Efficiency at a state level varied in 2012, with credit unions in the Old Dominion State recording the lowest average efficiency ratio at 61.4%. This was due in part to the 58.0% efficiency ratio at Navy FCU ($52.4B, Merrifield, VA), which weighed heavily on the average in the state. Without Navy, Virginia’s average would have been 68.6%, and credit unions in the Evergreen State of Washington would have come out on top. In third place was North Dakota, with a ratio of 67.4%.
On the other end of the spectrum, credit unions in West Virginia, Connecticut, and Louisiana had efficiency ratios over 82.0%, meaning it took the average credit union in these states over $0.82 to earn $1 of revenue in 2012.
EFFICIENCY RATIO BY STATE
DATA AS OF DECEMBER 31, 2012
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