NEW YORK -- S&P Global Market Intelligence has released its annual rankings for 2023's top-performing credit unions, as well as its compilation of best-performing community banks with assets between $3 billion and $10 billion, community banks with assets below $3 billion, and top performing U.S. public banks with more than $10 billion in total assets.
S&P Global Market Intelligence said it ranks institutions based on returns, growth and funding but places a premium on the strength and risk profile of balance sheets. The rankings were launched in 2011 to assess the performance of community banks and credit unions.
Best Performing Credit Union
S&P Global ranked Kingsport, Tenn.-based Eastman Credit Union as the year's top performing credit union, rising from number 11 in the 2022 rankings.
The Metrics
“The credit union outperformed the industry in each of the five ranking metrics compared to the median for all 1,801 credit unions eligible for the ranking,” S&P Global stated. “Additionally, Eastman Credit Union's member growth was more than double the top-100 median and its shares-and-deposits per member ratio was also higher than the top-100 median.”
The $8-billion Eastman Credit Union has approximately 325,000 members. It closed 2023 with $152.9-million in net income, with capital of 13.97%.
Highly Ranked Banks
S&P Global’s national rankings for banks included:
- Best Performing U.S. Public Bank With More than $10 billion in Assets: International Bancshares Corp. “The Laredo, Texas-based bank recorded a performance score more than 50 percentage points higher than the runner-up along with the highest adjusted tangible capital ratio, the second-highest EPS growth and the second-highest return on average assets (ROAA) among the 100 banks in the analysis,” S&P Global said.
- Best Performing U.S. Community Bank with Between $3 Billion and $10 billion in Assets: Fidelity BancShares. “The Fuquay-Varina, N.C.-based bank outperformed the median for all eligible banks in the analysis in five of the seven metrics analyzed. Fidelity BancShares' cost of funds, at 0.44%, was only one-fourth of the 1.89% median for all banks.”
- Best Performing U.S. Community Bank With Under $3 billion in Assets: Security State Bank. “The Centralia, Wash.-based bank ranked higher than the top 100 median in five of the ranking metrics. Gross loans and leases plus held-to-maturity securities accounted for only 45.9% of Security State's total deposits at the end of 2023, well below the top 100 median of 71.1%. The bank also ranked as the Best Performing Community Bank in the U.S. West in this year's regional rankings,” S&P Global stated.
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