|By Business Wire||
|January 28, 2013 11:09 AM EST||
First Tech Federal Credit Union, the nation’s leading credit union serving employees and family members of America’s technology sector, reported 2012 net income of $62.8 million (1.15 percent return on assets), representing a 51 percent increase over earnings for the period ending December 31, 2011. During the comparable period, total assets rose 9.3 percent to $5.6 billion, with total loans rising by 15.6 percent to $3.3 billion. As of year-end 2012, First Tech remains the nation’s 12th largest credit union serving 360,000 members located throughout the United States. First Tech is “well-capitalized” with total reserves of $537.2 million, resulting in a PCA Capital Ratio of 9.57 percent, which compares favorably to the NCUA’s “well-capitalized” standard of 7 percent.
“During 2012, First Tech benefitted from the continuing economic recovery, strong growth within the U.S. technology sector and an improving housing market,” reported Gregory Mitchell, president and chief executive officer. “Our strong financial performance is a testament to the hard work and dedication of our more than 800 employees who maintain a single-minded focus of delivering an exceptional experience for our members.”
First Tech’s 2012 results rank the credit union in the top decile of all U.S. credit unions based upon loan growth and asset quality and the top quartile based upon total earnings. As a member-owned cooperative, First Tech will reinvest its 2012 earnings into the credit union.
“We expect this reinvestment to provide us with the resources needed to continue delivering competitively-priced share and loan products for our members while also making significant technology and process investments that will allow us to better meet the needs of our members and their families," noted Mitchell.
About First Tech Federal Credit Union
First Tech Federal Credit Union is a $5.6 billion institution headquartered in Mountain View, Calif. It is the nation’s premier credit union serving the world’s leading technology-oriented companies and their employees, including HP, Microsoft, Agilent, Intel, CISCO, Amazon, Nike, CH2M Hill, Intuit, Google and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to its 360,000 members through its 39 branch locations, more than 4,000 Shared Branch locations, 30,000 CO-OP Network ATMs and 286,000 ATMs nationwide. First Tech offers a full range of banking services, including traditional banking, mortgage, financial planning and insurance services. For more information, visit firsttechfed.com.
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