Rogue Credit Union, Medford, Ore., this week said it is “celebrating” what it termed “strong” growth during the second quarter in “all key categories.”
The CU said it closed Q2 with a 9.84 percent net worth ratio, which it noted is well above the “well capitalized” regulatory requirement of 7 percent. Rogue CU reported assets of more than $1.5 billion.
The CU said it continues to experience record deposit growth, ending Q2 with total deposits of $1.34 billion, an annualized increase of 13.85 percent. Rogue said it has had “sustained” deposit growth well above the credit union industry average over the past 5 years.
Rogue said it experienced “solid” loan demand in the second quarter and grew its loan portfolio by $26 million, with annualized growth year-to-date of 11.36 percent. This loan growth is above the $23 million increase and annualized growth of 8.26 percent the credit union saw in Q2 2017.
According to the credit union, its loan and deposit growth has been complemented by “solid” membership growth. In Q2, Rogue’s membership grew from 125,251 to 128,702, with annualized growth year-to-date of 11.17 percent. This compares to a membership of 115,811 and annualized growth of 10.39 percent in Q2 2017.
“This membership growth has also remained above the national average of 5 percent, despite the fact growth is not Rogue’s strategy,” the credit union said in a statement.
During the second quarter, Rogue awarded more than $28,000 in scholarships to graduating students across Southern Oregon. Rogue reported it was selected as No. 1 Credit Union in Oregon by Forbes Magazine.
Membership with Rogue is open to anyone who lives, works, worships or attends school in select Oregon counties.
