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Overview / Commentary
757-857-5389
4100 E Virginia Beach Blvd
Norfolk, VA 23502

Norfolk Fire Department Credit Union is headquartered in Norfolk and is the 81st largest credit union in the state of Virginia. It is also the 3,384th largest credit union in the nation. It was established in 1940 and as of March of 2014, it had grown to 5 employees and 2,556 members. Norfolk Fire Department Credit Union's savings rates are 44% higher than the national average, and it has a B health rating.

Field of Membership Restrictions

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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. Norfolk Fire Department Credit Union has a 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 Norfolk Fire Department Credit Union had $22,000 in non-current loans and owned real-estate with $2.99 million in equity and loan loss allowances on hand to cover it. This gives Norfolk Fire Department Credit Union a Texas Ratio of 0.74% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Norfolk Fire Department Credit Union decreased dramatically from 8.79% as of March 31, 2013 to 0.74% as of March 31, 2014, resulting in a positive change of 91.62%.This indicates that the balance sheet and financial strength for Norfolk Fire Department Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
D

In the past year, Norfolk Fire Department Credit Union has decreased its total deposits by -$1.05 million, resulting in -5.03% 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 Norfolk Fire Department Credit Union has shown is below 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. Norfolk Fire Department Credit Union has $22.36 million in assets with $2.99 million in equity, resulting in a capitalization level of 13.36%, which is excellent.

Institution Statistics

Overall
NCUA #3746
Year Chartered1940
Employees5
Primary Regulator
Assets and Liabilities
Assets$22.37 million
Loans$8.15 million
Deposits$19.80 million
Equity Capital$2.51 million
Loan Loss Allowance$475,000
Unbacked Noncurrent Loans$22,000
Real Estate Owned$0
Historic Data - March 2013
Assets$23.39 million
Equity Capital$2.44 million
Loan Loss Allowance$689,000
Unbacked Noncurrent Loans$22,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.49%
Return on Assets1.18%
Return on Equity10.51%
Interest Income$175,000
Rates
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Norfolk Fire Department Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.75%$50-IRA Account
0.65%$1k-Share Savings Account
Locations


Norfolk Fire Department Credit Union Locations
Branch Office4100 E Virginia Beach BlvdNorfolk, VA 23502-3331