![]() ![]() The credit union has experienced many milestones during its nearly seven decades of operation, Adams says. He says the ratio fell due to the credit union’s rapid growth during 2013, and that Montana First Credit Union’s net ratio was lower than Horizon’s ratio. Horizon’s net ratio is currently 10.5 percent, Adams says, which is down from 11.7 percent in 2012. The National Credit Union Administration says a credit union must have a net-worth ratio, also called a net-capital ratio, of at least 7 percent to be considered in good financial health. He says it also offers a balance transfer credit card with low or no-interest payments.Ĭredit unions measure what is called net-worth ratio, which is determined by dividing the institution’s net worth by total assets. ![]() “We have a split-rate credit card and other offers allowing members to structure their credit cards to their needs,” he says. This year, Adams says, Horizon has also been offering new credit card products. ![]() “We have had rapid adoption of all of our online services and people always want the next big thing.” “We are retaining the largest segment of those mortgages and not selling them to secondary markets,” Adams says. The credit union also launched a new mortgage servicing product enabling it to service home loans at Horizon’s locations rather than other banks. “These have quite literally taken off,” he says, “We reached over $1 million in mobile check deposits by April 2013.” Last year, Horizon began offering members new e-services, including mobile check deposit and a feature that enables members to transfer funds to other people or institutions more easily online, Adams says. Twelve employees were added in the EDTECH Credit Union merger. Horizon employs a total of about 230 people, including 145 in the Spokane area. Mansfield in Spokane Valley, and it operates two additional Spokane-area offices at 355 E. Horizon Credit Union’s main office is located at 13224 E. “We had fewer charge-offs, and we completed the Missoula merger, so we didn’t have those one-time expenses in 2013.” Adams says the credit union’s total loans grew by nearly 18 percent last year. “Business got better as we started to climb out of the recession in 20, and consumers began purchasing more autos, boats, and RVs,” Adams says. Horizon’s net income in 2013 was $4.2 million, up from $2.9 million in 2012.Īdams attributes substantial growth in the past year to loan growth and mortgage refinancings. It reported total loans of $460 million as of the end of 2013, up from $393 million a year earlier. 31, 2013, were $584 million, up from $531 million at the end of 2012, says Jeff Adams, Horizon’s CEO. The credit union’s total assets as of Dec. Those numbers include operations added during a merger with Montana First Credit Union, in Missoula, in 2012 and a recent merger with EDTECH Credit Union, of Butte, Mont. Spokane Valley-based Horizon Credit Union has substantially expanded its charter since it was established 67 years ago and has absorbed a couple of other credit unions in recent years, contributing to solid membership, loan, and asset growth.įounded as Kaiser Aluminum Employees Federal Credit Union in 1947, the cooperative association today has 18 branches in Washington, Idaho, and western Montana, with nearly 60,000 members in the three states. ![]()
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