CHUBBUCK, Idaho—Idaho Central Credit Union has been named the top performing credit union in 2016 in the S&P Global Market Intelligence report.
“Idaho Central was named the top-performing credit union for the fifth year in a row as it continued to demonstrate some of the highest growth rates in member shares and nonmember deposits at 27.1% in 2016, along with overall member growth at 17.4%,” the report stated.
Idaho Central's operating expenses as a percentage of operating revenue dropped 3.95 percentage points year-over-year to 57.50%, better than the top 50 median of 62.99%, the report noted
Established in 1940, Idaho Central operates 30 branches.
S&P Global Market Intelligence said it 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 the ranking, a credit union had to report more than $500 million in total assets and a net worth ratio of at least 7.0% as of December 31, 2016.
Superior Credit Union (Lima, Ohio) and Lake Michigan Credit Union (Grand Rapids, Mich.) came in second and third, respectively.