ANNUAL REPORT
The year in plain numbers
You own this credit union, so you are entitled to see how it did. Here is the balance sheet, the income statement, and the credit quality, without the adjectives.
Headline figures
Four numbers that describe the year
Assets grew, capital got stronger, and more money went back to members as dividends than in any prior year.
$14.2B
Total assets
412,000
Members and owners
10.9%
Net worth ratio
$268.5M
Dividends paid to members
Financial highlights
Balance sheet and income summary
Condensed from the audited statements. Prior year shown for comparison.
Balance sheet
This year
Prior year
Loans to members
$10.6B
$9.9B
Cash and investments
$3.0B
$2.9B
Total assets
$14.2B
$13.4B
Member deposits
$12.1B
$11.5B
Members' equity
$1.55B
$1.44B
Income summary
Income statement
This year
Share of revenue
Interest on member loans
$524.0M
70.9%
Investment income
$96.8M
13.1%
Interchange and service income
$118.4M
16.0%
Total revenue
$739.2M
100%
Dividends paid to members
$268.5M
36.3%
Operating expense
$352.1M
47.6%
Provision for credit losses
$41.3M
5.6%
Net income retained as capital
$77.3M
10.5%
Condensed and rounded from the audited financial statements. Membership eligibility required. Federally insured by NCUA. Equal Housing Opportunity Lender. This is a demonstration website; rates, products, and figures shown are illustrative only.
Capital and credit quality
How much cushion the credit union carries
Capital is what absorbs a bad year. Credit quality tells you how likely a bad year is.
Net worth ratio of 10.9%
Regulators consider a credit union well capitalized at 7%. Summit holds $1.55 billion of members' equity against $14.2 billion of assets, which is roughly 56% more capital than the threshold requires. That cushion is why loan pricing does not have to swing with every quarter.
Delinquency at 0.54% of loans
Loans 60 or more days past due were $57.2 million against a $10.6 billion portfolio. Net charge-offs came in at 0.38% for the year, most of it in unsecured consumer credit rather than mortgages or autos.
Loss allowance of $118M
The allowance for credit losses covers delinquent balances just over two times. Summit set aside $41.3 million during the year, which is the single biggest reason net income landed at $77.3 million rather than higher.
Reading the full report
What to look at, in what order
If you only have ten minutes with the full report, spend it like this.
Start with the net worth ratio
It is the single best measure of safety. Anything above 7% is well capitalized, and a ratio that rises year over year means the credit union is earning more than it needs to run.
Then compare dividends to operating expense
This tells you where the money went. At Summit, 36 cents of every revenue dollar went back to members as dividends and 48 cents paid for branches, staff, and technology.
Finish with the auditor's opinion and the notes
The independent auditor's letter is short and worth reading in full. The notes explain any accounting change, which is where surprises usually live.
Questions about the numbers?
Members can request the complete audited statements or bring questions to the annual meeting.