Investing in You as We Grow
2014 was a record-breaking year for NASA Federal. Thanks to the loyalty and advocacy of our members, we welcomed our 100,000th member and reached nearly $1.5 billion in assets.
We have come a long way since 1949, when we embarked as a fledgling credit union with only $175 in assets and seven founding members. Today, our heritage with NASA and the expansion of relationships with the National Space Society and many others have enabled the advancement of the NASA Federal Advantage across the country.
While our growth has been impressive, our focus and purpose remain unchanged. Each day, we endeavor to deliver better value, state-of-the-art convenience, and top-notch service for the benefit of our members. As we embark on 2015, we’re pleased to report that we will continue on this path, improving, innovating, pushing forward, and exploring new ways of investing in you.
As we reflect back on 2014, it is important to remember that behind the numbers are members who bought their first cars, purchased their dream homes or started saving for retirement. These are individuals with real needs, and NASA Federal is proud to have helped and served them.
- Nearly 19,000 new members joined NASA Federal in 2014, bringing total membership to over 103,000, a 14% increase over 2013.
- We originated $300 million in new consumer loans, with total loans outstanding at year-end of $1.1 billion.
- Net Income of more than $19 million enabled us to continue to support our growth and invest in our membership.
By year-end, Total Assets had increased by 17% over 2013 to reach nearly $1.5 billion. Total Reserves, a measure of NASA Federal’s safety and soundness, reached $162.9 million, while our Net Worth-to-Asset Ratio was 10.98% as of December 31, 2014.
Along with record-breaking growth comes the opportunity to invest in new and enhanced products and services. Our goal continues to be to provide best-in-class solutions designed to meet members’ unique needs, when they need them met, all delivered with exceptional service.
To that end, our nationally-recognized mortgage programs made responsible home ownership possible for hundreds of members throughout 2014. We originated over $171.9 million in first and second mortgage loans. Homebuyers chose NASA Federal because of our 100% financing with no Private Mortgage Insurance; our new Family Mortgage program designed for parents who wish to help their children obtain their first homes; personal service; and educational tools such as Home Advantage.
At the same time, our members enjoyed communication and connectivity enhancements. These benefits included a quicker, more secure telephone experience, as well as an integrated online and in-branch account opening and lending system. These enhanced offerings continue our commitment to delivering a simple, expedited process from application to funding.
Finally, NASA Federal’s lower interest rates on loan products, as well as low-fee and fee-free products and services, once again returned real value to our members. In fact, the Credit Union National Association’s most recent report estimates that NASA Federal provided over $10 million in direct financial benefits to its members when compared to other financial institutions. This is a 14% increase over 2013.
During 2014, NASA Federal was proud to support organizations making a difference in the lives of individuals. More than simply making donations, we aspired to make philanthropic investments that created measurable impacts.
NASA Federal continued to make unique contributions in financial literacy. We offered seminars that reached over 1,040 attendees on subjects including financing college, organizing records, protecting your family and assets, identity theft, and mortgage basics.
At the same time, the tireless efforts of our Credit Union Team generated over $42,000 in philanthropic donations in 2014. Causes included the Special Olympics, Children’s Miracle Network and the Leukemia and Lymphoma Society. Additionally, we donated 2,600 pounds of non-perishable food items to local community food banks. And, through the annual Mitchell-Beall-Rosen Memorial Scholarship, the Credit Union awarded $21,000 in scholarships to outstanding student members to help cover tuition and fees at the colleges of their choice. The overwhelming spirit of volunteerism demonstrated by our employees toward these causes was one of our greatest accomplishments of the year.
Lastly, as a responsible organization with a long-term outlook, we reduced our environmental footprint by 230 metric tons by lowering our energy consumption and using 10% less paper. We also sponsored shred events that resulted in the eco-friendly, secure destruction of nearly 20 tons of unneeded personal information.
Throughout 2015, we will remain dedicated to continuously improving the products and services that benefit you and ultimately help you better and simplify your financial life. Our initiatives include:
- Enhancing members’ digital banking experiences through new releases to Mobile Banking and eBranch Online Banking.
- Providing increased security and fraud protection by implementing cutting-edge chip card technology on our credit and debit cards.
- Simplifying your payment experience with your phone by making Apple Pay™ available.
2014 was indeed an exceptional year. Our strong financial results, enhanced products and services, and ongoing dedication to giving back are key components of the Credit Union’s strategy to return value to members and the communities we serve. We’re pleased that 2015 will be filled with even more exciting opportunities to empower our members to achieve a brighter financial future.
All of us at NASA Federal—your volunteer Board of Directors, management and every employee—thank you for your membership and the ongoing participation and success you brought us in 2014. Most importantly, we thank you for the continued opportunity to serve you.
John Sissala, Chairman
Robert Lively, Treasurer
Doug Allman, President/CEO