OLYMPIA, Wash.–The $125.9-million WCLA Credit Union here has been named as the top performing credit union in the country, according to a new ranking.
The analysis was conducted by S&P Global Market Intelligence, which ranked what it said are the 100 US credit unions across key metrics in 2024.
WCLA CU was ranked fourth in 2023.
“This year’s top three credit unions outperformed the industry in each of the six ranking metrics compared to the median for all 1,798 credit unions eligible for the ranking.” S&P Global Market Intelligence said in releasing its findings.
To compile this ranking, S&P Global Market Intelligence said it calculated scores for each company based on six weighted financial metrics, including:
- Member growth (20%)
- Shares and deposits per member (20%)
- Net worth as a percentage of total assets (20%)
- Return on average assets (20%)
- Delinquent loans as a percentage of total loans (10%)
- Net charge-offs as a percentage of average loans (10%).
“Each company’s standard deviation from the industry mean was calculated for every ranking metric, then combined to derive a performance score,” S&P Market Intelligence said. “To help normalize the data and mitigate the impact of outliers, caps and floors were applied for each metric.”
To be included in the ranking, a credit union must have reported at least $100 million in total assets and a net worth ratio of at least 7% as of Dec. 31, 2024. Based on this criteria, 1,798 credit unions qualified for the ranking, according to the company.
About WCLA
S&P Market Intelligence said it found WCLA CU’s approximately $64,336 shares-and-deposits per member ratio was the highest among the top 100 credit unions in 2024. Its net worth ratio rose 102 basis points year over year to 16.92%, compared to the top 100 median of 15.09%.
The high deposits per member explain its asset size, as WCLA CU has just 1,377 members, according to its most recent 5300.
“Although lower than the 7.6% member growth reported in 2023, the credit union’s 2.7% growth was still higher than the top 100 median of 2.3%,” S&P Market Intelligence stated. “Its delinquent loan ratio of 0.46% was down 44 basis points from 0.90% in 2023, the fourth-largest decline among the top 100.”
WCLA CU serves the forest products industry, and almost 82% of its loan book at the end of 2024 consisted of commercial loans and lines of credit not secured by real estate, the analysis found.
It closed 2024 with $2.057 million in net income and net worth of 16.92%, its 5300 shows.
Other Top Performers
Meanwhile, S&P Market Intelligence said Libby, Mont.-based Lincoln County CU climbed to the second spot from No. 8 in 2023, reporting a net worth ratio of 21.51% in 2024, the sixth-highest among the top 100 credit unions. Its return on average assets (ROAA) rose 46 basis points year over year to 1.58% the 11th-biggest increase among the top 100, the company said.
Roseburg, Oregon-based Cascade Community FCU took the third spot with its ROAA rising 35 basis points year over year to 2.02% — the 12th-highest among the top 100 credit unions, S&P Market Intelligence said.
“By comparison, the top 100 had a median of 1.31%. Its delinquent loan ratio of 0.06% was the ninth-lowest among the top 100 credit unions, which had a median ratio of 0.33%,” the analysis stated.
Other High Performers
New Hartford, New York-based Utica Gas & Electric Employees FCU came in fourth, up from No. 60 in 2023. The credit union had a delinquent loan ratio of 0.59%, down from 1.45% in 2023.
“The 86 basis point-drop in the ratio was the biggest decline among the top 100,” the analysis states.
According to S&P Market Intelligence, 39 of the 50 top-performing credit unions from 2023 retained a place in the 2024 ranking. Kingsport, Tenn.-based Eastman CU which took the top spot in 2023, fell to No. 8 after its profitability and capital adequacy metrics declined in 2024.
“The credit union’s ROAA fell 44 basis points year over year to 1.54%, while its net worth ratio dropped 23 basis points to 13.75% in 2024,” S&P Market Intelligence reported. “Its member growth also declined 76 basis points to 5.9%.”
How the Largest CU Performed
The analysis found the world’s largest credit union, Vienna, Va.-based Navy FCU, came in at No. 1,078, up from No. 1,113 in 2023. The credit union’s ROAA improved 14 basis points year over year to 0.96%, compared to the 0.61% median for the 1,798 credit unions in the analysis. Its net charge-off ratio increased 51 basis points year over year to 2.54%, compared to the top 100 median of 0.41%.
Top-Performing States
S&P Market Intelligence said California and Michigan led the nation with 10 credit unions each in its top 100, followed by Texas with eight.
The top credit union headquartered in the Golden State, Long Beach-based Long Beach Firemen’s CU, came in seventh, down from the fifth spot in 2023.
Flint, Mich.-based Sovita CU came in 36th, making it the top credit union in the Great Lakes State.
Sugar Land, Texas-based Schlumberger Employees CU was the top credit union in the Lone Star State, retaining its No. 6 ranking for two consecutive years.
Additional information can be found here.
