Idaho Credit Union Leads Growth Metrics, Financial Analysis Firm Says
The Charlottesville, Va., firm this week released a list of the year’s 50 best performing credit unions as of the end of 2012.
Headquartered in Chubbuck, Idaho Central grew its membership by 19.75%, charged off only 0.21% of its average loans, had a ratio of operational expenses to operational revenue of 54.53%, had a ratio of total delinquent loans to total loans of 0.34% and saw its deposits grow by 21.06%, the firm reported.
“Out of the top 50 best-performing credit unions, Idaho Central ranked in the top 15 in every financial metric measured, placing ninth in both member and market growth,” the firm said.
“Idaho Central, on a year-over-year basis, has grown both its loan book and deposit balances every year going back to 1995, the earliest year for which SNL has data,” SNL Financial said.
“Throughout this period, Idaho Central significantly improved its efficiency, registering full-year operating expenses as a percentage of operating revenue of 54.53% in 2012, compared to 73.64% in 1995,” the analysis firm said in its announcement.
SNL said that only 410 credit unions met the primary analytical requirements to be both at least $500 million in assets and have a net worth ratio of at least 7.0%.
The 116,000-member, $1.79 billion Navy Army Community Credit Union in Corpus Christi, Texas, and the 120,000-member, $1.76 billion General Electric Credit Union in Cincinnati came in second and third in the rankings.