8 NWCUA Member Credit Unions Shine on List of Top-Performing U.S. Credit Unions

The numbers are in! S&P Global Market Intelligence released its annual ranking of the 100 Top-Performing U.S. Credit Unions, which first launched more than a decade ago to assess the performance of community banks and credit unions.

Eight NWCUA member credit unions secured coveted spots on the list for 2021:

  • Consolidated Community Credit Union – Portland
  • Cascade Community Federal Credit Union – Roseburg, Oregon
  • Oregon Community Credit Union – Eugene, Oregon
  • STCU – Liberty Lake, Washington
  • Qualstar Credit Union – Bothell, Washington
  • White River Credit Union – Enumclaw, Washington
  • Rogue Credit Union – Medford, Oregon
  • Tech Credit Union — San Jose, California

The division ranks institutions based on returns, growth, and efficiency but places a premium on the strength and risk profile of balance sheets. Jimmy Pittenger, Senior Director of Financial Institutions for S&P Global Market Intelligence, said credit unions help to support the nation’s economic growth and stability, which has been critical over the past year.

“Small business continues to drive the American economy and community banks and credit unions make up the engine that drives small business,” Pittenger explained in a press release. “We’re delighted to see the success of these regional banks, community banks, and credit unions as they continue to be well-utilized in their markets during economic uncertainty and we’re proud to recognize these top performers in our annual rankings.”

Consolidated Community moved up 10 spots from 2020, securing a place in the top five this year. The credit union said in a press release that the recognition was a welcome one amid a year faced with difficult operating conditions and increased competition for market share.

“We are honored to be named the fourth-best in S&P Global Market Intelligence’s Top 100 Credit Unions,” said Larry Ellifritz, the credit union’s President and CEO. “We’ve always prioritized providing outstanding service to our members, investing in products that meet members’ needs, and serving our local communities. This recognition demonstrates our employees’ hard work and our continued commitment to remaining a safe and stable place for people to save, borrow, spend, and invest their money.”

How the Annual Ranking is Compiled

To qualify for the list, credit unions are evaluated on five metrics: member growth; total number of loans, net number of Paycheck Protection Program loans, per member; net worth as a percentage of total assets; delinquent loans as a percentage of total loans, net of PPP loans; and return on average assets.

Each credit union’s standard deviation from the industry mean is calculated for every ranking metric, weighted equally, and then combined to derive a performance score. To help normalize the data and mitigate the impact of outliers, caps and floors were applied for each metric.

Criteria for the rankings included credit unions with more than $100 million in total assets, net of PPP loans, and a net worth ratio of at least 7%, as of Dec. 31, 2021. Based on these criteria, 1,765 credit unions qualified for the ranking.

Find the full list of the 2021 top-performing credit unions online.

Posted in Around the NW.