Idaho Central Credit Union Named Top-Performing Credit Union of 2016
Idaho Central Credit Union has been named the top-performing credit union of 2016 in the S&P Global Market Intelligence report.
Idaho Central operates 30 branches and was established in 1940. This is the fifth consecutive year the credit union has earned the number one spot. In 2016, Idaho Central demonstrated some of the highest growth rates in member shares and nonmember deposits (27.1 percent), along with 17.4 percent overall member growth.
Idaho Central’s operating expenses as a percentage of operating revenue dropped 3.95 percentage points year-over-year to 57.50 percent, better than the top 50 median of 62.99 percent.
Superior Credit Union (Lima, OH) and Lake Michigan Credit Union (Grand Rapids, MI) came in second and third, respectively.
S&P Global Market Intelligence ranked the nation’s credit unions using five core financial performance metrics: member growth, market growth, operating expense as a percentage of operating revenue, net charge-offs as a percentage of average loans and delinquent loans as a percentage of total loans. To be eligible for ranking, a credit union had to report more than $500 million in total assets and a net worth ratio of at least 7 percent as of Dec. 31, 2016.