A Good Year
Overall, 2015 is being recognized by economists as a year of strengthening economic trends, solid job growth, and growing consumer confidence and spending. Against a backdrop of some fragility in markets, the continued low lending rates fueled consumer borrowing and as a result, UCCU saw strong growth in member auto loans, mortgages, home equity lines of credit, and member business lending. UCCU’s loan portfolio grew over 20% in 2015 as members took advantage of low rates and purchase opportunities and UCCU is the number 1 mortgage lender in both Utah and Heber valley.
In addition to loan growth, uncertainty in the investment markets fueled strong member deposit growth resulting in an increase of $95 Million in deposits (11%) and $113 Million in assets. (12%). Members know that despite historically low savings rates, their hard-earned money is safe and secure at UCCU.
With capital well over 10%, UCCU is financially strong and stable and finished the year with strong membership, loan, deposit, and capital growth as members took full advantage of credit union services and products.
2016 An Interesting Beginning
Our stock market has struggled the beginning of this year as a result of uncertainties and challenges in certain global economies. A struggling China market has been largely responsible for the worst January stock market in several years. Some economists are even re-evaluating their forecasts downward for the nation’s 2016 GDP. Still others are predicting that savings rates will stay low until the national economy and local markets have stabilized. Trends in the local economy remain positive with solid job growth, strong real estate activity, and rising home prices.
We are optimistic about the future. Whatever your plans for 2016, UCCU is glad to be your financial partner, offering you and your family access to valuable information, stellar products and services, and everything else you need to help you achieve your financial goals.
We look forward to serving you and your family in 2016 and beyond. We are grateful for your trust and are committed to being your First Choice financial partner.