Asset Quality ranking · Utah · Call report data as of September 30, 2026
Utah Banks: Highest Credit Card Charge-Offs
Merrick Bank has the highest credit card net charge-off rate of the 12 ranked banks headquartered in Utah, at 10.84% as of September 30, 2026. The median among the 12 ranked Utah banks is 2.32%, against 3.72% for all US banks.
This list ranks Utah banks by credit card net charge-off rate. For the largest banks headquartered in Utah, see largest banks in Utah.
- No. 1 in Utah
- Merrick Bank
- Its Card charge-off rate
- 10.84%
- Utah median
- 2.32%
- Banks ranked
- 12
Ranked among banks headquartered in Utah, numbered 1 to 12 within the state from the same population as the national list. Browse every bank in the Utah bank directory.
Top 12 Utah banks by credit card net charge-off rate
Highest first. Select a column heading to sort. The gap column shows each bank's distance from the Utah median of 2.32%. Missing values show as a dash and sort last.
| 1 | Merrick Bank South Jordan, UT | 10.84% | $9.26B $1B to $10B |
| 2 | SoFi Bank, N.A. Cottonwood Heights, UT | 7.36% | $63.54B $10B to $100B |
| 3 | Comenity Capital Bank Draper, UT | 7.07% | $14.45B $10B to $100B |
| 4 | Synchrony Bank Draper, UT | 4.85% | $115.97B $100B and over |
| 5 | Varo Bank, N.A. Draper, UT | 4.12% | $347.6M $100M to $1B |
| 6 | Zions Bancorporation, N.A. Salt Lake City, UT | 2.60% | $90.92B $10B to $100B |
| 7 | American Express National Bank Sandy, UT | 2.03% | $212.67B $100B and over |
| 8 | UBS Bank USA, N.A. Salt Lake City, UT | 0.40% | $127.28B $100B and over |
| 9 | WebBank Salt Lake City, UT | 0.00% | $2.85B $1B to $10B |
| 10 | Column N.A. Salt Lake City, UT | 0.00% | $2.30B $1B to $10B |
| 11 | Transportation Alliance Bank, Inc. dba Tab Bank Ogden, UT | 0.00% | $1.54B $1B to $10B |
| 12 | Finwise Bank Murray, UT | -4.27% | $928.2M $100M to $1B |
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Definition and formula
The credit card net charge-off rate is credit card balances written off as uncollectible, less recoveries on balances written off earlier, as an annualized percent of average credit card loans.
Credit card net charge-off rate = (Credit card charge-offs - Credit card recoveries), annualized / Average credit card loans
The glossary entry for Credit Card Loans explains each term, the call report items behind it and a worked example.
Which banks are ranked
This list ranks the 12 banks headquartered in Utah that meet every rule below, using each bank's latest FFIEC call report (data as of September 30, 2026).
- Banks with at least $100M in total assets, so a ratio on a very small balance sheet cannot lead the list.
- Banks with at least $25M in credit card loans, so a rate on a few loans cannot lead the list.
- Lending institutions only: charters with loans under 5% of assets, mostly trust and custody banks, are not ranked.
- Charters the regulator has closed, merged or converted are excluded.
- Each bank charter ranks on its own; holding companies are not combined.
What moves the credit card net charge-off rate
Card charge-offs follow delinquency by about six months, because a card balance must be written off once it is 180 days past due. They run far above other loan types because the loans are unsecured, so several percent a year is normal for a large issuer. Issuers that serve borrowers with lower credit scores, and small banks that run a partner card program, can run well above that. Recoveries from collections and debt sales lower the net figure.
Frequently asked questions
Which bank in Utah has the highest credit card net charge-off rate?
Merrick Bank has the highest credit card net charge-off rate of the 12 ranked banks headquartered in Utah, at 10.84% as of September 30, 2026, according to its FFIEC call report. SoFi Bank, N.A. ranks second at 7.36%. The median is 2.32%.
What is the median credit card net charge-off rate among ranked US banks?
As of Q3 2026, credit card net charge-off rate for the middle half of the 76 ranked US banks ran from 2.49% to 4.77%, and the median was 3.72%. Compare a bank with peers of the same size and business model rather than with the top of this list. See the Credit Card Loans glossary entry.
How is the credit card net charge-off rate calculated?
Credit card net charge-off rate = (Credit card charge-offs - Credit card recoveries), annualized / Average credit card loans. Each bank charter is ranked on its own; holding companies are not combined. See the Credit Card Loans glossary entry.
The same ranking in other states
Other Utah rankings
More asset quality rankings
Source: FFIEC call reports for the quarter ended September 30, 2026, refreshed as each quarter's filings are processed. See data updates for the current freshness window. Next update: Q4 2026 Call Reports are due February 1, 2027; we expect them on the platform by mid-February 2027.
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