The financial consultancy firm SNL Financial reported Texas and California have the largest number of best-performing credit unions in the country.
SNL Financial in All Its Glory
Its annual listing of the top 50 best performing credit unions found eight in Texas and seven in California in 2013. To be evaluated for a possible place on the list, credit unions had to have total assets of at least $500 million and a net worth ratio of at least 7%, the firm said, adding that this year 432 credit unions nationwide made that initial cut.
The firm evaluated the credit unions on what it called "five core financial performance metrics that focus on growth." These were member growth, net charge offs as percentage of average loans, operating expenses as a percentage of operating revenue, delinquent loans as a percentage of total loans and market growth.
The $1.5 billion, 152,000-member Idaho Central Credit Uniond in Chubbuck, maintained its place as the best performing credit union from last year but did fall eight basis points of its score from last year, SNL Financial said.