Rogue Credit Union, Medford, Ore., on Monday said it ended the first quarter of 2017 with “strong and stable” growth.
Rogue CU said it closed the first quarter with a 9.41% net worth ratio, which it noted was well above the “well capitalized” regulatory requirement of 7%. It reported assets of more than $1.3 billion.
In the first quarter, Rogue CU said it saw “strong loan demand across all regions it serves.” During Q1, Rogue increased its loan portfolio by more than $17.5 million, or 7.19% annualized growth. This growth compares to loan growth of $11.6 million or 5.49% in Q1 2016.
The credit union added it continues to experience “record” deposit growth, ending the first quarter with total deposits of $1.19 billion, an increase of 19.73%.
“Deposit growth continues to be well above credit union industry average, but is down from the 28.04% Rogue experienced in Q1 of 2016,” the CU said in a statement.
Rogue’s membership grew from 110,092 to 112,908 during the first quarter, with annualized membership growth of 10.23%. This compares to Rogue’s 101,158 members and annualized membership growth of 17.43% at the end of Q1 2016. Membership growth continues to stay steadily above the national average of 5%.
Rogue recently was named the 11th best performing credit union in the nation by S&P Global Market Intelligence Report. It has new locations under construction in Grants Pass, Roseburg and Central Point, meaning, “the credit union is remaining grounded in Southern Oregon.”
“For more than 60 years, Rogue Credit Union has focused on serving our local communities,” said Gene Pelham, president and CEO. “We are excited to continue investing in Southern Oregon as our members continue to request new convenient locations to do business.”
