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Overview / Commentary
607-724-5876
120 Main St
Binghamton, NY 13905

Horizons Credit Union is headquartered in Binghamton and is the 75th largest credit union in the state of New York. It is also the 1,537th largest credit union in the nation. It was established in 1937 and as of March of 2014, it had grown to 32 employees and 11,983 members. Horizons Credit Union's CD rates are 68% higher than the national average, and it has a B+ health rating.

Field of Membership Restrictions

Any person who lives, works, worships, or attends school in, and businesses and other legal entities located in Broome County, NY. - See Details

Reviews (1)

Horizons is a friendly place to do business

My husband and first went to Horizons to get a car loan at the suggestion of a used car business. They had competitive loan rates. It was easy to go through the application process. Since then we have opened other accounts there. The only issue we have had was with setting up online payments to our son who is attending college out of state. That was a frustrating process and we ended up talking to a manager to get it straight. All in all we are happy with Horizons as a credit union.



Health

Data for Q1 2014

Institution Health

B+
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Horizons Credit Union has a relatively low asset base.

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 Horizons Credit Union had $832,000 in non-current loans and owned real-estate with $12.18 million in equity and loan loss allowances on hand to cover it. This gives Horizons Credit Union a Texas Ratio of 6.83% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Horizons Credit Union experienced no significant changes from 5.91% as of March 31, 2013 to 6.83% as of March 31, 2014, resulting in a negative change of 15.53%. This indicates that the balance sheet and financial strength for Horizons Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B

In the past year, Horizons Credit Union has increased its total deposits by $60,000, resulting in 0.07% 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 Horizons Credit Union has shown is above average.

Capitalization

GRADE:
A+

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. Horizons Credit Union has $98.68 million in assets with $12.18 million in equity, resulting in a capitalization level of 12.35%, which is excellent.

Institution Statistics

Overall
NCUA #2041
Year Chartered1937
Employees32
Primary Regulator
Assets and Liabilities
Assets$98.68 million
Loans$59.10 million
Deposits$86.82 million
Equity Capital$11.64 million
Loan Loss Allowance$542,000
Unbacked Noncurrent Loans$792,000
Real Estate Owned$40,000
Historic Data - March 2013
Assets$98.41 million
Equity Capital$11.25 million
Loan Loss Allowance$407,000
Unbacked Noncurrent Loans$792,000
Real Estate Owned$73,000
Profit Margin - Quarterly
Net Interest Margin1.27%
Return on Assets0.35%
Return on Equity2.99%
Interest Income$877,000
Rates
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Horizons Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%--IRA Savings Account
0.25%--Roth IRA Savings Account
0.25%--Coverdell Education Savings Account
0.10%$150-Regular Savings Account
0.10%--Club Account
0.10%--Youth Savings Account
0.10%--Mortgage Escrow Account

Horizons Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.30%$2,500-Money Market Account

Horizons Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.81%$500-5 Year CD
1.51%$100$500Kids Under 16 CD
0.90%$500-2.5 Year CD
0.45%$500-1 Year CD
0.35%$500-6 Month CD
0.25%$500-90 Day CD

Horizons Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.81%$500-5 Year IRA Certificate
1.51%$100$500Kids Under 16 IRA Certificate
0.90%$500-2.5 Year IRA Certificate
0.45%$500-1 Year IRA Certificate
0.35%$500-6 Month IRA Certificate
0.25%$500-90 Day IRA Certificate
Locations


Horizons Credit Union Locations
Branch Office120 Main StBinghamton, NY 13905
Branch Office3701 Vestal Pkwy EVestal, NY 13850-2333
Branch Office141 Washington AveEndicott, NY 13760