San Diego County Credit Union’s earnings rose for the first nine months of the year despite a jump in expenses.
The $8.4 billion-asset credit union earned $80.8 million for the first three quarters, up about 11 percent from the same period a year earlier, according to its call report from the National Credit Union Administration.
Noninterest expenses totaled $129.4 million for the first nine months of the year, an increase of about 13 percent from the same period in 2017, as the cost for employee compensation and benefits rose, according to NCUA data.
Noninterest income climbed roughly 24 percent for the first three quarters, to $62.3 million, while net interest income rose about 8 percent, to $147.9 million, according to NCUA data.
SDCCU said Friday in a release that its third-quarter return on assets “remains strong” at 1.29 percent, and its overall financial results were “positive.”
In addition, SDCCU said its member base grew by more than 9 percent in in the third quarter from a year earlier. It surpassed 400,000 members in San Diego, Riverside and Orange counties during the most recent quarter. Loan growth was more than 6 percent year over year.
SDCCU’s net worth ratio for the second quarter was 15.22 percent, above the 7 percent minimum capital level for credit unions to be considered “well-capitalized” by NCUA.
“This continual growth is fueled by SDCCU’s focus on our members and the emphasis put on improving the financial health of individuals in the communities we serve by providing sound financial services,” Teresa Halleck Campbell, the credit union’s president and CEO, said in a statement.
San Diego County Credit Union is San Diego’s largest locally-owned financial institution. It serves San Diego, Riverside and Orange counties via 43 branch locations and 30,000 surcharge-free ATMs.
