SNL Financial announced its annual ranking of the 50 best-performing credit unions for 2014 on March 24. We are proud to report that ICCU led SNL’s credit union ranking in first place for the third year running!
ICCU President, Kent Oram states, “This ranking is a reflection of our membership and team members at ICCU. We couldn’t do it without each and every one of them.”
According to SNL Financial, the analysis was conducted using five, core financial performance metrics: member growth, net chargeoffs as a percentage of average loans, efficiency ratio, asset quality and market growth. To qualify for this 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 Dec. 31, 2014. Based on these two criteria, there were 458 credit unions that qualified for this analysis.
SNL Financial also reported that for each institution, it calculated the credit union’s standard deviation from the mean for each of the ranking metrics. The standard deviations from the mean for each metric for each institution were then equally weighted and added together to calculate a performance score for each credit union. To help normalize the data and mitigate the impact of outliers, caps and floors were applied for each metric.
Kent Oram concludes, “I’d like to thank our members and team members for choosing Idaho Central Credit Union. I firmly believe that we (ICCU) are good for Idaho and Idaho is good for us.”
SNL Financial is a leading provider of financial information on more than 6,500 public companies and 50,000 private companies in the business sectors critical to the global economy: Banking, Financial Services, Insurance, Real Estate, Energy, Metals & Mining, and Media & Communications. The SNL information service integrates breaking news, comprehensive data and expert analysis into an electronic database available online and updated around the clock.
To read the full report click here.