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.
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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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.
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.
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.
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.
|Assets and Liabilities|
|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|
|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 Margin||5.45%|
|Return on Assets||0.33%|
|Return on Equity||4.98%|
|Interest Income||$2.58 million|
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|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|
|0.15%||$25k||-||Money Market Account|
|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%||-||$2,500||1 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|
|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)|
|Tongass Credit Union Locations|
|Branch Office||2000 Tongass Ave Island News Building||Ketchikan, AK 99901|
|Branch Office||2000 Tongass Ave||Ketchikan, AK 99901-6046|
|Branch Office||2106 Tongass Ave||Ketchikan, AK 99901|
|Branch Office||2000 Tongass Ave Milton Street Metlakatla||Ketchikan, AK 99901|
|Branch Office||2000 Tongass Ave Klawock Heenya Mall||Ketchikan, AK 99901|