Yearend Data Allows Attendees to Compare Their CU with Peers

It's unusual to have credit union yearend data and analysis available for viewing at the annual CUNA Governmental Affairs Conference, noted Callahan and Associates ecommerce manager Scott Patterson. And this year's numbers offered some tantalizing trends for credit unions to consider regarding future initiatives, like record mortgage originations, record investment growth and continued strong earnings.

 
 

It's unusual to have credit union yearend data and analysis available for viewing at the annual CUNA Governmental Affairs Conference, noted Callahan and Associates ecommerce manager Scott Patterson. And this year's numbers offered some tantalizing trends for credit unions to consider regarding future initiatives, like record mortgage originations, record investment growth and continued strong earnings.

But just as important as those industry-wide results are individual credit union results as compared to their CU peers around the country, both in the same asset size, larger asset groups, geographical location, and many other categories, noted Patterson.

"Data has a very short half-life; it's value is tied to time," notes Callahan and Associates President Chip Filson. "Like reading yesterday's newspaper, speed is critical to getting increased value."

So when yearend data was released by NCUA on February 15, Callahan data specialists worked almost around the clock to update Peer to Peer software so that credit union CEOs and directors visiting their booth during the GAC could see a thorough financial analysis. And it proved a big draw, said Tina Kaderabeck, Callahan's manager of software and data analysis.

While some 90% of CUs with assets over $250 million use Peer to Peer, smaller asset CUs that are cutting edge in services to members also find it valuable.

Hamilton Horizons FCU, Hamilton, New Jersey, is one such credit union. Cindy Rein-Zima, president, made a point of stopping by to compare HHFCU's expense ratios with other community credit unions across the country, and she liked what she learned. "There are others (like us) out there," she explained. "This data goes much further than what's available from NCUA, and it's just the kind of information my board asks for."

Hamilton Horizons FCU (assets of $22.4 million; 3900 members, capital at 14.8%) lost its main sponsor through a protracted strike several years ago (a turbine engine company that is now a SEG) and opted for a community charter. They can serve anyone who lives in Hamilton Township. Despite its size, HHFCU (www.hhorizonsfcu.org) is full service. "We run our own ATMs (currently two) have Visa credit cards, do mortgages through Cumanet, and offer HELOCs as well as all the plain vanilla CU menu," said Rein-Zima. This data helps me see my expenses as compared to other CCUs that have a cash operation. My board needs to see that; besides, it's fun to sit and do it; play with all these comparisions," she added.

Rein-Zima noted that the CU is searching for land to build another branch. "Oh, we're planning to grow," she said.




 

 

 

 

March 4, 2002


Comments

 
 
 

No comments have been posted yet. Be the first one.