2026 Annual Report
The year, in plain numbers
A summary of Summit's financial position, membership growth, and community work, prepared for the members who own the place. The full audited statement is available on request.
Where Summit stands
As of June 30, 2026.
Financial highlights
Balance sheet and income summary, in millions except where noted.
Figures are drawn from the audited consolidated statements for the fiscal year ended June 30, 2026. Basis points are abbreviated bps.
What the year looked like
Three things drove the results, and none of them were fee income.
Membership grew 9.2%
34,600 people joined, the fifth straight year of growth since membership opened to everyone in 2021. Nearly half arrived through a referral from an existing member.
Mortgage lending held steady
Summit closed $1.9 billion in first mortgages at a 30-year fixed rate of 6.375% APR, and 31% of those loans went to first-time homebuyers.
We gave back $4.1 million in fees
Capping overdraft at one occurrence per day and waiving it below $10 cost the credit union real revenue. Net income rose anyway, because more members brought more deposits.
Community impact
What the Summit Foundation and our employees did with the surplus and the hours.
Summary of the audited statement
The consolidated financial statements of Summit Federal Credit Union for the fiscal year ended June 30, 2026 were audited by an independent registered public accounting firm engaged by the supervisory committee, a volunteer committee of the board that reports to the membership rather than to management.
The auditor issued an unmodified opinion, the standard clean result, stating that the statements present fairly, in all material respects, the financial position of the credit union and the results of its operations and cash flows in conformity with accounting principles generally accepted in the United States.
Capital and reserves
Net worth closed the year at $1.676 billion, or 11.8% of assets. The National Credit Union Administration considers a credit union well capitalized at 7%, so Summit holds reserves of roughly 1.7 times that standard. Those reserves exist for one purpose: to absorb losses in a bad year without changing what members experience.
Credit quality
Delinquency finished at 0.48% of loans, down seven basis points, and net charge-offs were 0.31%. Where members fell behind, 4,100 loans were modified through hardship deferrals rather than sent to collection — an approach that costs more in the short term and loses less over the life of a loan.
How to read the full report
Members may request the complete audited statement at any branch, download it here, or ask questions directly at the annual meeting each May. Quarterly call report data filed with the NCUA is also public and available to anyone.
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
Come ask about the numbers
The annual meeting is open to every member, and the question period is not a formality. Bring the balance sheet if you like.