USAA Savings Bank
USAA Savings Bank reported total assets of $2.6 bn at Q1 2024, its last Call Report before it merged into USAA Federal Savings Bank. Its common equity tier 1 ratio was 94.68%, and an estimated 6.59% of domestic deposits were uninsured. Source: FDIC Call Report data, cross-checked against FFIEC filings.
- Common equity tier 1 (CET1) ratio: up 12.31 pp on Q4 2023, to 94.68%
- Return on equity (ROE): down 6.98 pp on Q4 2023, to 37.89%
- Tier 1 leverage ratio: up 2.53 pp on Q4 2023, to 35.76%
Ranks compare banks in our US coverage that report each metric. Sparklines: the last ten years. Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Overview
What stands out about USAA Savings Bank?
Against its six size peers, its tier 1 leverage ratio stands out most: 35.76% at Q1 2024, above the peer median of 11.33%.
How large is USAA Savings Bank?
At Q1 2024 the bank held $2.6 bn of assets. Deposits were $157.0 mn and net loans and leases $0, a loan-to-deposit ratio of 0.00%. Securities of $608.9 mn made up 23.2% of assets.
Total assets rose 46.5% between Q1 2016 and Q1 2024, from $1.8 bn.
How much of its funding is uninsured?
An estimated 6.59% of domestic deposits were above the FDIC insurance limit at Q1 2024, -0.14 pp from the previous quarter and -0.33 pp from a year earlier.
Key facts, Q1 2024
| Metric | Value | Change from a year earlier | US rank |
|---|---|---|---|
| Total assets | $2.6 bn | +15.1% | |
| Total deposits | $157.0 mn | +3.6% | |
| Net loans and leases | $0 | not available | |
| Bank equity capital | $797.8 mn | +14.3% | |
| Common equity tier 1 (CET1) ratio | 94.68% | -15.68 pp | |
| Tier 1 leverage ratio | 35.76% | +4.15 pp | |
| Return on equity (ROE) | 37.89% | -9.24 pp | |
| Net interest margin | 4.03% | +0.33 pp | |
| Uninsured share of domestic deposits | 6.59% | -0.33 pp | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $1.1 mn | Widened by $182,000 | |
| Noncurrent loans to total loans | 0.00% | 0.00 pp | |
| Net charge-offs to average loans | 0.00% | 0.00 pp |
US rank: rank among the banks in our coverage reporting each metric, 1 = highest unless marked 1 = lowest.
Balance sheet
Total assets, deposits and net loans, quarterly, Q1 2016 to Q1 2024.
- Total assets $2.6bn
- Deposits $157mn
- Net loans $0
Capital and securities
The common equity tier 1 (CET1) ratio was 94.68% at Q1 2024, -15.68 pp from a year earlier. Since Q1 2016 it has ranged from 54.92% (Q2 2016) to 151.95% (Q4 2019). At Q1 2024 the tier 1 leverage ratio was 35.76% and the total risk-based capital ratio 94.68%. The median CET1 ratio of the size peers listed below was 12.82% at Q1 2024.
Held-to-maturity securities had an unrealized loss of $1.1 mn at Q1 2024, measured as fair value minus amortized cost, equal to 0.1% of bank equity capital. The loss widened by $182,000 from a year earlier. The largest unrealized loss on these securities was $11.0 mn at Q3 2018. Available-for-sale securities showed an unrealized loss of $21.3 mn at Q1 2024; the loss widened by $2.0 mn from a year earlier.
Capital ratios
- Total capital 95%
- CET1 95%
- Tier 1 leverage 36%
Unrealized gains and losses on securities
- Available for sale -$21mn
- Held to maturity -$1mn
Profitability and loan quality
Return on equity was 37.89% for the year to Q1 2024, annualized, with a return on assets of 11.18% and a net interest margin of 4.03%. The margin was +0.33 pp from a year earlier. The efficiency ratio, noninterest expense as a share of revenue as the FDIC defines it, was 68.23%. Net income for the year to Q1 2024 was $72.6 mn, down 7.6% on the same period a year earlier. The median return on equity of its size peers was 11.02% for the same period.
Noncurrent loans, those 90 days or more past due or no longer accruing interest, were 0.00% of total loans at Q1 2024. Net charge-offs for the year to date were 0.00% of average loans, annualized.
Profitability
- Return on equity 38%
- Net interest margin 4.0%
- Return on assets 11%
Compared with banks of similar size
The six banks ranked closest to USAA Savings Bank by total assets at Q1 2024, three above and three below where possible.
