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Overview / Commentary
801-288-3000
3675 S 900 E
Salt Lake City, UT 84106

Granite Credit Union is headquartered in Salt Lake City and is the 9th largest credit union in the state of Utah. It is also the 625th largest credit union in the nation. It was established in 1986 and as of March of 2014, it had grown to 90 employees and 30,572 members. Granite Credit Union has a B+ health rating.

Field of Membership Restrictions

Membership is available to anyone who lives, works, attends school, volunteers or worships in Salt Lake County. - See Details

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Health

Data for Q1 2014

Institution Health

B+

Texas Ratio

GRADE:
A

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Granite Credit Union had $2.93 million in non-current loans and owned real-estate with $34.22 million in equity and loan loss allowances on hand to cover it. This gives Granite Credit Union a Texas Ratio of 8.55% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B+

The Texas Ratio for Granite Credit Union decreased slightly from 10.64% as of March 31, 2013 to 8.55% as of March 31, 2014, resulting in a positive change of 19.58%.This indicates that the balance sheet and financial strength for Granite Credit Union has improved slightly in recent periods.

Deposit Growth

GRADE:
C

In the past year, Granite Credit Union has decreased its total deposits by -$6.07 million, resulting in -1.91% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Granite Credit Union has shown is average.

Capitalization

GRADE:
B

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Granite Credit Union has $345.93 million in assets with $34.22 million in equity, resulting in a capitalization level of 9.89%, which is above average.

Institution Statistics

Overall
NCUA #24726
Year Chartered1986
Employees90
Primary Regulator
Assets and Liabilities
Assets$345.93 million
Loans$217.68 million
Deposits$311.42 million
Equity Capital$30.79 million
Loan Loss Allowance$3.43 million
Unbacked Noncurrent Loans$1.04 million
Real Estate Owned$1.89 million
Historic Data - March 2013
Assets$350.61 million
Equity Capital$29.96 million
Loan Loss Allowance$4.04 million
Unbacked Noncurrent Loans$1.04 million
Real Estate Owned$2.16 million
Profit Margin - Quarterly
Net Interest Margin1.03%
Return on Assets0.82%
Return on Equity9.25%
Interest Income$2.78 million
Rates
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Granite Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$20k-IRA Shares
0.10%--Regular Savings
0.10%--Christmas Club

Granite Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.25%$75k-Money Market

Granite Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
2.01%$1k-60 Month CD
1.26%$1k-48 Month CD
1.00%$1k-36 Month CD
0.75%$1k-24 Month CD
0.75%$500-18 Month Alumni CD
0.50%$1k-12 Month CD
0.25%$1k-6 Month CD
Locations


Granite Credit Union Locations
Branch Office1283 E Zenith AveSalt Lake City, UT 84106-4802
Branch Office3675 S 900 ESalt Lake City, UT 84106
Branch Office6799 S 900 EMidvale, UT 840471436
Branch Office3109 W 4700 STaylorsville, UT 84129-2525
Branch Office10507 S Redwood RdSouth Jordan, UT 840958504
Branch Office8765 S State StSandy, UT 840702100
Branch Office9151 S Quarry Bend DrSandy, UT 840947701
Branch Office7671 S 3800 WWest Jordan, UT 840844316
Branch Office12538 S Creek Meadow DrRiverton, UT 840657259