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Overview / Commentary
800-960-8328
2000 Tongass Ave
Ketchikan, AK 99901

Tongass Credit Union is headquartered in Ketchikan and is the 9th largest credit union in the state of Alaska. It is also the 1,943rd largest credit union in the nation. It was established in 1963 and as of December of 2013, it had grown to 31 employees and 7,070 members. Tongass Credit Union has a B+ health rating.

Field of Membership Restrictions

The areas included are the Ketchikan Gateway Borough, the Outer Ketchikan/Prince of Wales Census Area, and the Wrangell-Petersburg Census Area. - See Details

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Health

Data for Q4 2013

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. Tongass Credit Union has a relatively low asset base.

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Tongass Credit Union had $352,000 in non-current loans and owned real-estate with $6.08 million in equity and loan loss allowances on hand to cover it. This gives Tongass Credit Union a Texas Ratio of 5.78% 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 Tongass Credit Union decreased dramatically from 9.99% as of December 31, 2012 to 5.78% as of December 31, 2013, resulting in a positive change of 42.11%.This indicates that the balance sheet and financial strength for Tongass Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
A

In the past year, Tongass Credit Union has increased its total deposits by $2.74 million, resulting in 4.81% 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 Tongass Credit Union has shown is excellent.

Capitalization

GRADE:
C-

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. Tongass Credit Union has $66.16 million in assets with $4.49 million in equity, resulting in a capitalization level of 6.78%, which is below average.

Institution Statistics

Overall
NCUA #15523
Year Chartered1963
Employees31
Primary Regulator
Assets and Liabilities
Assets$66.16 million
Loans$38.53 million
Deposits$59.76 million
Equity Capital$4.40 million
Secondary Capital$1.60 million
Loan Loss Allowance$87,000
Unbacked Noncurrent Loans$225,000
Real Estate Owned$127,000
Historic Data - December 2012
Assets$63.10 million
Equity Capital$4.18 million
Loan Loss Allowance$134,000
Unbacked Noncurrent Loans$225,000
Real Estate Owned$355,000
Profit Margin - Quarterly
Net Interest Margin5.45%
Return on Assets0.33%
Return on Equity4.98%
Interest Income$2.58 million
Rates
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Tongass Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.20%--IRA Share Account
0.20%--Roth IRA Share Account
0.20%--CESA Share Account
0.20%--SEP IRA Share Account
0.10%--Regular Share Savings Account
0.10%--Health Savings Account

Tongass Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.15%$25k-Money Market Account

Tongass Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.20%$500-60 Month Share Certificate
1.10%$500-48 to 59 Month Share Certificate
0.95%$500-36 to 47 Month Share Certificate
0.80%$500-24 to 35 Month Share Certificate
0.55%-$2,5001 Month Savings Builder Certificate
0.55%$500-12 to 23 Month Share Certificate
0.20%$500-180 - 364 Day Share Certificate
0.16%$500-90 - 179 Day Share Certificate

Tongass Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.30%--60 Month IRA (Traditional,Roth,CESA,SEP)
1.05%--36 to 59 Month IRA (Traditional,Roth,CESA,SEP)
0.90%--24 to 35 Month IRA (Traditional,Roth,CESA,SEP)
0.65%--12 to 23 Month IRA (Traditional,Roth,CESA,SEP)
Locations


Tongass Credit Union Locations
Branch Office2000 Tongass Ave Island News BuildingKetchikan, AK 99901
Branch Office2000 Tongass AveKetchikan, AK 99901-6046
Branch Office2106 Tongass AveKetchikan, AK 99901
Branch Office2000 Tongass Ave Milton Street MetlakatlaKetchikan, AK 99901
Branch Office2000 Tongass Ave Klawock Heenya MallKetchikan, AK 99901