San Diego County Credit Union on Friday released what it said were “positive” financial results for the third quarter of 2017.
SDCCU said its total assets rose 6.06 percent from the end of third quarter 2016 to $8.2 billion at the end of September 2017. The credit union said its return on assets “remains strong” at 1.20 percent.
More highlight numbers: Year-over-year loan growth was at 10.58 percent, membership growth was 10.43 percent over the same time period in 2016. With the influx of new members, SDCCU said it topped 365,000 members in Q3 2017.
The CU’s net-worth-to-assets ratio for the third quarter was 14.29 percent, which it noted was well above the 7 percent minimum capital level for credit unions regarded as “well-capitalized,” as specified by the National Credit Union Administration.
“With SDCCU’s continued success and progress, it is evident that members are responding positively to our commitment to providing breakthrough banking products and exceptional customer service,” Teresa Halleck, the credit union’s president and CEO, said in a statement. “We remain focused on improving the financial health of individuals in the communities we serve by providing sound financial services.”
The CU reported it has experienced “several highlights to date for 2017,” including being named San Diego’s BEST Credit Union for the 18th consecutive year by readers of The San Diego Union-Tribune as well as BEST Auto Loan Provider, BEST Financial Planner and BEST Mortgage Provider. The credit union set its fifth and sixth Guinness World Records titles for the most paper collected in a 24-hour-period and most paper shredded in eight hours —898,931 pounds of paper were collected at the annual SDCCU Super Shred Event. The event also raised more than $4,000 for SDCCU Stuff the Bus, a program launched in partnership with the San Diego County Office of Education and iHeartMedia radio stations, Star 94.1, Channel 933, JAM’N 95.7 and KOGO AM 600 benefiting thousands of homeless students in San Diego. Overall, SDCCU Stuff the Bus yielded more than 6,400 backpacks and 215,000 schools supplies to help set local students up for success.
