SAN DIEGO — San Diego County Credit Union posted strong financial numbers across the board in the third quarter, including year-over-year loan growth of 23.6%.
SDCCU's total assets rose 5.1% from the end of third quarter 2013 to $6.6 billion at the end of September 2014. It started this year with $6.3 billion in assets.
Return on assets increased to 1.55% in the third quarter, compared to 1.47% at the end of September 2013. SDCCU's net worth ratio was 13.42%.
The CU's member base grew 8.6% over the same quarter a year ago.
"SDCCU continues to show positive growth and progress year-over-year," President and CEO Teresa Halleck said in a statement. "SDCCU will continue to provide sound financial services to improve the overall financial health and well-being of individuals."
Unlike many West Coast credit unions, San Diego County CU was barely touched by the recession. 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 earned $90.1 million in net income in 2013, its fifth consecutive stellar year. Its net worth ratio was 12.76% ("well capitalized").
San Diego County Credit Union is San Diego's largest locally-owned financial institution, serving more than 274,000 members from more than 30 branches.