Among the seven banks in the table at Q1 2024, USAA Savings Bank is 4th by total assets. Its CET1 ratio of 94.68% compares with a peer median of 12.82%, its tier 1 leverage ratio of 35.76% compares with a peer median of 11.33%, and its return on equity of 37.89% compares with a peer median of 11.02%.
| Bank | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|
| American First National Bank | $2.6 bn | 13.69% | 12.06% | 19.44% | |
| Centreville Bank | $2.6 bn | not reported | 8.56% | 15.04% | |
| St. Charles Bank & Trust Company | $2.6 bn | 11.01% | 15.86% | 28.37% | |
| USAA Savings Bank | $2.6 bn | 94.68% | 37.89% | 6.59% | |
| Macatawa Bank | $2.6 bn | 17.67% | 14.58% | 41.03% | |
| UniBank for Savings | $2.6 bn | 12.82% | 9.97% | 54.85% | |
| Quad City Bank and Trust Company | $2.6 bn | 11.52% | 7.49% | 43.58% | |
Q1 2024. Peer median (the six banks, excluding this one): CET1 12.82%, return on equity 11.02%. Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Last eight quarters
USAA Savings Bank, as reported in its Call Reports.
From Q2 2022 to Q1 2024, total assets rose 14.5% to $2.6 bn, deposits fell 1.2% to $157.0 mn and bank equity capital rose 10.0% to $797.8 mn. Over the same period its full-time equivalent staff went from 8 to 4 and its offices went from 1 to 1.
| Metric | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $2.3 bn | $2.2 bn | $2.3 bn | $2.3 bn | $2.3 bn | $2.4 bn | $2.6 bn | $2.6 bn |
| Total deposits | $158.9 mn | $153.4 mn | $149.9 mn | $151.6 mn | $153.0 mn | $154.8 mn | $155.7 mn | $157.0 mn |
| Bank equity capital | $725.0 mn | $576.5 mn | $635.1 mn | $697.7 mn | $720.7 mn | $743.5 mn | $734.3 mn | $797.8 mn |
| Common equity tier 1 (CET1) ratio | 84.32% | 109.80% | 84.66% | 110.36% | 104.54% | 92.24% | 82.37% | 94.68% |
| Return on equity (ROE) | 91.67% | 78.04% | 73.00% | 47.13% | 45.68% | 44.25% | 44.87% | 37.89% |
| Uninsured share of domestic deposits | 8.10% | 7.60% | 7.06% | 6.92% | 6.90% | 6.70% | 6.73% | 6.59% |
| Full-time equivalent employees | 8 | 7 | 6 | 6 | 6 | 6 | 5 | 4 |
| Number of offices | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Mergers and acquisitions
Figures before and after each event are not like for like.
- . Merged into USAA Federal Savings Bank (FDIC certificate 32188).
Source: FDIC BankFind API, institution history. Moves of more than 25% in one quarter are checked against that history in our review.
Identifiers and sources
- FDIC certificate
- 34351
- Federal Reserve RSSD ID
- 2502656
- Head office
- Las Vegas, Nevada
- Holding company
- UNITED SERVICES AUTOMOBILE ASSN (as reported to the FDIC)
- Holding company RSSD ID
- 1447376
- EconoMonitor ID
- EMB-US-000636
Frequently asked questions
What were USAA Savings Bank's total assets?
$2.6 bn at Q1 2024, according to its Call Report as published by the FDIC.
Is USAA Savings Bank the same as its holding company?
No. This page covers the FDIC-insured bank (certificate 34351). Its holding company, UNITED SERVICES AUTOMOBILE ASSN (as reported to the FDIC), reports separately to the Federal Reserve and, if its shares are listed, to the SEC.
How often is this page updated?
Every quarter, after USAA Savings Bank files its Call Report and the FDIC publishes it. This page shows Q1 2024, loaded on 19 October 2026; any sentence that uses an earlier quarter names it.
Where can I check these numbers?
In the FDIC BankFind Suite record for certificate 34351, and in the Call Reports filed under RSSD ID 2502656 at the FFIEC Central Data Repository.
Sources and definitions
Definitions, Call Report fields and formulas for each metric: Bank equity capital, Uses community bank leverage ratio framework, Common equity tier 1 (CET1) ratio, Deposits in domestic offices, Efficiency ratio, Full-time equivalent employees, Loan-to-deposit ratio, Total loans and leases (gross), Net loans and leases, Net charge-offs to average loans, Net income (year to date), Net interest margin, Noncurrent loans to total loans, Number of offices, Return on assets (ROA), Return on equity (ROE), Available-for-sale securities (amortized cost), Available-for-sale securities (fair value), Held-to-maturity securities (amortized cost), Held-to-maturity securities (fair value), Total securities, Tier 1 leverage ratio, Total assets, Total deposits, Total equity capital, Total risk-based capital ratio, Uninsured share of domestic deposits, Estimated uninsured deposits, Unrealized gain/loss on available-for-sale securities, Unrealized gain/loss on held-to-maturity securities.
Checks for this release: Check A (database against the FDIC download) passed, Check B (FDIC against FFIEC Call Report filings) passed.
Source: FDIC BankFind Suite (Call Report data). EconoMonitor is not affiliated with or endorsed by the FDIC. FDIC BankFind Suite API.
Source: FFIEC Central Data Repository (Call Reports). EconoMonitor is not affiliated with or endorsed by the FFIEC. FFIEC Central Data Repository, Public Data Distribution.
Data and analysis only, not financial advice. The FDIC and the FFIEC do not endorse EconoMonitor. See the disclaimer and methodology.