Outstanding Performance, Exceptional Member Value
We are pleased to report NASA Federal Credit Union delivered an outstanding performance in 2012, a year of providing exceptional value to our Members in a challenging environment. We found ways to help you save and stretch your dollars, while expanding services to make interacting with us more convenient. While many financial institutions added new or increased fees, we stayed the course with low to no-fee products—including our free NASA FCU Check Card with Cash Back, fee-free nationwide ATMs, and low-interest rate loans—while introducing new products and services.
We found ways to help you save and stretch your dollars, while expanding services to make interacting with us more convenient.
In fact, the Credit Union National Association’s most recent report estimates that we provided over $5.4 million in direct financial benefits to our Members compared to other banking institutions. These benefits are a result of lower interest rates on loan products, as well as our low-fee or fee-free products and services.
A Year of Advancements for a Better Banking Experience
While we are proud of our accomplishment of providing direct financial benefits to our Members, we also remained committed to delivering value beyond rates or low fees by improving your banking experience and delivering products and services that meet your individual needs. As so many Members experience each day, the real value of NASA FCU membership comes from the feeling you get when visiting a branch, speaking with a representative, logging onto our website or accessing an account via a mobile device. And it’s the trust you feel from the financial guidance we offer through our experienced staff. Our pride in focusing on your experience can be seen as we continued to rank high in Member satisfaction, with 95 percent of our Members agreeing that they are satisfied with NASA FCU.
We enhanced your banking experience in many ways during 2012. We introduced mobile bill payment allowing you to pay your bills from your mobile device, and launched universal mobile banking and remote deposit apps that delivered a more customized experience by recognizing the screen size of your mobile device. We also updated our mobile apps to ensure iOS6 Apple compatibility; enhanced BillPay+ to meet the needs of Members with disabilities; and improved our branch and online loan capabilities to deliver a streamlined and expedited loan process from application to funding.
Throughout the year, we continued to create products and services focused on the needs of our Members and the greater scientific and technology communities we serve. For example, our 100% loan-to-value fixed rate mortgage for home purchases and 95% loan-to-value fixed rate mortgage for home refinances provided solutions to Members seeking to own homes or lower their monthly mortgage payments.
We even introduced an affinity banking package consisting of co-branded credit cards, check cards and checks for scientific, mathematical and technology associations including the American Association for the Advancement of Science.
Giving Back To the Community
Our outstanding performance and exceptional value can also be seen in our employees’ passion to contribute to the communities in which they live and work, whether financially or by donating their time through volunteerism. Our signature cause, Children’s Miracle Network, which supports efforts to advance patient care and provide hope to thousands of children, entered its tenth year. Last year, over a hundred NASA FCU employees and their families volunteered to support this cause.
In 2012, we also demonstrated our continuing commitment to the community by supporting the Leukemia and Lymphoma Society; donating to local food banks; and helping today’s youth become tomorrow’s leaders by providing scholarships for college-bound high school seniors.
Continuously Strong Financial Performance
There is no better evidence that we are meeting our Members’ needs than our continued strong financial performance. The NASA FCU Board of Directors and executive management team pay constant attention to ensuring prudent financial management across all aspects of the business so that NASA FCU remains healthy and well-capitalized.
As of December 31, 2012, the net worth to asset ratio was 10.49 percent, which equates to $128,969,228. This ratio, a critical measure of financial stability established by the National Credit Union Administration (NCUA), sets the regulatory standard for the minimum allowable capital level for “well capitalized” credit unions at 7 percent. NASA FCU continued to exceed the NCUA’s well-capitalized minimum, underscoring our financial strength.
We had an exceptional year for Member growth in 2012, welcoming 9,200 new Members, which brought our year-end membership total to over 83,500. These new Members, along with increased participation by existing Members, resulted in an increase in assets of $64.6 million to $1.224 billion.
NASA FCU’s financial strength underpins our ability to deliver value back to our Members every day on the products and services we offer, so we can be your financial choice today and in the future. During 2012, we returned over $675,000 to Members for using their NASA FCU Check Cards with Cash Back or Platinum Advantage Cash Rewards Credit Cards. We provided over $500 million in total loans, of which $205 million in real estate loans gave Members the opportunity to purchase new homes or lower their current monthly mortgage payments. We saved our Members over $32,000 in realtor fees through CU Realty, a program that provides realty services to Members. We also extended more than $20 million in commercial real estate loans to provide an alternative financing source to businesses.
2013 – New Challenges and New Opportunities
This year will bring new challenges and a continuation of some past ones. In the financial services industry, we are experiencing ongoing changes in consumer preferences and almost daily advances in technology. We continue to operate at a time of historically low interest rates, while regulatory changes represent a considerable, but manageable, work set.
As a Member-owned financial cooperative, we see these times as an opportunity to better serve our Members. With our effective leadership team, dedicated employees, and prudent risk and expense management, our 2013 efforts will continue to deliver the financial value and superior banking experience you expect from your trusted financial partner. Some of our efforts already underway this year include enhancing our mobile banking app to provide you with access to your credit card and mortgage loan accounts, as well as offering image-enabled ATMs allowing Members to make deposits with no envelopes. We’re also improving our branch and online account opening capabilities to deliver a streamlined, expedited process from application to account opening.
Earlier this year, we launched our Facebook page, providing you with a way to reach us through social media, as well as learn about new ways to manage your money, prepare for the future and protect your finances. We look forward to delivering these and other such “best-in-class” products and services to you during the year.
We are proud of our outstanding performance in 2012 and are positioned to grow stronger in 2013 and beyond. At NASA FCU, we strive for excellence and take the trust you have placed in us very seriously, knowing that you have a choice for financial institutions.
You can continue to look to NASA FCU to deliver financial security and personalized financial solutions in a world of change. We look forward to serving as your trusted financial partner now and in the future.