headquartered in Los Angeles County as of June 30, 2018 (second quarter). Los Angeles County credit