SAN DIEGO — San Diego County Credit Union earned $90.1 million in net income in 2013, its fifth consecutive stellar year.
SDCCU said its assets rose to $6.3 billion at the end of 2013, up from $5.8 billion a year earlier. Its net worth ratio was 12.76% ("well capitalized"). It now serves 258,024 members, up 6.48% for the year. SDCCU's return on assets was 1.48% during 2013, up slightly from 1.47% at year end 2012.
"These impressive results represent solid growth for our organization in 2013, much of which can be attributed to our overall strategy, diligent efforts by our organization's leadership and the commitment of the SDCCU team to deliver exceptional service to our members," Teresa Halleck, SDCCU's president and CEO, said in a prepared statement.
Unlike many West Coast credit unions, San Diego County CU was barely blunted by the recession and — in most areas of California, Nevada and Arizona — slow recovery. After a loss of $14 million in 2008, SDCCU rebounded with $62.1 million in net income in 2009. In 2010 it earned $66.9 million, excluding $10.7 million in total assessments. In 2011 it reported $76.9 million in net income, excluding a $10.7-million assessment to the Corporate Stabilization Fund.
SDCCU reported its net income for 2012 was $87.3 million, excluding a $4.4 million Corporate assessment. Its net worth ratio at the end of 2012 was 12.33% ("well capitalized").
SDCCU said its membership growth rate was more than double the national average for credit unions in the U.S., and attributed the gain to a number of technology highlights it recorded in 2013. The credit union said it was first to market with the SDCCU Easy Balance Transfer app, which allows consumers to transfer their high-rate credit card balances from other financial institutions to SDCCU using their smartphones. Additionally, online service improvements included a major upgrade to online banking, enhanced online security tools and an upgrade of the mobile banking app with real-time mobile deposits
Other notable service launches were a new iPad application for tablet users, and an enhanced and redesigned sdccu.com, which includes an interactive online branch and ATM locator service.
SDCCU opened three new branches located in Rancho Bernardo, Rancho Penasquitos and the Sports Arena area.
"With the constant evolution of our industry, SDCCU is dedicated to finding ways to leverage new technologies to better serve our members and remain at the forefront of the financial industry," said Halleck.
